Snakes and Ladders, Goldman Stopping Trading Desk, Iran OKs Mining

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Snakes and Ladders, Goldman Stopping Trading Desk, Iran OKs Mining

Posted on September 5th, 2018 in Bitcoin News,Government Regulation by Tom Whitbread

Crypto markets fell swiftly on the back of news Goldman Sachs is reportedly contemplating shutting down its Bitcoin trading desk.

Business insider is reporting that Goldman still sees the regulation of crypto as ambiguous, and reportedly is not going to continue working on crypto services due to reasons outside of its control. From what we can ascertain, the Wall Street giant has not ruled out or given up on crypto entirely, with investments in Circle who currently operate popular exchange Poloniex, GS still is planning how to offer the best services.

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

As losses extended, Bitcoin found support at 6400, down from 7300 highs only 12 hours prior. Crypto sell offs intensified bringing the global market cap back to $205bln, causing many coins to shed double digit percent losses. 

But it’s not all bearish, in a bizarre contrarian move bitcoin is trading at $24,000 on Iran based exchange EXIR, after the government approved of Bitcoin mining. Rocketing the king up to all time highs.