Maybe Goldman Sachs Isn't So Keen On Crypto, After All

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Yesterday, news broke that US -based $90 billion multinational investment bank and financial services company powerhouse, Goldman Sachs, was ditching plans to eventually open up a Bitcoin trading desk as was initially reported. The cryptocurrency held a market cap of $111,583 billion and a 24-hour market volume of $5.871 billion.

After yesterday's step falls in the price of Bitcoin that bought it down from just under $7,400 to around the $7,000 mark, trading overnight saw an even bigger steep drop.

Cryptocurrency-Despite reports surrounding a potential cryptocurrency trading desk by Wall Street goliath Goldman Sachs-and its subsequent closure-the company has since come out to debunk any such reports.

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Plans were in the works to get the desk ready by the end of June 2018.

As it so happens, the New York Stock Exchange's parent company - Intercontinental Exchange (ICE) - has unveiled plans to launch a new cryptocurrency platform called Bakkt in the near future. As a result, any bank looking to facilitate those trades has to figure out how to safeguard those assets in a way that keeps regulators happy.

The entire cryptocurrency market seems to be in the hands of the bears once again. "We're listening to our clients and trying to help our clients as they're exploring those things too".

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Korea Post, which now oversees a $112 billion investment fund, will soon meet with executives from the Goldman Sachs research team to discuss digital assets, artificial intelligence and blockchain technology.

For instance, one of the reasons behind the drops in both EOS and assorted altcoins could be the recent announcement by way of Wall Street giant Goldman Sachs. It would have allowed enterprises and institutional investors to enter the market. In April, the investment firm hired crypto trader Justin Schmidt as head of its digital asset markets to explore client interest in trading crypto assets.

He added: 'The regulatory environment is going to be key to all of this and the fact that Goldman Sachs remains so concerned is clearly a blow'.

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"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.