Third rapid drop in 24hrs sends Bitcoin price down to $6400

Daniel Fowler
September 8, 2018

Goldman Sachs is reportedly putting plans to open a trading desk for cryptocurrencies on hold, according to Business Insider. Instead, the bank will reportedly focus on a custody product for digital currencies created to serve large, institutional clients. "At this point, we have not reached a conclusion on the scope of our digital asset offering", the bank said in a statement.

"The people doing the applications don't fit the mould of who they are used to approving", explained Bill, a former Goldman Sachs employee.

"A lot of retail investors' hopes for a bigger institutional presence were really being driven by Goldman Sachs". Founded in 1869, the firm is headquartered in NY and maintains offices in all major financial centers around the world.

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As reported by CoinDesk in October 2017, Goldman Sachs has been considering launching a new trading operation for the past one year which would focus on bitcoin and other digital currencies.

However, Goldman Sachs (gs) now claims the report was "fake news", on the basis that the trading desk plans never had a timeline. The news has investors nervous that the USA financial giant might know something about Bitcoin and cryptocurrencies that the market has not learned yet. According to the company, this setback is likely to be only temporary, and such a decision may be revised in the near future if the regulatory climate improves. In addition, cryptocurrencies are also the objects of further speculation and suspicion in Europe after Belgium's financial regulator warned investors to steer clear of digital trading platforms, saying they were "fraudulent". This would include a lot of panic selling from a bit of news; but if Goldman Sachs knows something that the market finds out later we may see this come to fruition. "Even if it's not true, it should be enough to cause a minor selloff like this in cryptocurrencies". All top 10 leading cryptocurrencies were in the green while reporting, with Bitcoin above United States dollars 6500. Ethereum skidded by as much as 15 percent, and its price at the moment of writing constitutes $225,91.

Meanwhile other coins were also losing value on Thursday - with Ethereum down 12%, Litecoin losing 11%, and Ripple behind by 7%.

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