This whole year has been very saddening for crypto community amid crashed prices of digital currencies. However, leading cryptocurrencies XRP and Ethereum gained 18 and 20 percent respectively in the past 24 hours.
While most industries are planning to get into crypto space, Wall Street is delaying its entry in digital assets. Considering the fallen prices of cryptocurrencies, it will enter more actively in the market later, as reported by Bloomberg.
Bloomberg notes, “Limbo — that’s where to find Wall Street when it comes to cryptocurrencies.” It further talks about the moves in the crypto market by wall street giants which are Goldman Sachs, multinational financial services company Morgan Stanley, banking giant Citigroup Inc. and the United Kingdom financial services provider Barclays PLC.
Talking about Goldman Sachs, the firm’s progress has been too slow to be noticeable in crypto space. Also, its non-derivative funds have so far obtained only 20 clients, according to a source familiar with the firm. On this, Daniel H. Gallancy, CEO of New York-based SolidX Partners stated, “The market had unrealistic expectations that Goldman or any of its peers could suddenly start a Bitcoin trading business.” He commented, “That was top-of-the-market-hype thinking.” SolidX Partners is expected to introduce a Bitcoin ETF in the US.
Regarding Morgan Stanley, the financial firm has not yet received a single contract for its swaps tracking Bitcoin futures. Although, the company is all set to launch crypto services as soon as there is any sign of demand. With that, Citigroup and Barclays also faced the same issue. Citigroup has not yet traded any of its crypto-related products within the regulatory framework.
Notably, Goldman Sachs appears as a subject of attention as it was among the first on Wall Street to clear bitcoin futures. Justin Schmidt, the head of digital-asset business at the firm stated at an industry conference last month that regulators are limiting what he can do.
Recently, Goldman’s spokesperson, Patrick Lenihan noted, “primary focus is thoughtfully and safely serving our clients.” Moreover, officials for Citigroup and Morgan Stanley refused to comment on their cryptocurrency businesses.
It seems that the bearish market of crypto assets has impacted the Wall Street’s major institute on a considerable level.