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Crypto Crash: Bitcoin Tumbles, Ethereum Slides

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Bitcoin holders will have got a bit of a shock earlier today when the cryptocurrency dropped by 3% in just 10 minutes, sending the rest of the market into meltdown. In a madcap morning, Bitcoin fell by a total of 6%, while Ethereum, Litecoin and Ripple all racked up double figures – ETH lost 12% in a single morning.

The speculation at the moment is that a sell-off was sparked by news that Goldman Sachs may be delaying launching their crypto trading desk. That said, it could also be a swift correction following a price rise on Tuesday (4th September). Current trading figures (at the time of writing) are as follows:

  • BTC – $7014 (down just over 4%)
  • ETH – $258 (down 10%)
  • XRP – $0.305 (down 9.5%)
  • BCH – $563.60 (down over 11%)
  • EOS – $5.81 (down over 11%)

Only Dogecoin is trading in the green (up 2.41%) – and Bitcoin Diamond, which has taken a massive leap in the opposite direction over the past few hours. The fork currency, which has been opened on Binance, has gained nearly 200% and is now trading at $2.98, moving it into the top 25 cryptocurrencies, with a total market cap of just over $450,000.

*All figures courtesy of Coinmarketcap.

Meanwhile, Bloomberg has reported that a Goldman Sachs spokesperson has simply said: “In response to client interest in various digital products we are exploring how best to serve them in this space. At this point we have not reached a conclusion on the scope of our digital asset offering.” It remains to be seen how quickly the market levels out overall, and what happens next to Bitcoin Diamond.

Image Credit: Deposit Photos

Do you think this slump will rectify itself in the coming hours, days, or weeks? Let us know your thoughts in the comments section below.

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