Cryptocurrencies continue to tumble on Goldman reports

Is Goldman Sachs abandoning its bitcoin plans?

Goldman Sachs Puts Plans for a Crypto Trading Desk on Backburner

Rather, it said that the bank was choosing to focus on other products, most notably a custody product, which would allow institutions to store cryptoassets with the firm.

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.

On his part, Chavez said that Goldman wasn't scaling back its roadmap - which he said was never actually set in stone - and that the bank specifically plans to create a bitcoin derivatives product that functions similarly to the cash-settled cryptocurrency futures contracts now available on Chicago-based exchanges CME and CBOE. Founded in 1869, the firm is headquartered in NY and maintains offices in all major financial centers around the world.

A Goldman spokesman said the bank had yet to decide on the scope of its "digital asset offering".

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Moreover, with appointing a new CEO David Solomon, who will replace the incumbent chief executive Lloyd Blankfein in October, the company was expected to add more bitcoin and other crypto services to its portfolio.

While still industry-forward, the firm did not explicitly say they were working on launching a Bitcoin trading desk. Amid spiking interest in the cryptocurrencies, and plans for contracts to go live on exchanges, Goldman Sachs aiming to capitalize on the trend, announced a strategy to clear bitcoin futures for some clients, as reported by Reuters. This number is considered the threshold at which the crypto market stabilizes-anything below a $7,000 valuation will likely lead to a bear market, or, a market marked by massive sell-offs and precipitous drops in value.

Crypto markets are down sharply, with bitcoin core (BTC) falling by as much as 5.3 percent on news Wall Street is out of love with the idea of digital assets, at least for now. The ban in September past year triggered a 6 per cent dip in the price of bitcoin. The current South Korean prime minister has noted that cryptocurrencies may be responsible for potential pyramid scams and the spread of narcotics, and the South Korean justice minister has even proposed an outright ban on cryptocurrency.

Bitcoin, the largest cryptocurrency, tumbled as much as 9.8% and was trading at $6 480, down 6.8%, as of 10:00 in NY, according to Bloomberg composite pricing.

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