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Cryptocurrency: Bitcoin, Others Plunge on Thursday

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6 years ago

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  • Cryptocurrency: Bitcoin, Others Plunge on Thursday

Bitcoin and other cryptocurrencies plunged on Thursday following a report that Goldman Sachs was dropping its plans to open a trading desk for cryptocurrencies.

Bitcoin declined by more than 12 percent from $7,660 to $6395.21 on Thursday during Asian trading session.

coindesk-bpi-chart

Ethereum fell 19.72 percent within 24 hours, according to CoinDesk. While Ripple’s XRP dropped 13.92 percent to $0.2871.

Business Insider on Wednesday said Goldman Sachs is planning to put on hold its plans to open a cryptocurrency trading desk due to the uncertainty surrounding the future of digital currency.

In October 2017, the Wall Street had reported that Goldman was looking to launch a trading operation for bitcoin and other digital currencies.

“In response to client interest in digital currencies, we are exploring how best to serve them in this space,” a Goldman spokeswoman said in a statement in 2017.

However, due to recent events and uncertainties surrounding cryptocurrency following series of attacks and thefts, Goldman Sachs has decided to put on hold all its plans regarding cryptocurrency.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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