Goldman Sachs Shelving its Crypto Trading Desk is a Good Thing. Really

09 September, 2018, 09:32 | Author: Mary Valdez
  • Bitcoin falls off another cliff as cryptocurrency slump deepens

How to ensure cryptos are safe from hacking attacks is one of the issues regulators are trying to get their heads around.

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. Furthermore, even as many banks and institutional investors are dipping their toes into the world of cryptocurrencies, concerns over everything from market manipulation to regulatory uncertainty have prevented institutional adoption. That crypto division had been reported earlier this year, signaling that one of Wall Street's biggest names was preparing to enter the crypto space. Coinbase had previously announced a partnership with Electronic Transaction Clearing, an American broker-dealer which is Securities and Exchange Commission (SEC) qualified securities custodian.

Korea Post, which now oversees a $112 billion investment fund, will soon meet with executives from the Goldman Sachs research team to discuss digital assets, artificial intelligence and blockchain technology.

According to Chavez, Goldman is working on a Bitcoin derivative due to client demand.

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This would be an over-the-counter future settled in dollars with the reference point bitcoin versus the United States currency on a number of exchanges.

Regardless of the reasons behind the crash in bitcoin's price, cryptocurrency fans will probably be relieved to know that Goldman Sachs still has an interest in digital assets.

South Korea's national postal service operator, Korea Post, has reportedly sought out Goldman Sachs' assistance in regards to learning about cryptocurrencies. Customer demands will fuel the new derivative, and the reference price will be the Bitcoin/USD price established by a group of exchanges.

Martin Chavez stated, "Maybe someone who was thinking about our activities here got very excited that we would be making markets as principals in physical bitcoin, and as they got into it, they realized that is part of the evolution but it's not here yet". It might take many steps before a regulated bank could trade digital assets, a lot of them outside Goldman Sachs' control, sources had reportedly revealed. We don't yet see an institutional grade custody cases, custodian solutions for Bitcoin. Goldman hasn't confirmed the report, but the news still sent the value of bitcoin plummeting.

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