Bitcoin Plunges For Second Time In 24 Hours

September 6, 2018 – Bitcoin’s price plunged again this morning (Hong Kong time) as the aftershock of yesterday’s decision to postpone its plans for opening a crypto trading desk hit the markets around the world, with double digit percentage price drops (in the past 24 hours) for all coins/tokens in the top 20.

The world’s most valuable crypto-currency fell heavily for the second time in 24 hours, with the price dropping to an intraday low of $6,349.

By 06:30 UTC, Bitcoin had recovered to $6,442, down 12.73 in the past 24-hour period; Ether (ETH), XRP, Bitcoin Cash (BCH), and EOS were down 20.65%, 14.03%, 20.12%, and 22.97% respectively.

The markets seem to be still reeling from the shock of discovering, that insiders familiar with the matter are saying that Goldman Sachs is concerned by lack of regulatory clarity, and so has (for now at least) dropped its plan to start running a crypto trading desk.

Business Insider’s report mentioned that their sources were saying that it might take many steps before a regulated bank could trade digital assets.

But is this true? Well, the SEC definitely does not consider Bitcoin to be a security, and the CFTC seems happy with Cboe’s and CME Group’s Bitcoin futures products. So, Goldman, which has already said in the past that it is considering offering some kind of Bitcoin derivative product, should not have a problem there.


Leave a Reply

Your email address will not be published.