Bitcoin price (BTC/USD) drops below $6,500 amid market-wide crypto slump

Report of Goldman Sachs shelving crypto desk plans spooks investors

Bitcoin price (BTC/USD) drops below $6,500 amid market-wide crypto slump

The Bitcoin price (BTC/USD) has dropped to a three-week high below $6,500 after losing more than 10% over the past 24 hours.

The original cryptocurrency enjoyed a strong morning session, with its price rising to a one-month high of $7,388.43. The situation changed dramatically following a report from the Business Insider, suggesting that US banking giant Goldman Sachs has put on hold plans to open a trading desk for cryptocurrencies. The report cited unnamed sources familiar with the matter, according to whom the bank had chosen to focus on other crypto-related projects such as a custody product for digital currencies.

The Bitcoin price took a heavy hit following the report, falling below the psychological level of $7,000. The coin saw another sharp drop in the final hours of the session, which led to a close of $6,792.83, significantly lower than its opening price of $7,361.46.

Bitcoin fell further in today’s early trading, with its price dropping to an intraday low of $6,404.72. This was Bitcoin’s lowest price level since August 14, according to data from digital currency tracker Coinmarketcap. The coin has managed to stabilise in subsequent trading, but has continued to trade below the $6,500 mark. At the time of writing, the Bitcoin price was hovering around $6,420.

The wider crypto market has suffered a similar hit, with many major coins experiencing even bigger losses. Ethereum (ETH), Bitcoin Cash (BCH), EOS and Monero (XMR) have all lost more than 15% of its value over the past 24 hours.

In today’s trading, the Bitcoin price stood at $6,419.24, as of 11:36 BST. The digital coin has lost 10.7% of its value in the past 24 hours. Its total market cap currently stands at $110.7 billion, which represents 54.8% of the combined value of all digital currencies.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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