Goldman Sachs CFO Calls Trading Desk Rumors "Fake News"

Bitcoin Value Drops Sharply, Concerning Investors and Experts

This would include a lot of panic selling from a bit of news; but if Goldman Sachs knows something that the market finds out later we may see this come to fruition.

The next key level to watch for Bitcoin is US$5,000, according to Innes, who said a drop below that threshold may cause losses to accelerate.

The fragility of the crypto market was tested by this news as it took Bitcoin (BTC) down over five percent bringing it below Dollars 6400.

In December of past 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.

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

But with regulatory waters still murky, executives have decided more steps need to be taken, a lot of them outside the bank's control, before a regulated institution would be allowed to trade cryptocurrencies, according to Business Insider.

Its report suggests the bank was looking for regulatory developments that haven't yet materialized. So far, Goldman has apparently not been able to do that.

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The entire cryptocurrency market seems to be in the hands of the bears once again.

"When we talked about exploring digital assets that it was going to be exploration that would be evolving over time", Goldman chief financial officer Martin Chavez said onstage at the TechCrunch Disrupt Conference in San Francisco, as quoted by CNBC. This interest if translates well could swell the crypto markets and probably take them to their all-time highs which they hit previous year.

In April of this year, as CryptoGlobe reported, the Wall Street firm hired crypto trader Justin Schmidt as its head of digital asset markets.

Goldman Sachs giveth, and Goldman Sachs taketh away.

Its forays into the space date back to 2015, when Goldman was part of a $50 million funding round with digital payment platform Circle.

For all the recent talk about long-term bullish behavior and bitcoin reaching $10,000 by November, it's becoming clearer and clearer that analysts have no idea what they're talking about, and it's almost impossible to predict where cryptocurrencies will go considering they are all still too vulnerable to outside news and influence.

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