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
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
“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
is nearing a one-year low, trading down 14.3% at $226.04, Bitcoin Cash
was down 9.2% to $496.30, Litecoin
was off 8.7% at $55.15, and Ripple’s XRP coin
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