Bitcoin sheds almost $1,000 in 24 hours

Bitcoin sheds almost $1,000 in 24 hours

  • Bitcoin and other cryptocurrencies continue to lose value on Thursday.
  • Bitcoin has dropped almost $1,000 in value over the last 24 hours.
  • Ethereum has slumped 20% to its lowest level in over a year.
  • The move downwards started on Wednesday, and was exacerbated by a Business Insider report that Goldman Sachs has shelved plans to create a bitcoin trading desk.
  • You can track the price of bitcoin and all other cryptocurrencies at Markets Insider.

The sharp sell-off that gripped cryptocurrency markets on Wednesday has extended into a second day, with major digital assets across the spectrum continuing to fall during trading on Thursday.

Wednesday's initial move seemed to have no real catalyst, beyond a theory put forward by Tanya Abrosimova of FXStreet is that the introduction of a registration process for the popular instant bitcoin exchange ShapeShift may have spooked some users and triggered at least part of the drop.

The slump was then exacerbated by a Business Insider report that Goldman Sachs has put plans to launch a bitcoin trading desk on hold for the foreseeable future. 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. By around 9.40 a.m. ET, bitcoin is trading at $6,428, a drop of 4.1% since the session's beginning.

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