The entire cryptocurrency market seems to be in the hands of the bears once again.
The bank could, they note, choose to revive its plans later.
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In recent weeks, Goldman executives have concluded that many steps still need to be taken, a lot of them outside the bank's control, before a regulated bank would be allowed to trade cryptocurrencies, the financial news website reported. The rest of the top five cryptocurrencies by market cap toppled by more than 12 percent.
The Wall Street giant has not given up hope of trading cryptocurrencies entirely.
Regardless of the reasons behind the crash in bitcoin's price, cryptocurrency fans will probably be relieved to know that Goldman Sachs still has an interest in digital assets.
Korea Post, which now oversees a $112 billion investment fund, will soon meet with executives from the Goldman Sachs research team to discuss digital assets, artificial intelligence and blockchain technology. The availability of crypto custody services from reputable firms has been referred to as a key requirement for bringing institutional investors into the crypto market.
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While the decision may dispel users that prioritise anonymity, it may also help ShapeShift attract users that trade larger amounts of funds that tend to prefer regulated venues, said Vijay Ayyar, the Singapore-based head of business development at Luno, a cryptocurrency exchange.
Goldman has been making a clear and steady effort to capitalize on crypto markets.
Its forays into the space date back to 2015, when Goldman was part of a $50 million funding round with digital payment platform Circle.
However, a number of other cryptocurrencies have suffered far greater than Bitcoin did. Goldman Sachs will be proceeding to provide "crypto futures and forwards" for its clients.
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