Goldman Drops Plans for Crypto Trading Desk

Goldman Drops Plans for Crypto Trading Desk”

"We are clearing some futures around Bitcoin, talking about doing some other activities there, but it's going very cautiously". Rumors that Goldman Sachs was preparing such a trading desk first surfaced as far back as October 2017.

However on stage at San Francisco's TechCrunch Disrupt Conference, Goldman Sachs' Chief Financial Officer Martin Chavez asserted that reports about a rollback from a trading desk for cryptocurrencies was fake news.

Last 24 to 48 hours the fall in cryptocurrency prices across the board has been associated with the Goldman Sachs stance on cryptocurrencies trading.

His comments came after Business Insider issued a report on Wednesday, suggesting the financial services giant would be scrapping its plans to trade cryptocurrency.

In recent weeks, Goldman executives have concluded that many steps still need to be taken, a lot of them outside the bank's control, before a regulated bank would be allowed to trade cryptocurrencies, the financial news website reported.

According to a report by Business Insider, sources familiar with the situation confirmed that the investment bank had run into a "regulatory roadblock" in its bid to launch a crypto trading desk. "In response to client interest in various digital products, we are exploring how best to serve them in the space".

What are your thoughts on the latest from Goldman Sachs? One crypto writer, Tanya Abrosimova, said that the drop could be attributed to attempts to regulate the global crypto market, which may have spooked investors. Institutional and wealthy investors are likely looking for regulation support and legal protections before pouring money in. "They were not a part of the ecosystem yet, but to the extent that they represent the institutional herd, this is a negative", Kelly added. The overall market has lost around 18% of its capitalization in just the half-day after the announcement.

Goldman Sachs, however, isn't saying anything definitive 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. Will we see a price correction from this big drop?

For Ethereum, the second largest coin by market cap, this is the low point of the year.

Like this



07 September 2018
College of the Ozarks drops Nike over Colin Kaepernick ad
Some fans responded to Kaepernick's sponsorship deal by cutting or burning gear with Nike's signature swoosh logo . Kaepernick from the campaign featuring the quote "Believe in something".

07 September 2018
Plane with sick passengers quarantined at JFK
Numerous healthy passengers described hearing fellow travelers violently coughing during the flight. Phillips said earlier the flight had stopped in Mecca, which is experiencing a flu outbreak.

07 September 2018
College Announces It Is Dropping Nike Gear After Colin Kaepernick Decision
The school even went so far as to say that it would forfeit any competition if a player from the opposing team refused to stand for the anthem.

07 September 2018
Paraguay moving Israeli embassy back to Tel Aviv, after 4 months
New Paraguayan President Mario Abdo Benitez had opposed the switch even before taking office on August 15. Not to be outdone, Paraguay announced on May 21 that it would be moving its embassy to Jerusalem .

07 September 2018
Republican reaction to New York Times op-ed: Some concern, some shrugs
The writer of the piece says he or she wants Americans to know that "there are adults in the room". Dao said: "I feel that we followed a definition that has been used by our newsroom in the past".

07 September 2018
India and U.S. sign military deal amid tensions over Iran sanctions
New Delhi , one of the biggest buyers of Iranian crude, will have to find measures to nullify the effect of USA sanctions on Iran. The two sides also discussed key issues, including cross-border terrorism, India's NSG bid and the contentious H-1B visa issue.

06 September 2018
Pediatric experts call for flu shots over AstraZeneca's nasal vaccine this year
That said, parents who have concerns about allergies or possible reactions to the shot should talk with their doctors, she said. The nasal spray that protects against the flu is only recommended for people ages 2 to 49 who are not pregnant.

06 September 2018
Apple's Upcoming 6.5-inch iPhone Reportedly Named 'iPhone XS Max' [u]
If eligible, your phone can be fixed free of charge at an Apple Store or an Apple Authorized Service provider. If this happens, it would be a significant shift from how the company names its iPhone models.

06 September 2018
Osaka steamrolls Tsurenko to reach U.S. Open semis
She won 59 points to just 28 for the unseeded Ukrainian, who knocked off No. 2 seed Caroline Wozniacki in the second round. It definitely means a lot, and I always thought if I were to win a Grand Slam, the first one I'd want to win is the U.S.

06 September 2018
Jordan Belliveau: Mother arrested for missing son's murder
The woman didn't go to seek medical help for the boy and instead took him to a wooded area where he died, the report said. Slaughter said that she and the boy's father, Jordan Belliveau Sr., have a "longstanding history" of domestic violence.