Bitcoin Falls Below ,500 in Global Sell-Off

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Thread: Bitcoin Falls Below $6,500 in Global Sell-Off

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    Default Bitcoin Falls Below $6,500 in Global Sell-Off

    Bitcoin Falls Below ,500 in Global Sell-Off
    Cryptocurrencies slumped on Thursday, as a global selloff continued amid worry that the crypto bear market is here to stay.Bitcoin fell 8.82% to $6,416.60 on the Bitfinex exchange, as of 8:57 AM ET (12:57 GMT), not far from an earlier low of $6,366.60. Cryptocurrencies overall inched up, with the coin market cap of total market capitalization at $202 billion at the time of writing compared to $239 billion on Wednesday. Ethereum, the second-biggest alternative currency by market cap, slumped 14.97% to $224.24, while XRP, the third-largest virtual currency, decreased 7.37% to $0.28313 and Litecoin was at $54.995, down 13.06%.

    Financial giant Goldman Sachs (NYSE:GS) is retreating on its plan for a Bitcoin trading desk, Business Insider reported on Wednesday. The financial institution will instead focus on other projects such as holding digital coins on behalf of large fund clients, but could look into a trading desk in the future.

    As alternative currencies have risen in popularity, many Wall Street companies are looking for ways to get into the burgeoning field. But with Bitcoin down almost 70% since its peak of nearly $20,000 in December, that interest is dying down.

    Meanwhile, trading platform ShapeShitf said on Tuesday that it will ask users for personal information, prompting worry among crypto enthusiasts that other platforms will follow suit. Part of the allure among some investors for Bitcoin and other alternative coins is their anonymity and decentralization away from government control. But as regulators around the world struggle with oversight of the sector that could change.

    In other news, the price of Bitcoin in Iran hit a record high of $24,000 on the Iranian exchange EXIR following news that the Iranian government has agreed to recognize the mining of digital coins as an industry. The Central Bank of Iran is expected to draft a policy framework for cryptocurrencies in the next two weeks. The government hopes the potential use of alternative coins will help smooth trade between Tehran and its partners in the wake of renewed U.S. sanctions.
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    in ro ham eslah kon:
    Enthusiasts remain optimistic about the prospects for cryptocurrencies and see the launch of an ETF and the draw of institutional funds as being important for the next step, especially if the price is going to surpass its peak and reach some of the extraordinarily bullish highs that some are forecasting. You can investing in foreign currency because the regulatory environment is going to be key to all of this and the fact that Goldman Sachs remains so concerned is clearly a blow. Whether its enough to send bitcoin below $6,000 where its found plenty of support this year, well have to wait and see. At the moment, all were seeing is continued consolidation which has been the case for most of 2018.

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