Bitcoin And AltCoins Hit Hard By Reported Goldman Exit From Crypto Plans


Investment bank Goldman Sachs is ditching its plans to open a cryptocurrency trading desk, reports detail. That appears never to be the case anymore, and markets aren't taking the news well.

Recent times haven't resulted in expected profits in the world of the crypto market, and it is amounting to the even worse news.

Goldman Sachs has an interesting relationship with crypto in that it was among the first to actively clear bitcoin futures from Chicago's CME and Cboe late a year ago. A spokesperson told in a statement that "at this point, we have not reached a conclusion on the scope of our digital asset offering".

The sharp sell-off that gripped cryptocurrency markets on Wednesday has extended into a second day, with major digital assets across the spectrum continuing to fall during trading on Thursday.

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The study also showed that men are more aware of Bitcoin (BTC) and cryptocurrencies in comparison to women.

Speculation about Goldman and crypto goes all the way to past year, when many considered its entrance to be a matter of time.

A considerable number of people holding bitcoin were betting that Goldman Sachs would launch a bitcoin desk and thus spark more demand for bitcoin and other cryptocurrencies from institutional investors, raising prices. However, a lot can happen in a year, and a lot has.

As of early this morning, the price of bitcoin plunged $500 in minutes after several days of upward momentum.

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LTC has suffered from the ongoing bear market and is now ranked 7th in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens. The news had stated that the firm had cited Bitcoin regulatory hiccups as the reason to temporarily put the plans on hold.

Besides Bitcoin (BTC), the study also surveyed the popularity of Ethereum (ETH), Litecoin (LTC), ZCash (ZEC), Dash (DASH), XRP (XRP), Monero (XMR), Cardano (ADA), Stellar (XLM), NEO (NEO), EOS (EOS), NEM (XEM), Dogecoin (DOGE), Midseason/SafeCoin, Lisk (LSK), and Storjcoin X. The Wall Street banking giant is focused on other digital-coin services, such as a custody product, the report said.

According to the Business Insider, Goldman Sachs made the announcement that opening a Bitcoin trading desk isn't a priority at this time, most likely due to continued uncertainty around regulations.

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