Wednesday, 26 September, 2018

Bitcoin extends slump on Goldman Sachs report

Bitcoin falls off another cliff as cryptocurrency slump deepens Maybe Goldman Sachs Isn't So Keen On Crypto, After All
Russell Knight | 09 September, 2018, 09:32

At the time, a number of purported inside sources said the firm abandoned the plans due to regulatory issues.

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. However, by sheer good luck, Crypto-News India didn't give in to the hype and entirely skipped the news article (mostly because we did not want to perpetuate what was clearly Fear, Uncertainty and Doubt). The Business Insider report quoted unnamed sources as the basis of the information, giving evidence that the Wall Street firm had chose to do away with the previously hyped up trading desk.

As it turns out, Goldman Sachs CFO Marty Chavez has snubbed-off these rumors while speaking at the TechCrunch Disrupt Conference, on Thursday. They justify their interrogation on this matter that this is just a temporary spillover effect because Bitcoin was being traded already in major exchanges.

Earlier today, Goldman Sachs called that report "fake news" and insisted that its still working on releasing crypto investment products in the future. When those plans were stymied by the Securities and Exchange Commission, the price plummeted to below $7,000.

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"The next stage of the exploration is what we call non-deliverable forwards, these are over the counter derivatives, they're settled in USA dollars and the reference price is the bitcoin-U.S. dollar price established by a set of exchanges", Chavez said.

Korea Post staff is to meet with Goldman's crypto research team in Hong Kong at the end of this month to study digital assets, blockchain and related areas, such as artificial intelligence.

Such an offering would differentiate Goldman from the investment opportunity presented by the NYSE-backed Bakkt, which plans to settle its Bitcoin Futures contracts in physically delivered Bitcoin. They are developing OTC derivatives for Bitcoin.

Chavez also went on to say that the bank has no intention to proceed with physical Bitcoin trading at this point in time, claiming that a more reliable custody solution was needed before they would consider the option. The ban in September past year triggered a 6 per cent dip in the price of bitcoin. This statement closely echoes the October tweet made by Goldman Saks chief executive Lloyd Blankfein, "Still thinking about Bitcoin".

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