Goldman drops bitcoin trading plans for now

Bitcoin Sustains Harsh 24-hour Tumble Clocks in at $7300 Heading For Moon

Bitcoin Sustains Harsh 24-hour Tumble Clocks in at $7300 Heading For Moon

Surprisingly, the Bitcoin (BTC) is more popular than many of us expected, according to a new study that revealed that 80% of Americans are aware of Bitcoin.

Craig Erlam, senior market analyst at FX firm Oanda, said: "It's been a rough 24 hours for Bitcoin and its peers, with reports that Goldman Sachs has postponed launching a cryptocurrency trading desk due to the uncertain regulatory landscape". Ethereum dropped from $283 to $224.72, Bitcoin Cash from $628 to $508.15, and Litecoin from $68 to $56.26. Market is dealing with some crises as the news broke out that Goldman Sachs has backed out from the deal over trading with BTC.

Cryptocurrencies heavily crashed on last Wednesday after a report claimed by one of the leading wealth management company Goldman Sachs Group Inc. has abandoned plans to establish a bitcoin trading desk. In December 2017, the price of Bitcoin reached $20,000. Institutional investors, on the other hand, seem to be retreating as the U.S. Security and Exchange Commission (SEC) decision on a Bitcoin exchange-traded fund (ETF) nears.

Apparently, the bank has had some misgivings about the regulatory situation in regard to cryptocurrencies.

The reason why the bank has lowered the priority of this project is because they think the currency it in developing stages and are not sure about its volatility. It was only early last month when rumors circulated that the legacy financial institution was also doubling down on their digital asset fever.

The freefall was triggered by the news that Goldman Sachs has shelved on the plans to open a cryptocurrency desk. Arthur revealed the ICO investments originate from VCs that will discard their Ether in response to the market.

While there are declines being seen across numerous most popular alt coins, the Bitcoin (BTC) price has managed to push slightly higher. Moreover, most commodities like precious metals and oil markets have been incredibly bearish over the last 30-days.

Despite the drop, some investors remained hopeful that since the drop-in price was simply an irrational sell off, then a bounce back in price would surely occur. Or will sellers follow the lead from this action and continue pushing Bitcoin downward?

The Bitcoin drop pulled back all other top 10 largest cryptocurrencies by market cap, except Tether, which was up by 0.17%.

We must point out that Bitcoin took a hit in value even with the recent good news that Bitcoin is adopting the Lightning network.

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