Goldman Sachs to abandon crypto trading plans

Thursday 6 September 2018 10:11 CET | News

Goldman Sachs is giving up plans to open a trading desk for cryptocurrencies, CNBC has cited Business Insider.

According to financial market analysts, Bitcoin price dropped below USD 7,000 on September, 5 after the report that Goldman Sachs is abandoning plans to open a trading desk for cryptocurrencies.

The decision came as the financial institution still sees the regulatory environment as ambiguous, according to Business Insider. Moreover, executives say more steps need to be taken, most of them outside the bank’s control, before a regulated institution would be allowed to trade cryptocurrencies, according to Business Insider.

However, banks’ interest and other financial institutions in crypto has been a barometer for their prices so far. Rumours of the first-ever bitcoin ETF being approved drove prices over USD 8,000 in July 2018. Prices later slipped back below USD 7,000 after the Securities and Exchange Commission rejected the Bitcoin exchange-traded funds from ProShares and other crypto ETF plans by GraniteShares, Direxion and the Winklevoss brothers.

Updates: September 10 - According to Fintech Futures, the originally called “Goldman Sachs drops crypto trading desk plans” announcement has been amended.

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Keywords: Goldman Sachs, blockchain, Bitcoin, cryptocurrency, cryptocurrency trading, Bitcoin price
Countries: World