Explaining Bitcoin Price’s (BTC) Sudden Drop

Goldman Sachs, the high-profile Wall Street investment bank, looks likely to play a key role for the bitcoin ETFs that BlackRock and Grayscale want to introduce in the U.S., according to two people familiar with the situation. The company is in talks to be an authorized participant, or AP, for the exchange-traded funds, according to the people, who requested anonymity. That’s one of the most important jobs in the multi trillion-dollar ETF industry, a role that involves creating and redeeming ETF shares to ensure the products trade in lockstep with their underlying assets. Goldman Sachs would join other finance giants in taking on that role. Last week, it was announced that JPMorgan Chase, Jane Street and Cantor Fitzgerald would take on the AP job for some of the dozen or so companies seeking the Securities and Exchange Commission’s permission to offer bitcoin ETFs in the U.S.