Bitcoin blow as Goldman Sachs shelves crypto trading desk plans

Dwayne Harmon
September 9, 2018

The Bitcoin price (BTC/USD) has dropped to a three-week high below $6,500 after losing more than 10% over the past 24 hours.

Bitcoin, who was showing signs of rather slow but progressive recovery, is suffering the threat once again with this sharp decline in the market.

Therefore, with September 30th only 20 days away, and with BTC proving to be shaky for the last few days, news of a rejection or postponement could send the digital asset to the lower levels of $5,000. Up until now, the digital currency was already facing problems with holding the gains on a monthly basis, but now it seems to be dropping by 1 percent on the weekly losses too.

Growth in Bitcoin and other cryptocurrencies in the blockchain community through its first six or seven years was dependent on marketing and trying to get wider adoption, Mr Buterin said.

The wider crypto market has suffered a similar hit, with many major coins experiencing even bigger losses. Though it is an unexplained market behavior, there are experts thinking that it's panic selling that has triggered the situation.

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The recent chart indicates that Bitcoin has been on a steady rise, and may continue to dominate the cryptocurrency space like it did past year. The market skyrocketed at that time as bitcoin reached to its highest price of $18,737 and market capitalization of $313.82 billion.

Previously, ShapeShift CEO Erik Voorhees said that the bear market is not over yet but the low price range presents a viable opportunity to invest in the cryptocurrency market.

Most of the altcoins in the market cap range suffer from average losses with an interval of 9-12% before the press time.

Besides Bitcoin (BTC), the study also surveyed the popularity of Ethereum (ETH), Litecoin (LTC), ZCash (ZEC), Dash (DASH), XRP (XRP), Monero (XMR), Cardano (ADA), Stellar (XLM), NEO (NEO), EOS (EOS), NEM (XEM), Dogecoin (DOGE), Midseason/SafeCoin, Lisk (LSK), and Storjcoin X. Bitcoin (BTC), the most important virtual currency in the market is being traded around $6,480 dollars. He also added that "we've seen the price yo-yo for several months so I'd be hesitant to herald this as a new dawn just yet..."

The announcement had yet another painful effect on the crypto markets, with Bitcoin showing a five percent decline in the last 24 hours, and Ethereum showing nearly 15 percent down.

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