Nick’s Note: On Mondays, we turn over the reins of the Daily to former hedge fund manager Teeka Tiwari for his big-picture view of the markets. It’s a feature you’ll only find right here.
Earlier this month, the mainstream press rattled the crypto market when it reported a major financial firm was ditching its plans for a crypto trading desk. Teeka immediately flagged it as fake news to his subscribers. It’s just the latest reason you should ignore the fear-mongering headlines when it comes to cryptocurrencies…
By Teeka Tiwari, editor, Palm Beach Confidential
On Wednesday, September 5, Business Insider dropped a bombshell report: Wall Street investment bank Goldman Sachs was abandoning its plans to launch a cryptocurrency trading desk.
Here’s what the online publication wrote:
The bank is ditching plans to open a desk for trading cryptocurrencies in the foreseeable future, according to people familiar with the matter, as the regulatory framework for crypto remains unclear.