Bitcoin price (BTC/USD) drops below $6,500 amid market-wide crypto slump

Image courtesy of Ethereum World News archives

One of the things that is highly anticipated in the market today is the possibility of having a Bitcoin ETF.

This news confirms, to some extent, that Goldman Sachs' customers have interest in cryptocurrencies, but the financial institution would offer such services only as an alternative that complies with the established regulatory framework surrounding cryptos.

At the time of writing, Bitcoin (BTC) is down over more than 10%, Ethereum (ETC) has dropped up to 20%, XRP and Bitcoin Cash (BCH) are down over more than 15% and EOS is dropped to 20%.

But as for getting into the trading of actual crypto assets itself, Goldman Sachs may still have a way to go, as its recent backpedaling demonstrates.

As Bloomberg announced back in Dec 2017 about Goldman Sachs Group Inc, is setting up a trading desk to make markets in digital currencies such as bitcoin.

Bitcoin, who was showing signs of rather slow but progressive recovery, is suffering the threat once again with this sharp decline in the market. But recently, the sources from Business Insider claims that Goldman has backed out of its commitment on starting trading with the cryptocurrency. Judging from their future roadmap, it seems all plans are put in place for IBGX to become the next big cryptocurrency exchange on everybody's lips. The negative news could have triggered the panic selling that was characterized by the rapid drop in prices. The overall market has lost around 18% of its capitalization in just the half-day after the announcement.

Why Leroy Sane left Germany team hotel on Friday
However, the German national side has now confirmed that the 22-year-old has withdrawn from the squad. He has won 11 caps for Germany since his debut in a friendly against France on November 13, 2015.

Syria war: Idlib rebels targeted by 'fiercest raids in weeks'
The SOHR said that the strikes were the fiercest in over a month of attacks on rebel-held areas in the north. That also includes an estimated 10,000 hardcore fighters, including al-Qaeda-linked militants.

Here we go again: Cher returns to Raleigh
It's in support of latest album " Dancing Queen ", which features her covering songs by the Swedish pop group ABBA . Cher is hitting a career high-note with rave reviews for her role in "Mamma Mia 2 - Here We Go Again" this summer.

On Wednesday, Bitcoin and other cryptocurrencies suffered a drop.

A particularly choppy start to the day saw Litecoin slide to an intraday low $53.79 and recover to an intraday high $57.75 within the first hour before settling, support at the first major support level at $53.96 kicking in to avoid a more material pullback early on.

Yesterday, CryptoGlobe reported the movement and dumping of some of the 111,000BTC stash - about $100m-worth of it, in fact - via the two exchanges, and attributed the dual price drops of mid-morning yesterday to a the sell-off. Or will sellers follow the lead from this action and continue pushing Bitcoin downward?

The market value of virtual currencies tracked by CoinMarketCap.com has slumped about 75 per cent from its January peak to about US$205 billion.

Wall Street traders will have to wait until better winds can come from the SEC which can wipe the concerns of institutional companies such as Goldman Sachs in providing a trusted environment where crypto can be traded.

Related news:

Hot News

isis-killer-beheading-video-story-top Serena, Osaka begin play in US Open final
Sep 09, 2018 - 01:12
Open! But because of her prior warning, Serena was assessed a point penalty, which gave Osaka a 15-0 lead in the 1-1 service game. But I don't want to overthink this match, so I'm not going to think that she's so much better than she was in Miami.

isis-killer-beheading-video-story-top China's exports, imports slowed sharply in August
Sep 09, 2018 - 01:06
But 2018 Chinese imports through July were up almost 9 per cent over the same period of 2017, according to US Census Bureau data. Last year, a New York University student who worked undercover in an iPhone factory reported that he made $450 per month .

isis-killer-beheading-video-story-top Officer Opens Wrong Door; a Tragedy Results
Sep 09, 2018 - 00:44
The officer, who was not publicly identified by authorities, then opened fire on the man who resided there, police said . The officer has not been identified, and she is being placed on administrative leave as the investigation is conducted.

isis-killer-beheading-video-story-top Celtics Guard Jabari Bird Arrested For Domestic Violence Incident Friday Night
Sep 09, 2018 - 00:43
The victim involved in the incident was brought to a different hospital to be treated for injuries sustained in the incident, police said.

isis-killer-beheading-video-story-top Mo. college drops Nike from uniforms over Kaepernick deal
Sep 09, 2018 - 00:22
He has been out of a job for more than a year, but this latest ad marks a new multi-year deal with the sports apparel giant. The LA Lakers star said he stood for "anybody who believes in change" before adding "I stand with Nike all day, every day".

isis-killer-beheading-video-story-top Afghanistan: Deadly blasts target Kabul sports club
Sep 08, 2018 - 01:17
Since January, there have been at least 17 attacks in Kabul that have killed at least 430 people. The attack was carried out by a suicide bomber .

isis-killer-beheading-video-story-top Nike is ‘getting killed’ for Colin Kaepernickad, says president Trump
Sep 08, 2018 - 01:06
Thirteen percent of those surveyed said they were less likely to purchase from Nike after viewing Kaepernick's first ad. Davis said he believes Americans are growing exhausted of divisiveness and that Nike is "stirring controversy".

isis-killer-beheading-video-story-top Off-duty Texas officer entered wrong apartment, shot and killed resident
Sep 08, 2018 - 00:57
The officer, who was not injured, will be placed on administrative leave pending the outcome of the investigation. According to the university, Botham frequently led worship for chapel and for campus events.

isis-killer-beheading-video-story-top GoFundMe Says They Will Give $400,000 to Homeless Veteran
Sep 08, 2018 - 00:45
Badway, said at the time that McClure and D'Amico would invoke their Fifth Amendment right against self-incrimination. But Mr Bobbitt became homeless again after Mr D'Amico told him in June that he had to leave the property.

isis-killer-beheading-video-story-top US to charge North Korean over WannaCry, Sony cyber attacks
Sep 07, 2018 - 01:27
The criminal complaint, filed in Los Angeles, alleges that the hackers committed several attacks from 2014 until 2018. The North Korean government has repeatedly denied responsibility for the hack but called it " a righteous deed ".

isis-killer-beheading-video-story-top Osaka powers into semi-finals with Tsurenko thrashing
Sep 07, 2018 - 01:19
Cilic made a dominant start to lead by a set and a break before his level dropped to allow Japan's Nishikori to take a 2-1 lead. Cilic has made two grand slam finals since but Nishikori has never been back and will now take on either twice U.S.

isis-killer-beheading-video-story-top Denmark Muster Makeshift Squad For Nations League
Sep 07, 2018 - 00:48
We are prepared to play the global matches this week and then we have time after the matches to negotiate the whole agreement. Denmark will play against Slovakia on September 5 and against Wales on September 9.

isis-killer-beheading-video-story-top The real bandit, Burt Reynolds, dead at 82
Sep 07, 2018 - 00:48
Spahn was an 80-year old, almost blind man who rented his ranch in Los Angeles out to be used as a location for Western films. He won an Emmy in 1991 for portraying Woodrow "Wood" Newton, the football coach at a small-town Arkansas high school.

isis-killer-beheading-video-story-top Twitter Permanently Bans Alex Jones and Infowars
Sep 07, 2018 - 00:28
The encounter then went down to the level of taunts, after Jones patted the senator on the shoulder. Jones asks if he plans to call the police and Rubio replies, "I'll take care of it myself".

isis-killer-beheading-video-story-top Death toll rises as Typhoon Jebi batters Japan
Sep 06, 2018 - 02:27
The storm also led to the cancellation of over 800 domestic and global flights and closure of tourist places in Japan. All flights are canceled, with the airport indicating that it has no plans to re-open its runways on Wednesday.