Publicado: Lun, Setiembre 10, 2018
Financiera | Por Marilu Caballero

[H]ardOCP: Bitcoin Drops 10% in a Day

[H]ardOCP: Bitcoin Drops 10% in a Day

Meanwhile, Forbes published, "Goldman Sachs stops exploring the option of crypto desk, can this entire thing collapse?"

Bitcoin fell 13% in a day. It will allow the current dominance of the currency to bottom out at low rates as well as prepare for a mid-year rally tentatively in the coming months.

"The European Union should adopt common rules on cryptocurrencies and scrutinize how new digital units are distributed to investors and subsequently traded, according to a report prepared for EU finance ministers".

Korea Post, the national postal service of South Korea, will develop connection with Goldman Sachs to derive "know-how" on cryptocurrencies.

"It's a market that's so desperate for legitimacy, and the news about Goldman Sachs - although they are in the business, they're not actively trading it... yesterday was a severe blow".

This news was among the flurry of optimism that sent bitcoin to $20,000 last winter.

The bank's outgoing CEO Lloyd Blankfein tweeted in October that Goldman was "still thinking about bitcoin", and that the bank was "not endorsing/rejecting". Goldman Sachs is also providing liquidity for those futures contracts for clients.

So Wednesday's news shouldn't come as too much of a surprise.

In other words, Goldman Sachs isn't exiting the crypto space anytime soon. There's a little bit of good news coming out of Wall Street today, however, as the company's Chief Financial Officer, Martin Chavez, has said that those rumors are nothing more than fake news. But he has to issue the CCN reports being "fake news", even though he doesn't really "use this term".

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The bank is not ditching its plans.

"We are clearing some futures around Bitcoin, talking about doing some other activities there, but it's going very cautiously".

Many in the media blamed Goldman Sachs for the plunge.

At the same time, they are working on some form of derivative for bitcoin.

In July, for instance, the price of bitcoin rose above $8,000 after reports of a bitcoin exchange-traded fund (ETF) surfaced.

"Physical bitcoin is something tremendously interesting, and tremendously challenging", he said.

Don't believe the panic.

Goldman first needs to prove it can store bitcoin safely. Where do you envision bitcoin as a dominant cryptocurrency in the meantime? The bank will focus on non-deliverable forwards.

The South Korean policymakers' lackadaisical approach towards cryptocurrencies could have a role to play behind Korea Post's cautious take on the matter. They're looking to build products their investors understand. He encourages not to panic and invest at the current lows after studying the characteristics of the chosen crypto projects. Bitcoin had, however, also reached its highest price in August and traders may have simply been selling off in order to make some cash.

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