Bitcoin extends slump on Goldman Sachs report

Bitcoin extends slump on Goldman Sachs report

Amid spiking interest in the cryptocurrencies, and plans for contracts to go live on exchanges, Goldman Sachs aiming to capitalize on the trend, announced a strategy to clear bitcoin futures for some clients, as reported by Reuters.

Overnight trading brings another sizeable fall in the value of Bitcoin, as it dips $500 in and hour.

Crypto markets are down sharply, with bitcoin core (BTC) falling by as much as 5.3 percent on news Wall Street is out of love with the idea of digital assets, at least for now.

Bitcoin sank further Thursday, extending the previous day's slump sparked by reports U.S. investment banking giant Goldman Sachs has pulled back from immediate plans to open a trading desk for the virtual currency.

As reported on Wednesday, Goldman Sachs (gs) has apparently deprioritized its plans to establish a cryptocurrency trading desk.

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The news of Goldman getting cold feet caused the cryptocurrency market to crash.

Coverage of these developments had lead the crypto industry to believe the bank would soon launch its crypto trading desk. The rest of the top five cryptocurrencies by market cap toppled by more than 12 percent. Business Insider concluded, "As part of that decision, Goldman has moved plans to open a desk for trading cryptocurrencies further down a list of priorities for how it can participate in cryptocurrency markets, the people said". As a result, any bank looking to facilitate those trades has to figure out how to safeguard those assets in a way that keeps regulators happy.

A week earlier, a second attempt of the infamous Winklevoss' twins was shot down, leading to the creation of the Virtual Commodity Association (VCA) - an influential group led by the Winklevi with a goal of having Bitcoin et al openly traded on Wall Street as soon as possible.

"A lot of retail investors' hopes for a bigger institutional presence were really being driven by Goldman Sachs", Stephen Innes, Oanda's APAC head of trading, told Bloomberg.

He added: "The regulatory environment is going to be key to all of this and the fact that Goldman Sachs remains so concerned is clearly a blow". One crypto writer, Tanya Abrosimova, said that the drop could be attributed to attempts to regulate the global crypto market, which may have spooked investors.

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