Maybe Goldman Sachs Isn't So Keen On Crypto, After All

08 September, 2018, 00:16 | Author: Martin Tyler
  • Bitcoin Value Drops Sharply, Concerning Investors and Experts

This time, the sell off was likely triggered by Goldman Sachs announcing it will drop short-term plans for a crypto trading desk. According to Business Insider, around 5:50 a.m. EST, Bitcoin, which was valued at $7,350 in the early hours of the east coast trading day, lost more than $200 in value in a matter of minutes, and within an hour dipped below the "psychologically significant" $7,000 mark.

Major cryptocurrencies plunged on the news. The rest of the top five cryptocurrencies by market cap toppled by more than 12 percent. In December, it was reported that the bank was working towards having the desk up and running by June 2018.

It appeared that legal pressures from the Securities Exchange Commission (SEC) were the main reasons for the investment bank failing to provide the product.

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Regulatory scrutiny over cryptocurrency trading platforms has grown along with usage amid concerns over money laundering and customer protection. So far, Goldman has apparently not been able to do that. Instead, the bank will reportedly focus on a custody product for digital currencies created to serve large, institutional clients.

And with Goldman's refusal to continue with the trading desk, a lot of hopes and dreams are again being dashed to the ground.

Korea Post, which now oversees a $112 billion investment fund, will soon meet with executives from the Goldman Sachs research team to discuss digital assets, artificial intelligence and blockchain technology.

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For the time being, Goldman will direct its efforts toward custody services, where it securely holds crypto assets on behalf of its large institutional clients to ensure those assets are kept safe and secure.

So Goldman is still in the game, but the market seems to be sceptical.

Chavez also said Goldman was trying to develop over-the-counter derivatives for Bitcoin. News related to institutional traders tends to have some impact on bitcoin's price - indicating that there is an appetite for institutional involvement in the cryptocurrency world. Goldman Sachs will be proceeding to provide "crypto futures and forwards" for its clients.

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