Cryptocurrencies continue to sell-off as bitcoin loses almost $1,000 in 24 hours

September 06, 2018 at 06:03 AM EDT

Markets Insider

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 here.

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.

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