Cryptos Crash As Goldman Suspends Trading Desk Plans

Bitcoin is back below $7000, and Ethereum is tumbling back near its lowest since Nov 2017 as reports that Goldman Sachs is putting its plans to build a crypto trading desk on hold has sparked ‘what do they know’ anxiety in the virtual currency space.

Headlines from Business Insider reporting that the bank is 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, sparked an instant selling rampage across the entire crypto space.

 

Bashing Bitcoin back below $7000…

And pushing Ethereum back towards 2018 lows (and its lowest since Nov 2017)…

However, today’s move in the context of crypto’s annus horribilis is nothing…

While the reaction seems a little overdone for the headlines, we note that it was just one month ago that Goldman was reportedly creating crypto custody services and seemed gung ho towards this new space.

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Author: Tyler Durden