Goldman Sachs Drops Bitcoin Trading Desk Plan

Goldman Sachs Drops Bitcoin Trading Desk Plan

Goldman Sachs Drops Bitcoin Trading Desk Plan

The desk was slated to trade in digital tokens including bitcoin, but now the major bank will no longer try to launch crypto trading in the foreseeable future.

Taking the stage at the TechCrunch Disrupt Conference in San Francisco, Chavez looked to clear the controversy surrounding recent news that Goldman Sachs is postponing its launch of a Bitcoin trading desk.

Things won't be getting any easier for Wall Street's crypto-traders. 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 response to client interest in various digital products we are exploring how best to serve them in this space".

Goldman Sach has explained that they are now focused more on other digital-coin services, such as a custody product. Clearly, though, the regulatory landscape is far from ideal.

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While the decision may dispel users that prioritise anonymity, it may also help ShapeShift attract users that trade larger amounts of funds that tend to prefer regulated venues, said Vijay Ayyar, the Singapore-based head of business development at Luno, a cryptocurrency exchange. Following news of a delay, Goldman Sachs CFO Martin Chavez is now saying that the firm never had a timeline for it in the first place. "They were not a part of the ecosystem yet, but to the extent that they represent the institutional herd, this is a negative", Kelly added. The overall market has lost around 18% of its capitalization in just the half-day after the announcement.

The cryptocurrency market is bleeding for the second consecutive day, with prices of most popular coins down double digits in the last 24 hours.

The dive saw market capitalisation of so-called cryptocurrencies dive around US$40 billion over 24 hours, specialist market media reported.

Bitcoin, the largest cryptocurrency, tumbled as much as 9.8 percent and was trading at $6,420.43 as of 9:02 a.m.in Hong Kong, according to Bloomberg composite pricing.

The next few days will show investors a lot about Bitcoin price action. Its low point is around $5800 for the year; will we see that in September?

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