Bitcoin Sharply Tumbles By 12.6%, Other Cryptos Fall As A Result

Bitcoin Sharply Tumbles By 12.6%, Other Cryptos Fall As A Result

Business Insider reported on Wednesday that Goldman Sachs Group Inc. was pulling back on near-term plans to set up a crypto trading desk.

Cryptocurrency markets seemed to respond negatively to the news. It was another base-jump of a fall for the most-traded crypto - continuing a pattern that has seen stretches of low-volatility punctuated at seemingly random points by big spikes and dips. How can fake news potentially affect crypto markets? Bitcoin's price at the time of this writing is $7,013 and the currency is testing the $7,000 support mark.

"Their name carries weight across the globe", said Ryan Rabaglia, head trader at digital asset brokerage OSL in Hong Kong, referring to Goldman Sachs. The fact that there are still some grey areas in legal issues surrounding regulatory policies for the new digital assets has been quite a put off for the banking institution, and hence the decision to shelve its earlier plans to build a trading platform for cryptocurrencies. Institutional money is considered by many as a trigger for next bull run in cryptos and this news meant there would be no much reason for traders to stay in the market in the short term.

The price of ethereum has plunged almost 20 per cent in 24 hours and is now down 1.56 per cent on the day to around $229.08, while litecoin and ripple both shed more than 7 per cent of their value in recent days.

In December of past year, Goldman Sachs announced its plans to set up a cryptocurrency trading desk by 2018 and become the first Wall Street giant to get involved with the cryptocurrency-related trading activity.

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The CFO of Goldman Sachs further said that the case with Bitcoin is similar to that of people participating in the actual trading and futures contract trading of physical oil.

Some crypto experts believe there to be three potential roadblocks that a Bitcoin ETF application will need to overcome to receive the approval of the commission.

Goldman has been making a clear and steady effort to capitalize on crypto markets. Instead, Goldman Sachs is looking to develop other projects such as crypto custody service.

The financial giant has apparently cooled on last year's plans to launch a trading operation for cryptocurrencies.

Etoro market analyst Mati Greenspan observed, "The expectation of adoption by Wall Street has been a major theme for the cryptocurrency market for the previous year, so any kind of updates on that may certainly move the prices".

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