Global banking giant Goldman Sachs has pulled back from immediate plans to open a bitcoin trading desk, according to USA media report Wednesday that sent bitcoin prices lower. The report stated that an uncertain regulatory regime meant Goldman was instead focusing on developing custody services for cryptocurrency. It seems that the bank is still looking for regulatory clarity before it decides to dip its toes into the crypto market completely.
The fragility of the crypto market was tested by this news as it took Bitcoin (BTC) down over five percent bringing it below United States dollars 6400. This price can be the highest point in bitcoin dominance for two weeks.
It has been reported that Goldman Sachs chose to drop its plan of having a Bitcoin trading desk at least for now.
"Bitcoin is coiling tighter and tighter, making everyone wonder what to expect, but I feel like correction is incoming (if not a reversal)".
However last night's fall was created, it is a further blow to any thoughts of a concerted recovery in the crypto markets, at least for now.
Business Insider reports, "Executives have concluded that many steps still need to be taken, a lot of them outside its control, before a regulated bank would be allowed to trade cryptocurrencies". This interest if translates well could swell the crypto markets and probably take them to their all-time highs which they hit past year.
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Goldman Sachs first announced plans to start a crypto trading desk late a year ago, but, at least for now, those plans are on hold.
"The expectation of adoption by Wall Street has been a major theme for the cryptocurrency market for the past year, 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.
The combined market capitalization of all cryptocurrencies is close to $223 Billion at the moment, which is significantly down from the $800 Billion market cap which was noticed earlier this year.
This drop has made it clear that although the Bitcoin prices have been going up steadily for the last couple of week, investors and traders should not get carried away. Some of the market speculators even believed that the price of BTC and other cryptocurrencies in the market plunged because of this.