Goldman Sachs rolls back trading!
September 7, 2018 10:53 am,
For many days, Bitcoin has lost $1000, and ETH, XRP has fallen by around 6%. Bitcoin prices have continued their sell-off, following a report by Goldman Sachs was opening its plans for the trading desk for the cryptocurrency. But recent news stated that they have kept the plan of opening the trading platform on a sudden halt.
The plans of the bank to open a first of a kind crypto focused platform by the end of June 2018, where the company aimed at becoming the 1st Wall Street firm to make markets in cryptocurrency.
The market prices have been falling since the time the news about this Wall Street firm has thought about scrapping out this cryptocurrency plan. Also, the market has gone more bearish since US Securities and Exchange Commission once again rejected proposals for bitcoin exchange-traded fund (ETF) as it continued to voice concern over the fraud and manipulation in the market.
Now, the sources have stated that the trading desk is kept as a lower priority as the regulatory environment on crypto is still unclear. It might take many steps before regulated banks could trade digital assets most of them outside the control of the company. “At this point, we have not reached the scope of our digital assets offering”, the company’s spokesperson stated.
However, the insiders have told that they won’t reject the trading desk idea completely. The company is mainly going to focus on custody product for crypto, which will allow it to hold cryptocurrency on behalf of large clients and track its price. The company was keen to avoid the risks associated with trading volatile cryptocurrency. Amidst this announcement, Bitcoin and other currencies fell, this is most likely coincidental, as large Bitcoin sums being moved by wallets were suspected of being connected to a defunct Silk Road dark web marketplace and also due to the mass profit.
Not only has Goldman Sachs affected the digital market, but there is other negative news as well. The prices have been relatively steady through August, hovering around $7000 range after dipping below $8000 in July. The cryptocurrency has lost almost half of its value this year but is still 37% more than last year. The cumulative market cap over all the currencies expressed in US dollars, plunged approximately over 70% since the beginning of 2018. The European ministers of finance are going to be discussing the future of the virtual currencies.