Bitcoin Sheds 12% on News Goldman Sachs May Scrap Crypto Trading Desk

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Purchasing Bitcoin from someone like Goldman Sachs supposedly makes cryptocurrency easier to stomach, particularly when concerned with being to exposed "dirty" digital coins.

Although the prices of Bitcoin is still higher than it was at this point of the year last year, it is still way below the highs of United States dollars 20,000 reached towards the end of last year, and there is still no adequate evidence to signal a resurgence.

Officially Goldman Sachs has neither confirmed nor denied the report.

Other cryptocurrencies have followed always Bitcoin's lead and the drop in price has put several of them in hot water.

In a statement, Goldman Sachs said, "We have not reached a conclusion on the scope of our digital assets offering". Now, three months after the planned release, Goldman Sachs finally announced its cancellation of short-term plans at a sensitive time for the market, and the market panicked.

"In response to customers' interest in various digital products, we are exploring the best way to serve them in this space".

Goldman has been making a clear and steady effort to capitalize on crypto markets.

Within Bitcoin specifically, the Bitcoin ETF will act as a fund that owns the underlying asset of Bitcoin and will be able to divide the ownership of that Bitcoin into shares which in turn can be bought by investors and institutions. "They were not a part of the ecosystem yet, but to the extent that they represent the institutional herd, this is a negative", Kelly added. The overall market has lost around 18% of its capitalization in just the half-day after the announcement. It being the major cryptocurrency, BTC suffers a crucial dip and reaches the graphs by going below $7,000 price as of today as per the reports by Cointelegraph BTC price index.

The price drop is worrying though. This chart shows another drop forthcoming, even after a correction upward of the drop from the Goldman news.

That news saw bitcoin hold 4% lower at around $7,000 per coin, before falling again late on Wednesday evening.

The cryptocurrency market plummeted today, losing nearly $40 billion in total market capitalization in the last 24 hours.

As the Blockchain industry grows, more traders and investors around the world are getting interested in investing in crypto assets such as Bitcoin and Ethereum.

The design has taken a much cleaner, flatlay and minimalist approach, as we see being more of a canvas for content, therefore structure was very important when considering future growth and listings to the site.

Bitcoin, which surged past the 6500-6900 mark last week, has since been trying to grow but continues to face tough resistance from the market bears.