Cryptos fall off a major cliff as uncertainty mounts

Written by Muneeb Ahmad ·  50 sec read >

Bitcoin accompanied by the other rival currencies slashed in huge value.

Bitcoin lost as much as a $1000 in value following speculation that Goldman Sachs, a globally renowned investment bank, was turning down its proposal to form a cryptocurrency trading desk.

The cryptocurrencies dropped to a 9-month low as the market crashed two times within a 24-hour bracket. Bitcoin went down by as much as 12%, Ripple was down by 6% while Ethereum by 13% as the bloodbath continued. Bitcoin lost more than $300 in a matter of one hour.

Also Read: Bitcoin price falls below and here is why this happened

As by closing of the last day, the price of Bitcoin was rumbling near at $6,424, the price of Ethereum $228 and the price of XRP was rambling at $0.28.

The value for these cryptocurrencies started decreasing after a report on Business Insider which stated that Goldman Sachs, a leading investment banker, was retracting from forming a cryptocurrency trading firm.

The bad news was followed by another news which stated that the US regulators were still very reluctant towards this new form of currency and weren’t approving establishment of a bitcoin exchange-traded fund.

It has been a roller-coaster ride for cryptocurrency every since they became the word of the mouth. The currency reached its climax in December this before getting into losses. There also has been mixed response from authorities. The Chinese government decided to ban the cryptocurrency exchanges and ICOs.

Written by Muneeb Ahmad
I love to talk about global tech-happenings, startups, industry, education and economy. Get in touch: Profile