Bitcoin and other cryptocurrencies suffer a sudden crash

Bitcoin

Editor's note (9/6/18 at 6:10 PM ET): According to one source on Twitter and an article article citing it published by CNBC, Martin Chavez, the CTO of Goldman Sachs, denied the business insider report, calling it "fake news" at Tech Crunch.

The price of bitcoin, ripple, litecoin, ethereum and other cryptocurrencies are falling amid fears an increasing number of lenders and finance bodies are shunning them.

According to a report published by Business Insider, the Wall Street giant has chose to downgrade its plans over the cryptocurrency space's regulatory landscape.

The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange, (NYSE) in New York, US, April 17, 2018.

US-based bank Goldman Sachs is reported to have shelved plans to establish a cryptocurrency trading desk at its offices, according to Business Insider.

Goldman Sach has explained that they are now focused more on other digital-coin services, such as a custody product.

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Regardless of the reasons behind the crash in bitcoin's price, cryptocurrency fans will probably be relieved to know that Goldman Sachs still has an interest in digital assets.

Bitcoin, the largest cryptocurrency, tumbled as much as 9.8 per cent and was trading at US$6,480, down 6.8 per cent, as of 10 a.m.in NY, according to Bloomberg composite pricing. Do your market research before investing in cryptocurrencies.

The custodial service means Goldman Sachs would hold cryptocurrencies on behalf of funds and investors, providing a safeguard for client capital from hacking and cybertheft. Goldman Sachs has opted to deal only in custodial products. "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.

In line with ethereum's latest fall, hundreds of alt-coins on the website coinmarketcap.com have posted declines of around 20% over the last 24 hours. Bitcoin had, however, also reached its highest price in August and traders may have simply been selling off in order to make some cash.

Cryptocurrency markets seemed to respond negatively to the news. Goldman hasn't confirmed the report, but the news still sent the value of bitcoin plummeting.

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