Is Goldman Sachs out of the cryptocurrency trading desk idea?
Is Goldman Sachs out of the cryptocurrency trading desk idea?
Bitcoin Value Drops Sharply, Concerning Investors and Experts
08 September, 2018, 19:10
Bitcoin (BTC) dropped below $7,000 this morning (More than $300 in an hour) and many are panicking on the prospects.
"The move positions Goldman Sachs to become the first large Wall Street firm to make markets in cryptocurrencies, whose wild price swings and surging values have captured the public's imagination but given pause to established institutions", Bloomberg noted. However, Goldman Sachs, which would be preparing a cryptocurrency exchange platform, would have placed the project on its low priority list. Things took another downturn this week when Bitcoin's value dropped by $500 within a 24 hour period and plunged the cryptocurrency below the $6,600 price barrier at the time of this writing. The rest of the top five cryptocurrencies by market cap toppled by more than 12 percent.
Goldman Sachs itself had been taking baby steps to enter the cryptocurrency space and launch its bitcointrading desk. In October of 2017, the Wall Street behemoth had said it was looking into the possibility of launching a new trading operation focused on bitcoin and other digital currencies. However, Brian Kelly, founder and CEO of crypto hedge fund BKCM, is more anxious about the long-term impact of Goldman Sachs' about-face. The ministers stated in the report that an European Union level regulation on cryptocurrencies and "clearer" rules for ICOs will help control the risks of the evolving industry. So far, Goldman has apparently not been able to do that.
"At this point, we have not reached a conclusion on the scope of our digital asset offering", Goldman Sachs spokesperson Michael DuVally told Reuters.
Even though there was no major incident that could have possibly slackened the crypto market performance, a slew of speculations has erupted in the wake of the crash. In addition, in April this year, Goldman brought Justin Schmidt on board as its head of digital assets markets. However, the company does still provide liquidity for BTC future contracts through CBOE and CME, a feature that some have seen as a prelude for the industry finally obtaining approval by the U.S. Securities & Exchange Commission for Bitcoin Exchange-Traded Funds. But that might change as increasingly more governments around the world are more and more determined to accept cryptocurrencies as payment methods and their blockchain technology for administrative purposes, among others.
This announcement of Goldman Sachs' interest in crypto trading was important for the virtual currency market.
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