News Review | Goldman Sachs postpones Crypto Trading Platform

Bryson Nobles
Sep 6, 2018 · 2 min read

After reaching a price of around $7,400 earlier in the week, Bitcoin has fallen almost $1,000 and is now trading at $6464.83. Most of the altcoins have also dropped following the news. The price drop came almost immediately after it was reported that Goldman Sachs will be postponing creating a trading desk for Bitcoin.

The main reason why Goldman Sachs is purportedly halting its efforts to create such a trading desk is because there is still too much regulatory uncertainty. Much of the regulatory uncertainty that currently exists regarding Bitcoin involves a series of proposed ETFs that have either been outright rejected, or postponed for a decision.

The crypto markets tend to go haywire every time that the SEC puts out negative news regarding ETFs. WIth regulatory uncertainty having such a powerful effect on the crypto markets, it is no surprise that the Goldman Sachs is waiting for certain key issues to be cleared up before getting heavily involved with cryptos.

Price Surges in Iran

Despite the fact that crypto prices have tanked on many western exchanges such as Coinbase and Gemini, the price of the king of cryptocurrencies soared in Iran this week. In fact, Bitcoin traded at roughly $24,000 on the Exir exchange. Ethereum also experienced a massive price spike on this exchange and rose to roughly $900.

The reason why this happened is because the Iranian government approved crypto mining in the nation. This created a wellspring of demand and sent local crypto markets into a frenzy. The price spikes were contained to this region. However, it just goes to show how much influence positive regulatory changes can have.

Iran has taken a more supportive stance on cryptocurrencies as it seeks ways to adapt to the sanctions put on it by such nations as the U.S. In fact, Iran is even considering launching its own cryptocurrency as a way to effectively trade with its international partners.

A Changing Regulatory Environment

Despite the fact that cryptocurrencies have existed for nearly a decade now, governments are still trying to figure out exactly what to do with them. If the demand from Iran continues to surge, then it could affect prices around the world. If an ETF gets approved by the SEC, then this could cause prices to go even higher. However, the cryptocurrencies still have an uphill battle because they are knocked down almost every time significant bad news comes out. Goldman Sachs delaying its Bitcoin trading desk is just the most recent example.

exchangegeeks

The most trusted source for all things crypto!

Bryson Nobles

Written by

Co-Founder and CEO @ExchangeGeeks. https://www.exchangegeeks.com

exchangegeeks

The most trusted source for all things crypto!

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