Bitcoin plunges as Goldman Sachs drops trading desk plans

Bitcoin prices continued to get slammed early Thursday in Asia, following a report that Goldman Sachs was dropping its plans for opening a trading desk for cryptocurrencies.

The world’s largest digital currency fell to a low of $6,279.08 around 8:36 a.m. HK/SIN, according to data from industry outlet CoinDesk.

Beyond bitcoin, the price of other cryptocurrencies also continued to plunge, according to tracking site CoinMarketCap. As of 11:09 a.m. HK/SIN, the price of ethereum had fallen by 19.72 percent in only 24 hours, while Ripple’s XRP token had seen its value dive by 13.92 percent and bitcoin cash dropped by 18.79 percent during that time.

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This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.