Goldman Sachs CFO holds BTC; says the institutional clients want Bitcoin

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This is hardly surprising, says CNBC, as "digital currencies often move in lockstep with Bitcoin, which accounts for more than half of the digital currency market". Overall, EOS seems to be down by roughly 15 percent over the last 24 hours, making it one of the largest single-day losses over the past week.

As expected, the crypto market underwent a temporary volatility with Bitcoin losing over $400 in a matter of minute as soon as Goldman Sachs had announced their new crypto trading products.

There is no obvious single event that precipitated the price collapse, which started on Wednesday.

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US-based bank Goldman Sachs is reported to have shelved plans to establish a cryptocurrency trading desk at its offices, according to Business Insider.

In July, the US Securities and Exchange Commission rejected a second attempt by Cameron and Tyler Winklevoss, founders of crypto-exchange Gemini, to list shares of what would have been the first-ever bitcoin exchange-traded fund. Chavez said that the rumors that Goldman Sachs is dropping plans to create a bitcoin trading center are clearly "fake news".

At the time, a number of purported inside sources said the firm abandoned the plans due to regulatory issues. It reasonably suggests that the owners want to sell them and that drops the respective crypto price.

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While Bloomberg had originally reported at the end of a year ago that Goldman Sachs was working on the implementation of a cryptocurrency trading desk to be launched in 2018, a story out of Business Insider earlier this week claimed that the project had been shuttered. In any case, the Goldman news, whether fake or not, has had an effect on the crypto market but "it is only a temporary setback and won't have a meaningful impact". He revealed that the claim of "opening a crypto trading desk" was a misinterpretation of the company's message back in December. The firm is now working on the Bitcoin futures as the clients wanted physical Bitcoin. "Since cryptocurrencies are considered to have potential, and are something many people are watching, we'll need to learn the strengths and weaknesses", he said.

Otherwise, the bank is still largely thinking about how to respond to client interest when it comes to virtual currencies.

When speaking about a custodial solution for Bitcoin, Chavez said Goldman does not now see an "institutional grade custodial solution".

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Dave Loewenthal, a meteorologist with the National Weather Service's Wilmington office, said the storm's track is still uncertain. McMaster emphasized that there's no way to know yet when and where the storm will hit land, or when evacuations might be called.

Ultimately, Goldman Sachs are interested in having an institutional grade custodial solution in the long run.

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