Bitcoin extends slump on Goldman Sachs report

Bitcoin Value Drops Sharply, Concerning Investors and Experts

In the intervening months, bitcoin's price has cratered, and Business Insider's Dakin Campbell and Frank Chaparro now report that the investment bank is shelving its crypto-trading plans, citing people familiar with the matter.

Bitcoin, the largest cryptocurrency by market cap, is down 12.4% in this period according to CoinMarketCap and is now trading at $6,426.

Cryptocurrency markets seemed to respond negatively to the news.

But with regulatory waters still murky, executives have decided more steps need to be taken, a lot of them outside the bank's control, before a regulated institution would be allowed to trade cryptocurrencies, according to Business Insider.

Amid spiking interest in the cryptocurrencies, and plans for contracts to go live on exchanges, Goldman Sachs aiming to capitalize on the trend, announced a strategy to clear bitcoin futures for some clients, as reported by Reuters.

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Near 1400 GMT, the cryptocurrency was trading at around $7,000, down about five percent from Tuesday's level. The company stated that it was backing away from its alleged cryptocurrency trading desk that it previously claimed would arrive during the summer, and it should come as no surprise that regulatory uncertainty is the reason why.

The Wall Street giant has not given up hope of trading cryptocurrencies entirely. Instead, the bank will reportedly focus on a custody product for digital currencies created to serve large, institutional clients.

For the time being, Goldman will direct its efforts toward custody services, where it securely holds crypto assets on behalf of its large institutional clients to ensure those assets are kept safe and secure.

While the decision may dispel users that prioritise anonymity, it may also help ShapeShift attract users that trade larger amounts of funds that tend to prefer regulated venues, said Vijay Ayyar, the Singapore-based head of business development at Luno, a cryptocurrency exchange. Some of the market speculators even believed that the price of BTC and other cryptocurrencies in the market plunged because of this.

Clearly, the market still respects Goldman Sachs outlook on the crypto market.

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