It would appear that the cryptocurrency market did not have the best of days yesterday after Goldman Sachs report said that it was going to scrap its training plans. Cryptocurrency is no stranger to the ebbs and flow of the market and on the Goldman Sachs news Bitcoin itself fell nearly 5% putting it just below the $7,000 mark.
According to a recent Reuters article A Goldman Sachs spokesperson stated, “ At this point, we have not reached a conclusion on the scope of our digital asset offering.” This statement closely echoes the October tweet made by Goldman Saks chief executive Lloyd Blankfein, “Still thinking about Bitcoin. No conclusion – not endorsing/rejecting know that folks also were skeptical when paper money displace gold.”
Both blanket statements made by Goldman Sachs representatives don’t directly address whether or not the organization will continue to look at the crypto market or not the underlying reason may be due to speculation around regulation of cryptocurrency in the EU as pointed out in a recent Reuters report.
“The European Union should adopt common rules on cryptocurrencies and scrutinize how new digital units are distributed to investors and subsequently traded, according to a report prepared for EU finance ministers.”
For now, it still appears as if there is still too much uncertainty in the cryptocurrency arena and even the hint of regulatory news seems to send many individuals and organizations into another round questioning the legitimacy and value of cryptocurrency once potentially constrained by regulatory organizations.