Bitcoin price: Cryptocurrencies' unexplained fall continues

Bitcoin price: Cryptocurrencies' unexplained fall continues

Faced with regulatory uncertainty over bitcoin, Goldman has suspended for now plans for the exchange in favor of other digital currency efforts, Business Insider reported, citing unnamed sources.

If cryptocurrency fans do want more institutional involvement in the market then Chavez's other claims should please them.

According to reports published in Business Insider day before yesterday, Goldman Sachs was ditching plans to open a desk for trading cryptocurrencies in the foreseeable future, according to people familiar with the matter, as the regulatory framework for crypto remains unclear.

Goldman Sachs giveth, and Goldman Sachs taketh away.

"In response to client interest in various digital products we are exploring how best to serve them in this space".

Donald Trump threatens $267bn more tariffs on Chinese goods
Major technology company Apple Inc ( AAPL.O ) said a "wide range" of its products would be hit by the tariffs, but not its iPhone. The US imported $505 billion of goods from China last year and the figure is expected to rise this year.

Goldman Sachs first announced plans to start a crypto trading desk late a year ago, but, at least for now, those plans are on hold.

Bitcoin, the largest cryptocurrency by market cap, is down 12.4% in this period according to CoinMarketCap and is now trading at $6,426.

In recent weeks, Goldman executives have concluded that many steps still need to be taken, majority outside the bank's control, before a regulated bank would be allowed to trade cryptocurrencies, the financial news website reported. However, Brian Kelly, founder and CEO of crypto hedge fund BKCM, is more anxious about the long-term impact of Goldman Sachs' about-face.

But as for getting into the trading of actual crypto assets itself, Goldman Sachs may still have a way to go, as its recent backpedaling demonstrates. "They were not a part of the ecosystem yet, but to the extent that they represent the institutional herd, this is a negative", Kelly added. In the top 10, Stellar (XLM) is the one that lost the less in the last 24 hours, registering a fall of 1.88%. Bitcoin had, however, also reached its highest price in August and traders may have simply been selling off in order to make some cash. This would include a lot of panic selling from a bit of news; but if Goldman Sachs knows something that the market finds out later we may see this come to fruition. Matthew Newton, a market analyst, told the publication, "Bitcoin's price might be rising but it's way too early to call this a true resurgence..."

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