Goldman Sachs ditching plans for a bitcoin trading desk

Goldman Sachs ditching plans for a bitcoin trading desk

In recent weeks several Goldman executives have stated that there are many regulatory developments that are yet to materialize, without which a regulated bank can not be allowed to trade crypto.

In recent weeks, executives have come to the conclusion that many steps still need to be taken, a lot of them 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. 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..."

But it seems that the opportunity to create a trading market has turned the other way for Goldman Sachs. The crypto trading desk was to become part of Goldman's securities division, where the Wall Street giant trades everything from stocks to bonds to currencies. Clearly, though, the regulatory landscape is far from ideal. Purchasing Bitcoin from someone like Goldman Sachs supposedly makes cryptocurrency easier to stomach, particularly when concerned with being to exposed "dirty" digital coins.

But as for getting into the trading of actual crypto assets itself, Goldman Sachs may still have a way to go, as its recent backpedaling demonstrates. Institutional and wealthy investors are likely looking for regulation support and legal protections before pouring money in.

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The response to this news has been swift and negative. In the last 24 hours, the price of bitcoin fell close to 10% and the price of ethereum dropped 13%, according to data from CoinMarketCap.

The latest crash began Wednesday after the Goldman news broke, but it accelerated into Thursday.

Cryptocurrencies dropped sharply for the second time in less than 24 hours, sinking toward a nine-month low amid concern that broader adoption of digital assets will take longer than some anticipated. 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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