Bitcoin and other cryptocurrencies suffer a sudden crash

Bitcoin and other cryptocurrencies suffer a sudden crash

Per that report, Goldman Sachs wanted to have it ready by the end of June 2018.

The slump was then exacerbated by a Business Insider report that Goldman Sachs has put plans to launch a bitcoin trading desk on hold for the foreseeable future. The news has investors nervous that the United States financial giant might know something about Bitcoin and cryptocurrencies that the market has not learned yet. The rest of the top five cryptocurrencies by market cap toppled by more than 12 percent.

As first reported by Business Insider, the bank is dropping its plan due to an ambiguous regulatory environment with too many steps required to be taken, many of which are outside of the banks control, before a regulated bank could trade cryptocurrencies. As Bitcoin ETFs have been denied by the U.S. Securities and Exchange Commission (SEC), perhaps Goldman Sachs is not seeing the frameworks it needs to introduce cryptocurrencies to its clientele.

And with Goldman's refusal to continue with the trading desk, a lot of hopes and dreams are again being dashed to the ground. Instead, the bank will reportedly focus on a custody product for digital currencies created to serve large, institutional clients.

More news: Elon Musk smokes weed on the Joe Rogan Experience

"At this point, we have not reached a conclusion on the scope of our digital asset offering", Goldman Sachs spokesperson Michael DuVally told Reuters. The availability of crypto custody services from reputable firms has been referred to as a key requirement for bringing institutional investors into the crypto market.

However last night's fall was created, it is a further blow to any thoughts of a concerted recovery in the crypto markets, at least for now.

"The next stage of the exploration is what we call non-deliverable forwards, these are over the counter derivatives, they're settled in USA dollars and the reference price is the bitcoin-U.S. dollar price established by a set of exchanges", Chavez said.

Its forays into the space date back to 2015, when Goldman was part of a $50 million funding round with digital payment platform Circle. Some of the market speculators even believed that the price of BTC and other cryptocurrencies in the market plunged because of this.

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