Bitcoin price: Cryptocurrencies’ unexplained fall continues

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 isthat 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 10.40 a.m. BST (5.40 a.m. ET), bitcoin, is trading at
$6,340, a drop of 5.4% since the session’s beginning.

The crypto slump is impacting other currencies, with litecoin
and bitcoin
cash both lower by more than 4%, while ethereum,
has slumped 20% in value over the past 24 hours, falling to
its lowest level in over a year.

In line with ethereum’s latest fall, hundreds of alt-coins
on the website coinmarketcap.com have posted declines of around
20% over the last 24 hours.

Get the latest Bitcoin price here.>>