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Crypto market in sharp decline, Bitcoin price drops to nearly 3% in few minutes

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Bitcoin saw a sharp decline in its price on Wednesday amid the report that Goldman Sachs is pulling itself back from its plans to set up a cryptocurrency desk.

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Bitcoin was trading at around $7400 which now fell by more than 4% in just a few minutes to around $7000. Other leading cryptos Litecoin, Ethereum, Bitcoin Cash and Ripple also skidded quickly and steeply. Bitcoin Cash and Ethereum among them dropped as much as by 10-12%.

Referring to the people familiar with these matters, Business Insider reported Goldman Sachs has lowered down its priority for the crypto trading desk. According to the report, the banking giant is focused on other digital coin services, like custody products.

Speaking on the subject a spokesman for Goldman Sachs said, “In response to client interest in various digital products we are exploring how best to serve them in this space…At this point, we have not reached a conclusion on the scope of our digital asset offering.”

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The wall street banking leader was among the pioneers to clear Bitcoin futures offered by Cboe Global Market Inc. and CME Group Inc. After Justin Schmidt’s appointment as the head of digital-asset markets, Goldman Sachs is taking careful steps around cryptocurrencies.

Speaking to Bloomberg over the phone Mati Greenspan, a senior market analyst at currency trader eToro said, “The expectation of adoption by Wall Street has been a major theme for the cryptocurrency market for the last year, so any kind of updates on that can certainly move the prices….Even if it’s not true, it should be enough to cause a minor sell-off like this in cryptocurrencies.”

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