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On Wednesday, the largest digital coins in the market fell sharply in a report that Goldman Sachs Group Inc. is withdrawing short-term plans to create 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 moved his plan to an encryption desk further down his list of priorities, Business Insider reported, 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 Inc. and CME Group Inc.
"The expectation of the adoption by Wall Street was a theme important for the cryptocurrency market in the last year, so any kind of update on this can certainly move prices, "said Mati Greenspan, senior analyst of eToro's currency market, on the phone from Russia. "Even if it's not true, it should be enough to cause a minor selloff like this in cryptocurrencies."
-With assistance from Sridhar Natarajan.
Bloomberg.com
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