Those prices began slipping Wednesday following a Business Insider report, which cited people familiar with the issue saying Goldman Sachs was pulling plans to launch cryptocurrency trading, and continues to see uncertainty in the regulatory landscape. In October of 2017, the Wall Street giant had said it was looking into the possibility of launching a new trading operation focused on bitcoin and other digital currencies. In October of 2017, Lloyd Blankfein, Goldman Sachs' outgoing CEO, had tweeted that the bank was "still thinking about bitcoin."
"Once the market sees Goldman stepping back and being patient, it starts to wonder 'what does Goldman know that I don't know'?" said Kyle Chapman, an analyst venture capital firm Cosimo Ventures. "The market has trepidation about impending regulatory decisions."
More bearish news for cryptocurrencies came late last month when the U.S. Securities and Exchange Commission once again rejected proposals for a bitcoin exchange-traded fund as it continued to voice concern over fraud and possible manipulation in bitcoin markets. In bids to attract institutional investors, multiple groups have attempted to obtain SEC approval for cryptocurrency-focused exchange-traded funds.
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