Published: Sat, September 08, 2018
Money | By Michele Stevens

Cryptocurrencies widely plunge after report Goldman is rolling back plans

Cryptocurrencies widely plunge after report Goldman is rolling back plans

Worldwide banking giant Goldman Sachs has pulled back from immediate plans to open a bitcoin trading desk, according to US media report Wednesday that sent bitcoin prices lower.

In the interview for Bloomberg, the post service's president, Kang Seong-ju, confirmed that KP officials would also travel to Hong Kong to meet with Goldman's dedicated and recently formed cryptocurrency team. One crypto writer, Tanya Abrosimova, said that the drop could be attributed to attempts to regulate the global crypto market, which may have spooked investors. According to CoinMarketCap, the current Bitcoin price makes up $6 455,14.

Regardless of the reasons behind the crash in bitcoin's price, cryptocurrency fans will probably be relieved to know that Goldman Sachs still has an interest in digital assets.

Bitcoin, the largest cryptocurrency, tumbled as much as 9.8 per cent and was trading at US$6,480, down 6.8 per cent, as of 10 NY, according to Bloomberg composite pricing. On the news, bitcoin belched up more than 5% in minutes.

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The plan to open crypto trading desk, however, has now moved down the investment banking giant's priority list due to the regulatory uncertainty in this area. Following this drop, Ethereum, Ripple and Bitcoin cash all followed.

However, a number of other cryptocurrencies have suffered far greater than Bitcoin did. The availability of crypto custody services from reputable firms has been referred to as a key requirement for bringing institutional investors into the crypto market.

Several traders in the crypto industry have hoped the season of tokens and small market cap Cryptos to come in September putting into consideration that tokens have faced huge losses against bull Cryptos for eight months consecutively.

Goldman Sachs is struggling to find a way to trade bitcoin.

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Since May, Goldman Sachs has been clearing Bitcoin-linked futures contracts that are offered by CBOE and CME.

"The expectation of adoption by Wall Street has been a major theme for the cryptocurrency market for the a year ago, so any kind of updates on that can certainly move the prices", said Mati Greenspan, senior market analyst at currency trader eToro, by phone from Russian Federation.

Even so, the report stressed that Goldman was not abandoning its nascent cryptocurrency operation.

According to data from CoinMarketCap, the cumulative market cap for all cryptocurrencies expressed in USA dollars has plunged approximately 72 percent since the beginning of 2018.

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