Bitcoin, other cryptocurrencies plunge after report on Goldman plans

Finance


Yu Chun Christopher Wong | S3studio | Getty Images

A visual representation of the digital Cryptocurrency, Bitcoin, is seen on September 04 2018 in Hong Kong, Hong Kong.

Bitcoin prices continued to get slammed early Thursday, 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 $6,381 or down 11 percent around 6:38 a.m. ET over the previous 24 hours, according to data from Coinbase.

Beyond bitcoin, the price of other cryptocurrencies also continued to plunge, according to tracking site CoinMarketCap. As of 6:38 a.m. ET, the price of ethereum had fallen by 15 percent in 24 hours, while Ripple’s XRP token had seen its value dive by 9 percent and bitcoin cash dropped by 16 percent during that time.

Digital currencies often move in tandem, pulled by the fortunes of bitcoin — which far exceeds its peers in terms of market size.



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