Bitcoin drops 3% in 10 minutes, ethereum plunges 12%

On Wednesday, the largest digital coins in the market abruptly dropped in a report that Goldman Sachs Group is withdrawing short-term plans to establish a cryptocurrency trading desk.

Bitcoin, the largest digital asset, canceled earnings and fell more than 3% in about 10 minutes. Litecoin, ethereum and ripple have followed the example. Ethereum has slipped up to 12%.

Goldman Sachs moved his plan to a cryptography desk further down his list of priorities, according to Business Insider, citing people familiar with the issue. The Wall Street banking giant focuses on other digital money services, such as a custody product, the report said.

"In response to customer interest in various digital products, we are exploring the best way to serve them in this space," a spokesman for Goldman Sachs said. "At this point we have not yet reached a conclusion on the scope of our digital goods offering."

Goldman Sachs was teasing little cryptocurrencies since he hired Justin Schmidt at the start of this year as head of his digital asset markets. It was among the first companies on Wall Street to cancel the bitcoin futures offered by Cboe Global Markets and CME Group.

"The long-awaited adoption of Wall Street was an important issue for the cryptocurrency market in the last year, so any kind of updates on this can certainly move prices" said Mati Greenspan, senior market analyst at the eToro currency trader, over the phone from Russia. "Even if it's not true, it should be enough to cause a minor selloff like this in cryptocurrencies." – Reported by Todd White and Lily Katz, with the assistance of Sridhar Natarajan, (c) 2018 Bloomberg LP

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