Is Goldman Sachs abandoning its bitcoin plans?

Bitcoin Bitcoin Finds Momentum at $7,400 Traders Show Big Optimism Toward Tokens Cole Petersen

According to Business Insider on September 5, 2018, Goldman Sachs is no longer opening a bitcoin trading platform and instead is planning on launching a key business to streamline and drive investment from Wall Street onto Crypto.

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. 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. That appears never to be the case anymore, and markets aren't taking the news well.

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.

A Goldman spokesman said the bank had yet to decide on the scope of its "digital asset offering".

"Bitcoin is coiling tighter and tighter, making everyone wonder what to expect, but I feel like correction is incoming (if not a reversal)".

Goldman has not confirmed the report, although the bank issued an official statement.

Rumours that Goldman Sachs is ditching its plans to invest in cryptocurrency have been dismissed as "fake news" by the company's Chief Financial Officer. In a madcap morning, Bitcoin fell by a total of 6%, while Ethereum, Litecoin and Ripple all racked up double figures - ETH lost 12% in a single morning.

Ex-Trump campaign aide jailed in Russia probe
In response, defense lawyer Thomas Breen said his client was "remorseful" that his lies impeded the investigation. Last November, Mr Sessions testified to Congress that he had "pushed back" against Papadopoulos' offer.

"The move positions Goldman Sachs to become the first large Wall Street firm to make markets in cryptocurrencies, whose wild price swings and surging values have captured the public's imagination but given pause to established institutions", Bloomberg noted.

According to reports from Business Insider, the New York-headquartered company will be looking to focus on other projects such as a crypto custody service for large institutional clients.

Bitcoin has struggled to return to the former heady heights of December 2017 when it was trading at $20,000.

Along with bitcoin, other cryptocurrencies aren't much in a good place either.

The expectation of adoption by Wall Street has been a major theme for the cryptocurrency market for the past year, so any kind of updates on that can certainly move the prices.

On its website, the Bank of England warns: 'Cryptocurrencies do pose risks to investors and anyone buying cryptocurrencies should be prepared to lose all their money'.

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