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At the time of the press, bitcoin is still over $ 4000, although it seems that Wall Street has lost all hope in the crypto resource. Although many players have seriously tried to build honest bitcoin mania businesses, the hype has suddenly turned off and the encryption-based initiatives seem to be the last things on Wall Street's mind.
Goldman Sachs, for example, has published plans to build a bitcoin trading platform starting from scratch at the start of this year. Some analysts say this was an unrealistic goal, and that Goldman Sachs simply lost himself in the cryptography craze.
The fall of Bitcoin is ending the best financiers
Daniel H. Gallancy – CEO of SolidX Partners of New York – states:
"The market had unrealistic expectations that Goldman or any of his peers could suddenly start a bitcoin trading business.This was the best way to think about the market."
At press time, Goldman Sachs has not yet offered any cryptocurrency trading service to its customers. His product has also attracted very little attention, with only 20 clients allegedly registered to take part in the desk's capabilities. Justin Schmidt, who heads the digital asset division of the company, says that lawmakers are limiting what the company can do in space for now.
Goldman Sachs is not the only firm late in its cryptographic developments. Morgan Stanley has also been positioned to start monitoring bitcoin futures since September, although at the time of writing this article, the company has not yet negotiated a single contract. An anonymous source that is assumed to be familiar with the company's activities states that there is a very small demand for bitcoin futures trading among Morgan Stanley customers.
At first glance, the ecosystem appears to be negative, although some analysts argue that institutional players are waiting for the right time to return. Ben Sebley – a former Merchant of Credit Suisse Group AG who now heads the brokerage at the NKB Group's encrypted boutique – states:
"The most important story is all the infrastructure that is being built now [in the crypto space] to enable institutional trading. "
Things are secretly improving
Similar sentiment is offered by Eugene Ng, a former trader of Deutsche Bank AG in Singapore. Now a manager with the Crypto Hedge Fund Circuit Capital, Ng says:
"It seems that progress is stopping, but nothing could be further from the truth." The bear market will allow many of these institutions to build the appropriate bases without running the risk of building infrastructure without proper tests for fear of losing the race. Gold ".
Do you believe that institutional players still have a potential interest in cryptography? Post your comments below.
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