Bitcoin Falls, the Rest Follows on Crypto Wednesday
Image source: coinmarketcap
[The fall of crypto. Actual screenshot of falling prices of cryptocurrencies led by Bitcoin on September 5, 2018. ]
From casual observers to eager traders, everyone is asking about the falling cryptocurrency prices seen on Wednesday that continued Thursday.
As of this writing (Sept 6, 12;39 UTC), Bitcoin slid to USD $6.5K or (12.09%) — wiping out gains of at least USD $700 from Sunday, Sept 2.
Because there are scores of coins in the Bitcoin market, any downward movement in its price will be felt by coins tracking it.
Major cryptocurrencies like Ethereum and Ripple also felt the pinch. ETH slid to USD $228.84 or a (19.59%), followed by Ripple (XRP) to USD $0.285600 or a (13.89%) decrease.
Why the decline, Bitcoin?
It was only in July when Bitcoin broke into $8.2K. Everyone was over the moon. But not these days, for now.
Analysts put their heads together to get to the bottom of this and came up with a handful of insights:
As CNBC Futures Now tweeted, Bitcoin futures CBOE and WTI crude indices fell to (5.17%) and (1.33%), respectively. These events dragged all other major indices when the markets opened Wednesday.
Goldman Sachs is ditching its plan to open a crypto trading desk. First reported by Business Insider, citing people familiar with the matter, the recent move by Goldman Sachs pushed the prices of Bitcoin and other major crypto coins to go down, per Reuters.
Investors pointed to the Goldman move as the major contributing factor to the plunge that was initially felt. Goldman, a global investment bank and its plans to add crypto as an investment asset could have made crypto more accessible to the public, thereby propelling its prices up. “At this point, we have not reached a conclusion on the scope of our digital asset offering,” Michael DuVally, speaking for Goldman, said in the Reuters report.
Or the reason is simply unclear. One report tagged what’s happening as a mysterious meltdown.
Blame it on Goldman, or even panic buying, but no one really can predict the markets. Crypto prices can go up or down — your guess is as good as mine.
Disclaimer: The opinions and views stated in the article do not reflect the views and opinions of The CryptalDash Exchange (the Company) or its management. This article is for information purposes only; it does not constitute an endorsement or offer from CryptalDash. The Company does not assume responsibility for any errors or omissions in the content of this site. Please do your due diligence when trading in the markets.
All values are taken from https://coinmarketcap.com.
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