Bitcoin falls off another cliff as cryptocurrency slump deepens

Bitcoin falls off another cliff as cryptocurrency slump deepens

Maybe Goldman Sachs Isn't So Keen On Crypto, After All

How to ensure cryptos are safe from hacking attacks is one of the issues regulators are trying to get their heads around.

The fragility of the crypto market was tested by this news as it took Bitcoin (BTC) down over five percent bringing it below Dollars 6400.

"I really have to describe that news as fake news", Chavez said on stage when asked about the claims Thursday at TechCrunch Disrupt. Understanding the gravity of the situation, the CFO of Goldman Sachs has come out to clarify the company's stance on cryptocurrencies.

The bad news was followed by another news which stated that the USA regulators were still very reluctant towards this new form of currency and weren't approving establishment of a bitcoin exchange-traded fund.

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Chavez did confirm the Goldman was working on a bitcoin derivative for its clients.

Both blanket statements made by Goldman Sachs representatives don't directly address whether or not the organization will continue to look at the crypto market or not the underlying reason may be due to speculation around regulation of cryptocurrency in the European Union as pointed out in a recent Reuters report.

He said the next step is what's known as "non-deliverable forewords", which are settled in USD and have a reference price according to the Bitcoin-USD price.

In the interview for Bloomberg, the post service's president, Kang Seong-ju, confirmed that KP officials would also travel to Hong Kong to meet with Goldman's dedicated and recently formed cryptocurrency team. 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.

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Martin Chavez stated, "Maybe someone who was thinking about our activities here got very excited that we would be making markets as principals in physical bitcoin, and as they got into it, they realized that is part of the evolution but it's not here yet". There are other speculations as to why the market dropped, but the overall consensus comes down to panic selling because the giant investment bank pulled its crypto plans.

Chavez went on to say that Goldman is still clearing the bitcoin futures contracts that are trading on the Cboe and CME.

Bitcoin hit a record valuation of almost $20,000 in January, and it has struggled to return to those highs during the rest of this year. Further, the report said that Goldman was looking at custody solutions for institutional investors.

Ultimately, Goldman Sachs are interested in having an institutional grade custodial solution in the long run.

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