Is Goldman Sachs abandoning its bitcoin plans?

Is Goldman Sachs abandoning its bitcoin plans?

Is Goldman Sachs abandoning its bitcoin plans?

With the U.S. Securities and Exchange Commission (SEC) still pushing back on proposals for bitcoin exchange-traded funds, for instance, U.S. governmental authorities have not yet embraced cryptocurrencies to the extent many had expected by this time. "I think one of the wonderful things about being a Goldman Sachs is we do get written about a lot and I never thought I'd hear myself actually use this term, but I'd really have to describe that as fake news".

"When we talked about exploring digital assets that it was going to be exploration that would be evolving over time", he said. While there have been questions surrounding Goldman Sachs current position regarding a dedicated crypto trading desk, the company has noted that it plans to introduce cryptocurrency-based custody services for institutional investors like Korea Post.

However, Chavez added that the firm isn't yet ready to begin making markets in "physical bitcoin". It was trading above $19,000 in mid-December, and if its falls continue it could threaten this year's low of $5,887.

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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's these derivatives over the counter derivatives". We don't yet see an institutional grade custody cases, custodian solutions for Bitcoin.

"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".

The slump has affected other cryptocurrencies just as severely: Litecoin and Bitcoin Cash have both dropped by more than 4%, while Ethereum's price as plummeted by 20% to its lowest level this year, according to a Business Insider report. Successful crypto traders are always keen on what the crowd says and how that affects the market dynamic, but they're always skeptical of insignificant factors.

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