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Goldman Sachs Has Dropped Plans for Crypto Trading Desk

08 September 2018

However, there's news coming from unnamed sources that "regulatory roadblock" is the main reason why Goldman Sachs chose to pull out on its Bitcoin trading desk plan. As recently as May, the bank still seemed committed to the idea. Bitcoin's price at the time of this writing is $7,013 and the currency is testing the $7,000 support mark.

A Goldman spokesman said the bank had yet to decide on the scope of its "digital asset offering".

Some crypto experts believe there to be three potential roadblocks that a Bitcoin ETF application will need to overcome to receive the approval of the commission.

According to the sources, the Wall Street major is shelving the plans due to the unclear regulatory framework for crypto.

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Earlier this week, a report suggested Goldman Sachs was backing away from its plans to open a cryptocurrency trading desk, as it was rumored to have meant to do this summer.

Crypto markets are down sharply, with BTC falling by as much as 5.3% on news Wall Street is out of love with the thought of digital assets, at least for now.

While the cryptocurrency market has stopped falling and is now trading relatively flat, many investors see more pain to come as the short interest for both Bitcoin (BTC) and Ethereum (ETH) have recently reached all-time highs.

Digital currencies often move in tandem, pulled by the fortunes of bitcoin - which far exceeds its peers in terms of market size. Instead, the bank will reportedly focus on a custody product for digital currencies created to serve large, institutional clients.

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On 7th September, during the TechCrunch Conference, Disrupt, the CFO of Goldman Sachs, Martin Chavez said that he holds some Bitcoins since 2015 and reveals the financial giant's stance on Bitcoin [BTC]. This is despite the optimism they showed earlier in the year when they became the first Wall Street firm to clear Bitcoin futures. The fork currency, which has been opened on Binance, has gained almost 200% and is now trading at $2.98, moving it into the top 25 cryptocurrencies, with a total market cap of just over $450,000.

The expectation of adoption by Wall Street has been a major theme for the cryptocurrency market for the previous year, so any kind of updates on that can certainly move the prices.

Such a decrease in BTC caused nearly all cryptocurrencies listed on Coinmarketcap to show significant losses in price, with only the TrueUSD token showing an increase of 0.03% and Tether increasing by 0.8%.

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Goldman Sachs Has Dropped Plans for Crypto Trading Desk