Goldman Sachs CFO Rubbishes Claims of Dropping Crypto Trading

Bitcoin falls off another cliff as cryptocurrency slump deepens

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

"When we talked about exploring digital assets that it was going to be exploration that would be evolving over time", he said.

CNBC have created a cautious approach from crypto investors as they continue to post contra-indications as well as unreliable news related to the industry.

Other issues of concern around cryptocurrencies include potential money-laundering and market manipulation.

What Chavez did make clear is that while a timeline for the venture has never been established, Goldman has been approving bitcoin-linked futures contracts since May and providing clients liquidity with those futures.

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"From the perspective of custody, we don't yet see an institutional-grade custodial solution for Bitcoin", Chavez said.

Initially, when Goldman Sachs stated that they wanted to review their plans about being involved in the cryptomarket.

In 2018, "fake news" has many meanings, but direct quotes in the New York Times from a senior company executive talking about their massive merchant bank establishing a bitcoin desk isn't fake news no matter where you sit on the political spectrum. In May, Bitgo, a cryptocurrency investment provider, renounced their plans to acquire Kingdom Trust Company, which they had announced in January. But there was little news since on how the project has developed.

In an interview with Bloomberg, Korean's Post service president Kang Seong-Ju revealed that the service would be meeting with the American multinational investment bank soon. Though directed at retail investors, regulators like the SEC want to be sure that the underlying assets remain secure, though they also worry about market manipulation.

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The Goldman decision to pull back from trading crypto followed more bad news last month, when the SEC rejected another round of Bitcoin ETF proposals.

When the virtual currency fever broke out a year ago, South Korea was one of the hot spots, contributing a very large quota to the market cap, however, things changed when its policymakers took a dim view of the market.

Now, doubts have been cast by various media outlets that a trader who had access to insider information took position before the news reached the market, eventually gaining the first mover advantage.

Bitcoin, which is the world's biggest cryptocurrency, fell almost 10 per cent earlier this morning and is now down 4 per cent to $6,419. Will acceptance of a custody solution lead to a market turn-around?

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