Business Insider: Goldman Sachs drops crypto plans – crypto falling

The crypto market fell sharply Wednesday morning. Goldman Sachs is blamed.

It has previously been known that the investment bank should open the doors for trading with cryptocurrency and that a separate department should run the project, wrote the Wall Street Journal last year.

Now Business Insider writes that the plans have been put in the drawer.

The reason is that Goldman Sachs believes the regulatory climate around digital currencies makes the job too difficult.

Bitcoin and Ethereum fall

After the news became known, the entire crypto market fell, according to Coinmarketcap and Coinbase.

Bitcoin is down 5.91 percent to $ 6,938.
Ethereum is down 15.17 percent to 244.86 dollars.

Of the 100 largest cryptocurrencies measured in market value, 94 of them fell Wednesday afternoon.

Brian Kelly, head of the BKCM squad, also tells CNBC that the news from the investment bank accounts for the case.

“They were not part of the ecosystem yet, but to the extent, they represent the institutional flock, this is negative,” he says.

Business Insider quotes anonymous sources, and to CNBC, Goldman writes Wednesday that they have been working on digital currencies based on the interests of their customers, but that they have not reached a conclusion when it comes to cryptocurrency services.

Still offering futures

In the future, the company will focus more on the storage of cryptocurrencies, primarily aimed at major customers.

Goldman has already shown its willingness to bitcoin by letting its customers trade bitcoin futures on the Chicago commodity exchange.