Goldman Drops Plans for Crypto Trading Desk

Bitcoin Sustains Harsh 24-hour Tumble Clocks in at $7300 Heading For Moon

Bitcoin (BTC) prices have dropped over 12% today, following a week of gains.

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.

While Bloomberg had originally reported at the end of previous year that Goldman Sachs was working on the implementation of a cryptocurrency trading desk to be launched in 2018, a story out of Business Insider earlier this week claimed that the project had been shuttered.

The entire cryptocurrency market seems to be in the hands of the bears once again.

Faced with regulatory uncertainty over bitcoin, Goldman has suspended for now plans for the exchange in favor of other digital currency efforts, Business Insider reported, citing unnamed sources.

"Their name carries weight across the globe", said Ryan Rabaglia, head trader at digital asset brokerage OSL in Hong Kong, referring to Goldman Sachs.

Some are claiming that the news is likely to keep bitcoin and cryptocurrency down for good - that this was the highlight of digital money's journey towards legitimacy, and the barricades will be too much to handle without Goldman Sachs' help.

It follows media reports, originally in Business Insider, that Goldman Sachs is shelving plans to set up a cryptocurrency trading desk. The information has been released on Wednesday 5 producing an important drop in the crypto market. It would have allowed enterprises and institutional investors to enter the market.

ICOx Innovations Chairman Cameron Chell discusses his outlook on cryptocurrency technologies and why he supports regulations being placed on cryptocurrencies.

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

"They were not a part of the ecosystem yet, but to the extent that they represent the institutional herd [of mainstream financial institutions], this is a negative", he told CNBC. In the top 10, Stellar (XLM) is the one that lost the less in the last 24 hours, registering a fall of 1.88%.

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