Bitcoin and ether prices suddenly plummeted, canceling $ 20 billion market cap – Quartz


It was one of those days in the global cryptocurrency market, with prices plummeting across the board.

More than $ 20 billion in market capitalization of cryptographic assets were erased in a few hours: the bitcoin fell by 6%, plunging below $ 7,000, and the ether dropped 14%, approaching a minimum of one year. The moment I write, things move fast in the cryptic world.

Some commentators have blamed the crisis in reports that Goldman Sachs was betting on plans to create a cryptocurrency trading desk, choosing instead to focus his cryptographic efforts on custodianship services, a sensibly less sexy proposition. However, it seems unlikely that a single announcement – and such a delicate tone – could fuel such a wild sale. Cryptographic markets frequently undergo flash arrests, from everything from low volumes to the intentional manipulation of the market. It is a stretch to assign responsibility to every single event.

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