Goldman Sachs Has Dropped Plans for Crypto Trading Desk

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The situation changed dramatically following a report from the Business Insider, suggesting that USA banking giant Goldman Sachs has put on hold plans to open a trading desk for cryptocurrencies. That appears never to be the case anymore, and markets aren't taking the news well. "At this time, we have not concluded the goal of our offer", an unidentified Goldman Sachs spokesman said.

Goldman Sachs has an interesting relationship with crypto in that it was among the first to actively clear bitcoin futures from Chicago's CME and Cboe late past year. Some analysts have already suggested that the news directly impacted prices in the cryptocurrency markets, which dropped sharply on Wednesday.

Interestingly enough, men seem to be more aware of digital coins - only 13 percent of men said they have not heard of any kind of cryptocurrency compared to the 27 percent of women providing the same answer.

They said that the bank was looking for some regulatory changes that would have protected it from some risks unique to trading cryptocurrencies. Having an investment bank with its pull and power was seen by observers as previously handing over its seal of approval, a very valuable imprimatur on cryptocurrency.

Yet just a day later Goldman's chief financial officer, Marty Chavez, described the news report to an audience at TechCrunch Disrupt, that annual startup Mecca, as "fake news". However, per the sources, the banking giant hasn't abandoned the idea completely, but is rather pushing the possibility lower down on its priorities list and could still move to open the desk at a later date.

Speculation about Goldman and crypto goes all the way to past year, when many considered its entrance to be a matter of time. The market skyrocketed at that time as bitcoin reached to its highest price of $18,737 and market capitalization of $313.82 billion.

LTC has suffered from the ongoing bear market and is now ranked 7th in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens. In 2017, altcoins like Ethereum, Litecoin and Ripple rode the coattails of Bitcoin and joined the conversation around cryptocurrency.

However, Goldman Sachs is still focused on other crypto-related projects such as a custody product for cryptocurrencies.