Bitcoin price (BTC/USD) drops below $6,500 amid market-wide crypto slump

Is Goldman Sachs abandoning its bitcoin plans?

Goldman Sachs Puts Plans for a Crypto Trading Desk on Backburner

The New York banking and investment group Goldman Sachs put aside its plans to trade cryptocurrencies, alleging that the regulatory framework for cryptos remains unclear, according to a press report released recently. The "gold rush" is in the past and now the average person is aware of blockchain and digital currencies, thus erasing the surprise element of previous year. Total crypto market capitalization is around $222 billion at press time, down from yesterday's high of $240 billion.

Michael DuValley, a Goldman spokesperson told Reuters 'At this point, we have not reached a conclusion on the scope of our digital asset offering'.

However, the bank is not backing out altogether from the crypto trading.

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The sharp sell-off that gripped cryptocurrency markets on Wednesday has extended into a second day, with major digital assets across the spectrum continuing to fall during trading on Thursday.

"In response to client interest in various digital products we are exploring how best to provide them in this space". "Even if it's not true, it should be enough to cause a minor selloff like this in cryptocurrencies". Having an investment bank with its pull and power was seen by observers as previously handing over its seal of approval, a very valuable imprimatur on cryptocurrency. However, the retreat of Goldman Sachs makes one wonder if the funds will make it to market. Additionally, ETH lost most of the gains it had during last years' bull run. However, a lot can happen in a year, and a lot has. Bitcoin found a balance around $6,300 but further declines are imminent unless a support above $6,400 is established in the near-term.

LTC has suffered from the ongoing bear market and is now ranked 7th in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.

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Bitcoin was not the only one hit by the declines, Ethereum, Ripple, EOS and most of the top 20 cryptocurrencies became victims in the crypto bloodbath. It could revive these plans later, they added.

This bit of sour news is a bit of an about-face for Goldman as the incoming Chief Executive David Solomon talked about modernizing the Wall Street giant by advancing its bitcoin and cryptocurrency services, but obviously this is up in the air.

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