Bitcoin Value Dropped $1,000 in 24 Hours in Ongoing Crypto Market Crash
Major cryptocurrency values have fallen as much as 20 percent.
The market value of the world’s largest crypotcurrency continues to tank, with individual shares shedding $1,000 in just 24 hours.
After Bitcoin value dropped $400 in a matter of minutes on Wednesday morning, it and other major crypto stocks crashed into Thursday.
Business Insider has further details:
That news saw bitcoin hold 4% lower at around $7,000 per coin, before falling again late on Wednesday evening. It has held relatively steady since then, but has now fallen more than $1,000 in value in just two trading sessions.
The crypto slump is impacting other currencies, with litecoin and bitcoin cash both lower by more than 3%, while ethereum, has slumped 20% in value over the past 24 hours, falling to its lowest level in over a year.
One crypto analyst wrote that Wednesday’s big Bitcoin dump could be due to market “volatility” or “manipulation.” Here’s how he and others are reacting on Twitter.
Want to know why there isn’t a crypto ETF approved yet?
We just saw $100 million of Bitcoin dumped on the market in less than 10 minutes.
It caused more than a 5% decline in BTC price. Some argue volatility, others argue manipulation.
The truth is no one knows.
— Pomp 🌪 (@APompliano) September 6, 2018
The best thing about the bitcoin crash is because they're so ashamed everyone who owns bitcoin has finally stopped going on about bitcoin
— Ken Cheng (@kenchengcomedy) September 6, 2018
https://twitter.com/the_cryptoeye/status/1037640065634258944
As reported yesterday, Tany Abrosimova of FX Street proposed that the launch of a new registration process on bitcoin trading platform ShapeShift may have spooked investors.
Now Bloomberg and CNBC are citing a Business Insider report on Goldman Sachs’ shelving of plans for a Bitcoin trading desk as another potential cause of the crypto free fall.
Bloomberg has further details on what to watch for next:
The market value of virtual currencies tracked by CoinMarketCap.com has slumped about 75 percent from its January peak to about $205 billion.
The next key level to watch for Bitcoin is $5,000, according to Stephen Innes, head of trading for Asia Pacific at Oanda Corp., who said a drop below that threshold may cause losses to accelerate.
As of Thursday morning, Bitcoin value was down 3.5 percent at $6,452.73 per coin and had reached a Thursday low of $6,279.08 per coin.
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