Cryptocurrency price meltdown Bitcoin, Ripple, Ethereum, Litecoin: reports that Goldman Sachs is halting crypto desk plans
- Bitcoin price is slammed over 5% on Wednesday, price being forced below the $7000 mark.
- Ripple drops a hefty 9% in the session, falling below the $0.3000 area.
- Big sellers seen in a short space of time across the market, with a large spike in volume seen.
The Bitcoin price on Wednesday, along with several its counterparts, the other major altcoins, were all slammed hard in the session. A large spike in volume was seen in the early U.S. morning session, with some heavy selling pressure coming into play.
There were reports doing the rounds, Business Insider covering that Goldman Sachs are halting their plans to build a cryptocurrency desk. This was being cited due to the nature of uncertain and tough logistics around the regulation side of things. There were reports back in December, suggesting that the large US investment bank, were planning on having the desk up and running in the summer.
Across the board, there are several key levels being flirted with, Bitcoin and the $7000-mark, Ripple with $0.3000 area. Eyes are on for a potential stabilisation, after the chunky selling seen in the early part of the session. Heading into the month of September there was much optimism, that a pick up in recovery could be seen, as players head back from their summer holidays.
BTC/USD 60-minute chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
