Goldman Sachs has refuted claims that it was abandoning plans to launch a trading desk for cryptocurrencies. On September 5 2018 news and rumoured reports filled the crypto space saying the Investment bank was calling off its crypto plans till an unknown date, this rumoured reports were suspected to have triggered the huge $15 billion crypto market cap wipe out, as most crypto-coins and tokens shed off double figures from their past week prices; hence leaving the market in red.
However, Goldman Sachs Chief Financial Officer Martin Chavez while speaking at the TechCrunch Conference in San Francisco; had called these reports ‘Fake News’. In an accompanying tweet, Chavez states:
I think one of the wonderful things about us is that we get written about a lot. I never thought I would hear myself use this term but I really have to describe that news as ‘Fake news’.
Clarifying further, the Goldman Sachs exco emphasized that the company which already offers Bitcoin futures trading is looking to explore more digital assets in due course and has not placed a time frame for these projects as it looks to explore all suitable avenues to offer its clients best crypto services as they demand.
The Wall Street giant’s recent announcement hasn’t triggered a pump of coin prices either; just as the false news had been specified as the cause of a huge 24 hour dip in market prices which saw a quick wash out of $15 billion from the coin market cap in a single day.
From all indications the investment bank still looks set to proceed with other crypto projects especially a counter derivative Bitcoin option and offering of cryptocurrency custody services for institutional investors.
In light of this declaration, many crypto faithful have questioned the rationality of the firm’s publicity, while some express distaste over its delay in refuting the widely publicized rumour; others opine that Goldman Sachs crypto moves mean nothing for Bitcoin and crypto prices with Bitcoin hovering around the $6400 region at the time of this report.
As stated by a renowned market enthusiast; “if Bitcoin price fails to hit back the $7000 mark soon after this announcement then we sure have definitive prove that the dip of the last two days was not triggered by Goldman Sachs.”
What are your thoughts on this? Is the cryptocurrency market still susceptible to manipulated news?