Goldman drops bitcoin trading plans for now

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A number of reports from Business Insider claim that USA investment bank Goldman Sachs is ditching plans to open a desk for trading cryptocurrencies.

The Wednesday Bitcoin price crash following the pessimism expressed by Goldman Sachs is an excellent example of how vulnerable the Bitcoin market is, and why it is necessary for investors to proceed with extra caution. Towards, the end of past year, Bitcoin prices rallied all the way to the Dollars 20,000 area and then nosedived to the USD 7000 within a month. Bitcoin BTC=BTSP fell almost 5 per cent to touch five-day low at $6,985 on the Luxembourg-based Bitstamp exchange.

Eight months ago, just after the price of bitcoin hit its all-time high of more than $19,000, Bloomberg reported that Goldman Sachs was working to set up a cryptocurrency trading desk. The ebbs and flows of Bitcoin's price have been dependent upon news of institutional trading firms like Goldman Sachs and BlackRock getting involved in cryptocurrencies.

Editor's note (9/6/18 at 6:10 PM ET): According to one source on Twitter and an article article citing it published by CNBC, Martin Chavez, the CTO of Goldman Sachs, denied the business insider report, calling it "fake news" at Tech Crunch.

Crypto markets are down sharply, with BTC falling by as much as 5.3% on news Wall Street is out of love with the thought of digital assets, at least for now.

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The dramatic hour slowed down the entire crypto market capital, and it appears to have made its place among the downward trend on the charts recently.

Market analysts have stated that large institutional firms and big investors need to find a reputable institution offering crypto services so that they can get comfortable investing in cryptocurrency.

More people than ever used cryptocurrencies in 2018, and at BitStarz, Bitcoin, Ethereum, Dogecoin, Bitcoin Cash and Litecoin wagering went through the roof! Solomon, who has worked as CEO for the last 12 years, is said to not be totally dismissive of the cryptocurrency market.

"The expectation of adoption by Wall Street has been a major theme for the cryptocurrency market for the a year ago, so any kind of updates on that can certainly move the prices", said Mati Greenspan, senior market analyst at currency trader eToro, by phone from Russian Federation. It has caused a drastic sell-off in other cryptocurrencies. It being the major cryptocurrency, BTC suffers a crucial dip and reaches the graphs by going below $7,000 price as of today as per the reports by Cointelegraph BTC price index.