Goldman CFO Denies Reports That Firm Is Ditching Crypto Trading Desk

Bitcoin

Bitcoin markets have broken down significantly during the trading session again on Thursday, crashing through the $6500 level.

However on stage at San Francisco's TechCrunch Disrupt Conference, Goldman Sachs' Chief Financial Officer Martin Chavez asserted that reports about a rollback from a trading desk for cryptocurrencies was fake news.

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. Business Insider cites unnamed sources saying that the crypto trading desk is now "not a priority" for the institution. Instead, the bank will reportedly focus on a custody product for digital currencies created to serve large, institutional clients.

When questioned about the report that it is abandoning its plans, a Goldman Sachs spokesperson told FOX Business that, "We're sticking with the statement we've been using all year."In response to client interest in various digital products, we are exploring how best to serve them in the space".

In December of previous year, Goldman Sachs announced its plans to set up a cryptocurrency trading desk by 2018 and become the first Wall Street giant to get involved with the cryptocurrency-related trading activity.

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Bitcoin, which is the world's biggest cryptocurrency, fell almost 10 per cent earlier this morning and is now down 4 per cent to $6,419. The same sort of situation is playing out with Goldman Sachs and cryptocurrencies. It would have allowed enterprises and institutional investors to enter the market. "They were not a part of the ecosystem yet, but to the extent that they represent the institutional herd, this is a negative", Kelly added.

Bitcoin, the largest cryptocurrency, tumbled as much as 9.8% and was trading at US$6,422 (RM26,652) as of 1.25pm in Hong Kong, according to Bloomberg composite pricing.

He said the next step is what's known as "non-deliverable forewords", which are settled in USD and have a reference price according to the Bitcoin-USD price. It was another base-jump of a fall for the most-traded crypto - continuing a pattern that has seen stretches of low-volatility punctuated at seemingly random points by big spikes and dips.

At press time, the sixth-largest cryptocurrency by market cap is trading for about $5.07.

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