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According to Business Insider, Goldman Sachs has chose to drop its plan to start a trading desk for cryptocurrencies.

Bitcoin (BTC) prices have dropped over 12% today, following a week of gains.

First reported by CNBC on September 6, Goldman Sachs Chief Financial Officer (CFO) Martin Chavez has explained that reports related to the company abandoning its intended cryptocurrency trading desk have been "fake news", and described the entire scenario as a premature understanding. But it was likely exacerbated by a separate Business Insider report which said that Goldman Sachs has shelved its plans to launch a Bitcoin trading desk. The news has investors nervous that the United States financial giant might know something about Bitcoin and cryptocurrencies that the market has not learned yet. As CCN reported, Goldman Sachs CEO Lloyd Blankfein repeatedly denied that the firm had any plans at all to launch a bitcoin trading desk, nearly up until the day that the bank revealed that it had been quietly assembling such an operation.

One of the major causes of Goldman's hesitation, according to the report, is the continued regulatory uncertainty surrounding the digital currency sphere. The information has been released on Wednesday 5 producing an important drop in the crypto market.

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Korea Post, which now oversees a $112 billion investment fund, will soon meet with executives from the Goldman Sachs research team to discuss digital assets, artificial intelligence and blockchain technology. The hitch is that the regulatory framework from cryptocurrencies is murky.

"In response to client interest in various digital products, we are exploring how best to serve them in the space", Goldman Sachs spokesman Michael DuVally told Barron's. Goldman Sachs will be proceeding to provide "crypto futures and forwards" for its clients. This would include a lot of panic selling from a bit of news; but if Goldman Sachs knows something that the market finds out later we may see this come to fruition.

For Ethereum, the second largest coin by market cap, this is the low point of the year.