Cryptocurrency: Bitcoin, Others Plunge on Thursday

SachsA Goldman Sachs Group Inc. logo hangs on the floor of the New York Stock Exchange in New York, U.S., on Wednesday, May 19, 2010. Photographer: Daniel Acker
  • Cryptocurrency: Bitcoin, Others Plunge on Thursday

Bitcoin and other cryptocurrencies plunged on Thursday following a report that Goldman Sachs was dropping its plans to open a trading desk for cryptocurrencies.

Bitcoin declined by more than 12 percent from $7,660 to $6395.21 on Thursday during Asian trading session.

coindesk-bpi-chart

Ethereum fell 19.72 percent within 24 hours, according to CoinDesk. While Ripple’s XRP dropped 13.92 percent to $0.2871.

Business Insider on Wednesday said Goldman Sachs is planning to put on hold its plans to open a cryptocurrency trading desk due to the uncertainty surrounding the future of digital currency.

In October 2017, the Wall Street had reported that Goldman was looking to launch a trading operation for bitcoin and other digital currencies.

“In response to client interest in digital currencies, we are exploring how best to serve them in this space,” a Goldman spokeswoman said in a statement in 2017.

However, due to recent events and uncertainties surrounding cryptocurrency following series of attacks and thefts, Goldman Sachs has decided to put on hold all its plans regarding cryptocurrency.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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