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Goldman Sachs is now focusing on a new custodial service for Wall Street investors that will bring the cryptocurrency industry closer.

"I never thought I would hear myself use this term but I really have to describe that news as fake news", Chavez said, according to CNBC's coverage of the event.

Despite the drop in price, several bitcoin bulls are holding on to their coins at least until November.

Things started getting better for the market when large institutions like Goldman Sachs started showing signs of embracing the digital assets, and that somehow breathed some life into the market and kept it on a high over the last few weeks.

As stated previously, there is no obvious reason as to why these sudden drops would have come about.

The plan to open crypto trading desk, however, has now moved down the investment banking giant's priority list due to the regulatory uncertainty in this area. The news outlet's report, citing sources familiar with the manner, noted Goldman Sachs' bitcoin trading desk plans may be later on revived. In April, the investment firm hired crypto trader Justin Schmidt as head of its digital asset markets to explore client interest in trading crypto assets. The news affected the altcoins even more with Ethereum (ETH) (down 14 percent), XRP (down 13 percent), EOS (down 16 percent) and Litecoin (LTC) (down 11 percent), according to data from Coinmarketcap.com captured sometime after the news surfaced.

The CFO of Goldman Sachs further said that the case with Bitcoin is similar to that of people participating in the actual trading and futures contract trading of physical oil. Instead, Goldman Sachs is looking to develop other projects such as crypto custody service.

The moves follow last month's decision by USA regulators to reject another round of Bitcoin exchange-traded fund proposals.

On its website, the Bank of England warns: 'Cryptocurrencies do pose risks to investors and anyone buying cryptocurrencies should be prepared to lose all their money'.

"The expectation of adoption by Wall Street has been a major theme for the cryptocurrency market for the past year, so any kind of updates on that can certainly move the prices", said Mati Greenspan, senior market analyst at currency trader eToro, by phone from Russian Federation.

Considering the ongoing resistance the SEC has shown advocates of Bitcoin BTC exchange-traded funds (ETFs), this appears to be true.