Goldman Sachs Reportedly Delaying Creation Of Crypto Trading Desk

Goldman Sachs Reportedly Delaying Creation Of Crypto Trading Desk

Goldman Sachs Reportedly Delaying Creation Of Crypto Trading Desk

Bitcoin, which is the world's biggest cryptocurrency, fell almost 10 per cent earlier this morning and is now down 4 per cent to $6,419.

Since May, Goldman Sachs has been clearing Bitcoin-linked futures contracts that are offered by CBOE and CME.

Clearly, the market still respects Goldman Sachs outlook on the crypto market.

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However, Goldman Sachs (gs) now claims the report was "fake news", on the basis that the trading desk plans never had a timeline.

IAmNomad claims he spoke to a "friend at Goldman" who said he "doesn't know what they are talking about", in reference to the report originating from Business Insider, citing sources close to the matter.

"When we talked about exploring digital assets that it was going to be exploration that would be evolving over time", Goldman chief financial officer Martin Chavez said onstage at the TechCrunch Disrupt Conference in San Francisco, as quoted by CNBC.

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In recent weeks, executives have come to the conclusion that many steps still need to be taken, majority outside the bank's control, before a regulated bank would be allowed to trade cryptocurrencies, the financial news website reported, citing one of the people. The same sort of situation is playing out with Goldman Sachs and cryptocurrencies. Do your market research before investing in cryptocurrencies. Institutional and wealthy investors are likely looking for regulation support and legal protections before pouring money in. Overall, EOS seems to be down by roughly 15 percent over the last 24 hours, making it one of the largest single-day losses over the past week. This chart shows another drop forthcoming, even after a correction upward of the drop from the Goldman news.

Bitcoin, the largest cryptocurrency, tumbled as much as 9.8 percent and was trading at $6,420.43 as of 9:02 Hong Kong, according to Bloomberg composite pricing. Matthew Newton, a market analyst, told the publication, "Bitcoin's price might be rising but it's way too early to call this a true resurgence..."

Goldman Sachs, however, isn't saying anything definitive for now. It was another base-jump of a fall for the most-traded crypto - continuing a pattern that has seen stretches of low-volatility punctuated at seemingly random points by big spikes and dips. Or will sellers follow the lead from this action and continue pushing Bitcoin downward?

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