Bitcoin prices tumble in back-to-back sessions, down 15% in 24 hours

Digital-currency prices traded decidedly lower for a second day in a row as the fallout from the report that Goldman Sachs has put the brakes on plans to launch a cryptotrading desk persists.

The price of a single Bitcoin, the worlds largest digital currency, have fallen by more than $1,100 in the of 24 hours, representing a 15% decline peak-to-trough. In early Thursday trading in New York, Bitcoin

BTCUSD, -7.75%

was worth $6,398.45, down 7.9% since Wednesday at 5 p.m. Eastern on the Kraken crypto exchange.

Despite the carnage, one analyst remains bullish, saying there’s much more to the digital currency than Goldman Sachs

GS, -0.04%

“So the question is if Goldman Sachs stops exploring the option of crypto desk, can this entire thing collapse?” wrote Naeem Aslam, chief market analyst at Think Markets U.K.

“The reality is Bitcoin futures are already trading on major exchanges. But, the volume has been thin from day one, I am not saying it hasn’t improved, it certainly has. But if you compare the volume with other majors commodities, it is only then you can see the difference… hence, for me it is more important to keep an eye on this part of the equation.”

Read: Did you forget about Bitcoin? Here’s what’s going on

Altcoin slump sends market cap back toward $200 billion

Smaller coins alternative to Bitcoin, colloquially known as altcoins, haven’t been spared in the recent selloff, pushing the total value of all digital currencies back toward $200 billion. According to data from CoinMarketCap, the market value was last seen at $202 billion, down more than $30 billion in 24 hours.

As for the individual coins, Ether

ETHUSD, -8.56%

is nearing a one-year low, trading down 14.3% at $226.04, Bitcoin Cash

BCHUSD, -8.67%

was down 9.2% to $496.30, Litecoin

LTCUSD, -9.20%

was off 8.7% at $55.15, and Ripple’s XRP coin

XRPUSD, -4.01%

has slumped to 28 cents, down 3.4%.

It is no different on the futures front. The Cboe Global Markets Group Inc.’s September contract


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