Goldman Sachs was dropping its plans for opening a trading desk for cryptocurrencies. Follow bitcoin in real-time here. Cryptocurrencies arent likely to be winner-take-all, Strongin says, but some level of consolidation is extremely likely. He tweeted: No conclusionnot endorsing/rejecting. Last month, a major bitcoin price drop caused alarm after values dropped to below 6,000. This is should be a red flag for investors, according to Goldman Sachs head of Global Investment Research Steve Strongin. For now, at least, Goldman maintains they wont have much of an impact on any other asset class. Other competitors, like, bank of America, have said clients can absolutely buy bitcoin if they want - just not with their margin accounts.
Digital currencies often move in lockstep with bitcoin, which accounts for more than half of the digital currency market. JPMorgan Chase CEO Jamie Dimon made headlines after branding it a fraud. Since their peaks, the most valuable cryptocurrencies have lost anywhere from 52 to 79 of their value - all at the same time.
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Banking giant Goldman Sachs was ditching plans to open a crypto trading desk. "This is actually an important distinction between cryptocurrencies and fiat currencies; if a government decides to phase out a currency, it will typically determine a residual value for that currency and exchange that currency for a replacement one Strongin continues. It also says the virtual currency meets none of the three definitions of usable money and makes up just.3 of global GDP. He appeared hesitant to blame the negative shift solely on Goldman's send bitcoin to advcash move, saying, Goldman Sachs's reappraisal of their digital asset trading desk is nothing to be alarmed. "In these cases, perception can be worse than reality said eToro senior market analyst Mati Greenspan.