Goldman Sachs is dropping its plan to open a trading desk for cryptocurrencies, Business Insider reported Wednesday, as the firm sees the regulatory environment as ambiguous.
Bitcoin fell 5.3 percent Wednesday after the report, according to Coinbase data.
The Wall Street bank has been considering the launch of a new trading operation focused on bitcoin and other digital currencies for the past year. Goldman executives concluded that many steps still need to be taken, most of them outside the bank’s control, before a regulated bank would be allowed to trade cryptocurrencies, according to Business Insider.
