Bitcoin price and crypto markets continued their tumble from yesterday even as a slew of news that could be construed as positive emerged regarding the cryptocurrency.
Bitcoin continued its downward descent, falling by as much as 8% from its price 24 hours ago. At 17:09 UTC, it was changing hands at $6403.66, down 4.24% from a day earlier. The marquee cryptocurrency’s fall this week has been swift. Within the last 48 hours, it has crashed by 13.2% resulting in $17 billion being wiped off its market value.
Cryptocurrency markets followed bitcoin’s lead. Among the top 10 cryptos, all of which registered major declines, Ethereum’s ether, Litecoin, and EOS were the biggest losers, falling by as much as 11% in the last 24 hours. The overall market capitalization for cryptocurrencies further dipped from yesterday’s figures. As of this writing, they were valued at $203.8 billion, down a remarkable 15.2% from $238.8 billion yesterday morning.
Positive News Fails To Make A Difference
Bitcoin’s downward slide began yesterday after a report claimed that Goldman Sachs was reconsidering its plans for a bitcoin ETF. Given the investment bank’s heft and reach, Goldman Sachs’ formal entry into the bitcoin ecosystem could have made a major difference to the cryptocurrency ecosystem.
New developments have failed to reverse bitcoin’s trajectory. North America’s largest cryptocurrency exchange Coinbase is reportedly getting into the bitcoin ETF game. Shapeshift, another prominent cryptocurrency exchange, said that it will comply with KYC regulations and ask for “basic personal details” from traders on its platform. Meanwhile, SEC commissioner Hester Pierce told CNBC Crypto Trader that there’s “no definitive timeline or outcome” for approval of a bitcoin ETF. The federal agency is due to rule on a bitcoin ETF proposal submitted by money management firm VanEck in the last week of September.
According to Coindesk, bitcoin will enter a bear market if it closes below $6,000 this week.