Crypto bloodbath continues following Goldman roll-back
The crypto bloodbath continued unabated for much of today. Shortly before 3pm bitcoin was down to $6,220, a -7.78% drop while ethereum was looking considerably more damaged, down -12.1% in total over the past 24 hours to $228 (earlier it had dipped to close to $210).
Eos and Litecoin were down -11.8% and -10.3% respectively while IOTA was also highly bruised, absorbing a -11.5% plunge.
Ethereum on fire
The complete battering ethereum has taken is more of a surprise given its multi-use utility compared to bitcoin and other cryptocurrencies. The next – assuming the valuation collapse continues – significant price level for ethereum would be $200.
As ethereum has hovered close to $1,400 in the past these new sell numbers are significant – though some bargain hunters will waste no time in replenishing supplies.
More ‘sell’ levels loom?
For bitcoin, the next – lower – significant level would be $5,000. Much of the sell-off – valuations are now close to a nine-month low – is attributed to the news that Goldman Sachs had shot down plans for a crypto trading desk.
“At this point, we have not reached a conclusion on the scope of our digital asset offering,” Goldman Sachs spokesperson Michael DuVally informed Business Insider yesterday.
However the crypto market still remains crowded with institutional interest – from the sidelines at least.
Note: at the time of article publication (3.25pm) some crypto valuations were seeing a slight recovery.