Goldman Sachs CFO says bank is working on bitcoin derivative for clients

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Bloomberg in their report, however, was quick to note that the Korean national post does not have any interests or intentions in investing in cryptocurrency itself but is only looking to learn incipient details about the concept and crypto industry as a whole.

Although cryptocurrencies operations have not had the smoothest ride in South Korea, there is a possibility that things could change, as the country continues to formalize its cryptocurrency regulations.

Even though Goldman Sachs has been clearing and providing liquidity for Bitcoin-linked futures contracts from the CBOE and CME, the bank also does not plan to engage in Physical Bitcoin until there is a reliable custody solution in place. He acknowledged that Goldman is interested in providing that solution for clients, but suggested that it may be some time before that happens. Ruling out the effect of the bank on the fate of BTC and its inability to regain previous resistance portrays the effect of a large sell-off resulted because of large sell pressure built on Bitcoin apparently since August.

He continued to say that they will be settled in US dollars and that the reference price would be the Bitcoin-US dollar price, which will be established by a set of exchanges. Although Martin wanted to own them, he was a little skeptical about it. They justify their interrogation on this matter that this is just a temporary spillover effect because Bitcoin was being traded already in major exchanges. Though directed at retail investors, regulators like the SEC want to be sure that the underlying assets remain secure, though they also worry about market manipulation. Institutional investors will require a great deal of convincing in order to trust in crypto startups. A heavy correction gripped the crypto-market, soon after, with its valuation dropping by $12 billion.

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Now, doubts have been cast by various media outlets that a trader who had access to insider information took position before the news reached the market, eventually gaining the first mover advantage.

Soon after the release of the report, the value of bitcoin fell nearly 6 percent. Ether (ETH) has fallen more than 22 percent in the same time period, while other altcoins are down similarly biting amounts.

In a recent interview, the Korea Post president revealed that he initiated a discussion with David Solomon, Goldman Sachs' new chief executive, noting, "I asked Goldman to pass on their know-how in the cryptocurrency area".

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