Cryptocurrencies Down for a 2nd Day Running

Cryptocurrencies Down for a 2nd Day Running

Cryptocurrencies Down for a 2nd Day Running


Cryptocurrency prices traded sharply lower for a 2nd day running as the fallout from the report that Goldman Sachs has put the brakes on plans to launch a cryptotrading desk persists.

The price of 1 Bitcoin, the world’s largest digital currency, fell by more than 1,100 in the span of 24 hours, representing a 15% decliner hitting an intra-day low of 6,279.08, its lowest mark in 2 weeks.

In early afternoon Thursday trading in New York, Bitcoin BTCUSD, +0.60% was worth 6,435.13, down 7.4% since Wednesday at 5:00p EDT on the Kraken crypto exchange.

Currently, Bitcoin is trading at 6,944.444336, -408.496582, or -5.555553%, as of 11:05 BST, the market is open

Despite the deep dive, 1 annalist  remains Bullish, saying there is much more to the digital currency than Goldman Sachs. “So the question is if Goldman Sachs stops exploring the option of crypto desk, can this entire thing collapse?” wrote the chief market analyst at Think Markets UK.

“The reality is bitcoin futures are already trading on major exchanges. But, the volume has been thin from day one, I am not saying it hasn’t improved, it certainly has. But if you compare the volume with other majors commodities, it is only then you can see the difference. hence, for me it is more important to keep an eye on this part of the equation,” he said.

The Altcoins dive sends market cap back toward $200-B

The smaller alternative coins have not been spared in the recent selloff, pushing the total value of all digital currencies back to $202-B, that is down more than $30-B in 24 hours.

As for the individual coins

Ether ETHUSD, +1.71% is nearing a 1-year low, trading down 9.1% at 222.88,

Bitcoin Cash BCHUSD, +1.34% was down 6.9% to 509.30,

Litecoin LTCUSD, +1.35% was off 7.8% at 55.73, and

Ripple’s XRP coin XRPUSD, +0.71% is trading higher by 0.3% at 30c.

Bitcoin futures fell too,

The Cboe Global Markets Group Inc.’s September contract XBTU8, +0.51% is down 8.2% at 6,350, and  comparable CME Group Inc. September contract BTCU8, +0.23% has shed 7.3% to 6,400.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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