Maybe Goldman Sachs Isn't So Keen On Crypto, After All

Bitcoin Value Drops Sharply, Concerning Investors and Experts

Is Goldman Sachs abandoning its bitcoin plans?

With the U.S. Securities and Exchange Commission (SEC) still pushing back on proposals for bitcoin exchange-traded funds, for instance, U.S. governmental authorities have not yet embraced cryptocurrencies to the extent many had expected by this time.

The next key level to watch for Bitcoin is $5 000, according to Stephen Innes, head of trading for Asia Pacific at Oanda, who said a drop below that threshold may cause losses to accelerate.

In December 2017, when cryptocurrency prices were at their peak, Bloomberg reported Goldman hoped to have the trading desk running by June of this year. It was originally planning to launch the trading desk this summer.

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The biggest problem for financial institutions that want to buy and sell bitcoin is that the centralized exchanges the asset trades on have a history of being vulnerable to hacks.

When questioned about the report that it is abandoning its plans, a Goldman Sachs spokesperson told FOX Business that, "We're sticking with the statement we've been using all year."In response to client interest in various digital products, we are exploring how best to serve them in the space".

Goldman Sachs Group Inc (GS.N) is ditching plans to open a desk for trading cryptocurrencies in the foreseeable future as the regulatory framework for crypto remains unclear, Business Insider reported on Wednesday, citing people familiar with the matter.

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Clearly, the market still respects Goldman Sachs outlook on the crypto market. Ethereum slid 9%, Litecoin 7.1% and Ripple 7.7%.

A Goldman spokesman said the bank had yet to decide on the scope of its "digital asset offering". It may revive these plans later, they added.

Goldman Sach has explained that they are now focused more on other digital-coin services, such as a custody product. "Many market observers have said that for large institutional firms to get comfortable trading bitcoin, there need to be reputable custody offerings to safeguard holdings".

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At Bitcoin.com there's a bunch of free helpful services. You can even lookup the exchange rate for a transaction in the past.

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