Cryptos rebound after global sell-off

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Bitcoin and other major cryptocurrency prices rebounded on Friday following a global sell-off amid a report that Goldman Sachs (NYSE:GS) is reconsidering it plans to set up a crypto trading desk, as it still sees the regulatory environment as ambiguous.

Bitcoin inched up 0.4% to $6,482.6 at 12:35AM ET (04:35 GMT) on the Bitifinex exchange, while Ethereum gained 0.1% to $229.1.

Meanwhile, XRP traded at $0.29881, up 4.4% in the last 24 hours on the Poloniex  exchange, while Litecoin also gained 2.9% to $57.526

Major crypto prices were down about 15-25% on Thursday as traders were concerned that the adoption of cryptocurrencies by large institutions may still be some way off.

Citing people familiar with the matter, Business Insider reported that the plan for a crypto trading desk is no longer on its priority list. Instead, the banking giant is now considering other digital-coin services, such as a custody product.

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

As alternative currencies have risen in popularity, many Wall Street companies are looking for ways to get into the burgeoning field. But with Bitcoin down almost 70% since its peak of nearly $20,000 in December, that interest is dying down.

In other news, the price of Bitcoin in Iran hit a record high of $24,000 on the Iranian exchange EXIR following news that the Iranian government has agreed to recognise the mining of digital coins as an industry. The Central Bank of Iran is expected to draft a policy framework for cryptocurrencies in the next two weeks. The government hopes the potential use of alternative coins will help smooth trade between Tehran and its partners in the wake of renewed U.S. sanctions.


Author: Temitayo Olojede ,

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