Goldman Sachs Drops its Plans to Open Crypto Trading Desk

XRP and Bitcoin Cash drop by 10% as bears floor the market

XRP and Bitcoin Cash drop by 10% as bears floor the market

The "gold rush" is in the past and now the average person is aware of blockchain and digital currencies, thus erasing the surprise element of a year ago.

The crypto market has shown a rapid downfall since last day. "There's lots of great fundamental news about the development of cryptocurrencies right now, but that's going to take time to filter through and impact on price".

Last April it was also reported that Goldman Sachs hired an expert in crypto trading, Justin Schmidt, to explore the benefits of a Goldman Sachs crypto trading platform, which the financial institution is now postponing on the grounds of lack of cryptocurrency regulations clarity.

"In response to client interest in various digital products, we are exploring how best to serve them in the space".

However, even during the downward trend, bitcoin manages to hold the upper hand over other competing cryptocurrencies in the market that are also suffering the dip of the total market cap.

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The speculation at the moment is that a sell-off was sparked by news that Goldman Sachs may be delaying launching their crypto trading desk. Having an investment bank with its pull and power was seen by observers as previously handing over its seal of approval, a very valuable imprimatur on cryptocurrency. In an interview, Solomon told Bloomberg that Goldman Sachs must "evolve its business and adapt to the environment". Combine prices plummeting with bitcoin ETF denial after denial from the US Securities and Exchange Commission (SEC), and a bleak picture began to form for executives.

Speculation about Goldman and crypto goes all the way to a year ago, when many considered its entrance to be a matter of time.

The plan, first announced by Goldman Sachs in the month of May, would have seen the bank using its own money to trade with the help of a different clients in a variety of contracts linked to the price of bitcoin.

At the time of writing, Bitcoin (BTC) is down over more than 10%, Ethereum (ETC) has dropped up to 20%, XRP and Bitcoin Cash (BCH) are down over more than 15% and EOS is dropped to 20%.

Surprisingly, the Bitcoin (BTC) is more popular than many of us expected, according to a new study that revealed that 80% of Americans are aware of Bitcoin. It could revive these plans later, they added.

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