Goldman Sachs Drops Bitcoin Trading Desk Plan

Bitcoin Bitcoin Finds Momentum at $7,400 Traders Show Big Optimism Toward Tokens Cole Petersen

According to Business Insider, around 5:50 a.m. EST, Bitcoin, which was valued at $7,350 in the early hours of the east coast trading day, lost more than $200 in value in a matter of minutes, and within an hour dipped below the "psychologically significant" $7,000 mark.

Back in December 2017, Bloomberg reported that "people with knowledge of the strategy" the bank was looking to set up a trading desk. The legacy financial institution is reportedly dropping all plans to open a trading desk for cryptocurrencies, however.

In July, the US Securities and Exchange Commission rejected a second attempt by Cameron and Tyler Winklevoss, founders of crypto-exchange Gemini, to list shares of what would have been the first-ever bitcoin exchange-traded fund.

When questioned about the report that it is abandoning its plans, a Goldman Sachs spokesperson told FOX Business that, "We're sticking with the statement we've been using all year."In response to client interest in various digital products, we are exploring how best to serve them in the space".

According to Business Insider, Goldman Sachs has chose to drop its plan to start a trading desk for cryptocurrencies.

While many banks and institutional investors are dipping their toes into the world of cryptocurrencies, concerns over everything from market manipulation to regulatory uncertainty have prevented institutional adoption. In addition, in April this year, Goldman brought Justin Schmidt on board as its head of digital assets markets.

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He added: 'The regulatory environment is going to be key to all of this and the fact that Goldman Sachs remains so concerned is clearly a blow'.

Goldman Sach has explained that they are now focused more on other digital-coin services, such as a custody product.

Rival coins Ripple, Ether and Litecoin also slipped.

Is Goldman's leaving good for the ecosystem?

At there's a bunch of free helpful services.

Since then, China has gone even further in its quest to stamp out the flow of cryptotcurrencies and has banned exchanges, social media accounts, news sites and events covering them.

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