Goldman drops bitcoin trading plans for now

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Worldwide banking giant Goldman Sachs has pulled back from immediate plans to open a bitcoin trading desk, according to USA media report Wednesday that sent bitcoin prices lower.

Last year when Bitcoin dominance was over 50%, conditions of the market were different compare to what is obtained this year.

A crypto analyst, Pomp, who observed Bitcoin dominance yesterday at 53% said: "Crypto total market cap: $240 Billion Bitcoin dominance: 53%".

"We have not reached a conclusion on the scope of our digital asset offering", Goldman Sachs. "There's lots of great fundamental news about the development of cryptocurrencies right now, but that's going to take time to filter through and impact on price".

Last year, the U.S. Securities and Exchange Commission warned that some of the coins issued in ICOs could be considered securities, implying that trading them would have to comply with federal securities laws. "Even if it's incorrect, it must be enough to cause a minor selloff like this in cryptocurrencies".

This news confirms, to some extent, that Goldman Sachs' customers have interest in cryptocurrencies, but the financial institution would offer such services only as an alternative that complies with the established regulatory framework surrounding cryptos. In an interview, Solomon told Bloomberg that Goldman Sachs must "evolve its business and adapt to the environment". However, per the sources, the banking giant hasn't abandoned the idea completely, but is rather pushing the possibility lower down on its priorities list and could still move to open the desk at a later date. However, a lot can happen in a year, and a lot has.

Preceding Wednesday, during the time of August, Bitcoin demonstrated its largest amount of soundness since June of 2017, as specialists at Diar noted.

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.

Besides Bitcoin (BTC), the study also surveyed the popularity of Ethereum (ETH), Litecoin (LTC), ZCash (ZEC), Dash (DASH), XRP (XRP), Monero (XMR), Cardano (ADA), Stellar (XLM), NEO (NEO), EOS (EOS), NEM (XEM), Dogecoin (DOGE), Midseason/SafeCoin, Lisk (LSK), and Storjcoin X. It could revive these plans later, they added.

However, Goldman Sachs is still focused on other crypto-related projects such as a custody product for cryptocurrencies.