Bitcoin Drops 3 Percent in 10 Minutes, Ethereum Plunges 12 Percent

08 September, 2018, 19:08 | Author: Shannon Aguilar
  • Goldman drops bitcoin trading plans for now - Business Insider

CEO David Solomon was optimistic about it and said that the bank needed to adapt to the changing market but it appears that things have changed on that front for now. 71 percent of those said that they've heard of Bitcoin, while the next best-known is Ethereum with 13 percent. Understanding the gravity of the situation, the CFO of Goldman Sachs has come out to clarify the company's stance on cryptocurrencies.

According to a report from Barrons and Business Insider, Goldman Sachs is probably going to back out of the cryptocurrency business mostly because there is no clear regulatory framework on the alt coin market.

However, Chavez added that the firm isn't yet ready to begin making markets in "physical bitcoin". "There are so many great SME-based investments that have superb tax incentives to build a portfolio upon, but they are undersold against the allure of Bitcoin and other cryptocurrencies as a viable investment for the first-time investor", he concludes. So for now, it seems, Goldman is putting a halt on their cryptocurrency plans. Last year, The U.S. Securities Exchange commission warned that some coins issued in ICOs would be considered securities and as a result trading would have to follow federal securities laws. Litecoin and Ripple's XRP fell 12% and 7%, respectively. Notably, more than a third of Australians holding cryptocurrency mentioned that they were planning on paying their taxes using their cryptocurrency. All top 10 leading cryptocurrencies were in the green while reporting, with Bitcoin above Dollars 6500.

Though Goldman is not saying it is ditching the idea completely, statements about the future of the project have become somewhat vague.

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Bitcoin has had a really bad time in 2018 as its value has plunged significantly during the last 8 months.

This bit of sour news is a bit of an about-face for Goldman as the incoming Chief Executive David Solomon talked about modernizing the Wall Street giant by advancing its bitcoin and cryptocurrency services, but obviously this is up in the air.

The US banking titan has not directly commented on the report.

The presented content may include the personal opinion of the author and is subject to market condition. One crypto writer, Tanya Abrosimova, said that the drop could be attributed to attempts to regulate the global crypto market, which may have spooked investors. The author or the publication does not hold any responsibility for your personal financial loss.

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