Economy

Bitcoin Price in Freefall

Bitcoin Price in Freefall

While the South Korean government continues to form regulations concerning cryptocurrency operations in the country, this is no doubt positive and encouraging news, and a step in the right direction. News related to institutional traders tends to have some impact on bitcoin's price - indicating that there is an appetite for institutional involvement in the cryptocurrency world. 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). 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.

As it turns out, Goldman Sachs CFO Marty Chavez has snubbed-off these rumors while speaking at the TechCrunch Disrupt Conference, on Thursday.

However, Martin stated that this news was off-guard as the firm had not made any announcement regarding the Bitcoin Trading Desk.

The moves follow last month's decision by U.S. regulators to reject another round of Bitcoin exchange-traded fund proposals.

Chavez also said Goldman was trying to develop over-the-counter derivatives for Bitcoin. Further, he said that Goldman is continuing to explore providing a new over-the-counter derivative called a "non-deliverable forward, which would see the firm provide liquidity to its clients and "trade the principal as principal" of the bitcoin futures contracts".

Elon Musk And Joe Rogan Smoke Marijuana During Live Podcast Interview
Coupled with Musk's antics on the podcast, news of two high profile exits from Tesla saw the company's shares plunge close to 9%. In a premarket SEC filing, the company said its chief accounting officer, Dave Morton , was quitting, effective immediately.

In other words, when it was reported that Goldman Sachs was "exploring" the idea of launching crypto products, it meant exactly that: Goldman Sachs was exploring the idea of launching a crypto product but they weren't ready to release that product anytime soon.

The original news about the Goldman Sachs deprioritizing crypto came from the Business Insider. In the October of 2017, it was said by the authorities in Goldman Sachs that it was planning on coming up with a platform that deals with Bitcoin, along with other digital currencies.

Goldman Sachs not backing away from Bitcoin, but rather preparing the ground for physical storage and settlement later down the line. Customer demands will fuel the new derivative, and the reference price will be the Bitcoin/USD price established by a group of exchanges.

Yesterday, there was a huge hue and cry about Goldman Sachs dropping their plans about introducing crypto trading.

Chavez also remarked how the exploration of digital assets was something that "would be evolving over time". The ban in September previous year triggered a 6 per cent dip in the price of bitcoin.


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