Bitcoin is in freefall, dragging Ethereum and ripple with it – That's why




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A visual representation of the digital cryptocurrency, Bitcoin, is seen on September 4, 2018 in Hong Kong, Hong Kong. (Photo by Yu Chun Christopher Wong / S3studio / Getty Images)

The price of bitcoin fell in free fall this morning, despite good news for the adoption of bitcoins by the growing Lightning Network, while investors have cold feet before 19459015 ( SEC) expected by the end of the month to grant approval for & nbsp; a bitcoin exchange fund & nbsp; & nbsp; (ETF) – something that the SEC has previously rejected due to fears about the fluctuations and the wild price of bitcoin manipulation.

Bitcoin has decreased by about $ 500, or 5%, in a few minutes, according to CoinDesk's data, and taking the price of the bitcoin under the psychological sign of $ 7,000.

The sharp decline in the price of b itcoin arrives after unconfirmed reports from Business Insider that US investment bank Goldman Sachs is abandoning plans to open a desk for cryptocurrency trading due to the murky legal landscape.

This morning the price of bitcoin has undergone a sharp turn, dragging most of the other major cryptocurrencies into it. CoinDesk

BI reported:

Goldman has moved plans to open a desk for trading cryptocurrencies in a list of priorities for how he can participate in the cryptocurrency markets, & nbsp; according to people who are familiar with the subject.

In response, the bank issued a statement: "We have not reached a conclusion on the scope of our digital goods offering," he said.

Regulators all over the world have been grappling with how to properly regulate bitcoins, cryptocurrencies, initial coin offerings (ICOs) and cryptocurrency exchanges. The SEC warned & nbsp; that some of the coins issued in the ICO could be considered as securities, which means that their trading should comply with federal securities laws.

Goldman Sachs' move comes after the bitcoin and the broader cryptocurrency token price has been well supported by the news of this year that institutional money was about to enter the crypt – and many now are wondering if that money is really coming.

At the start of this year the new CEO of Goldman Sachs David Solomon has the bank is examining the addition of additional bitcoin and cryptocurrency services to its portfolio. In an interview with Bloomberg Solomon said that the bank must "evolve its business and adapt to the environment."

Bitcoin bulls are also trying to resist until the 39, early November, when New York The parent company of the Exchange, the Intercontinental Exchange (ICE), plans to launch a bitcoin ETF & nbsp; as part of his & nbsp; cryptocurrency platform & nbsp; Bakkt & nbsp; and in collaboration with the Starbucks coffee chain, the Microsoft software giant and the Boston Consulting Group.

Yesterday, & nbsp; CEO of crypto initiation of payment Abra said that CNBC t is right that the SEC has denied the ETF of crypto because the cryptography industry does not fit the & # 39; archetype of the applicant.

Bill Barhydt suggested that the SEC rejected the cryptographic ETF applications because "the people who are doing the applications do not fit who was used by SEC to approve."

It has been suggested that the # 39; introduction of a registration process for the exchange of popular instant bitcoins with ShapeShift may have frightened a little. users and "added fuel" to the sell-off .

Bitcoin rose to an eye close to $ 20,000 at the end of last year but was heavily sold off in 2018, rising to a year to this day low by around $ 5,800 and triggering a broader sell-off of the broader cryptocurrency market.

Elsewhere, other major cryptocurrencies, including ether ether, ripple, bitcoin cash, & nbsp and EOS were hit hard this morning – all down at least 10%.

The fortunes & nbsp; Most cryptocurrencies have been tightly linked to bitcoins this year. The sales of Ethereum were largely attributed to the huge number of ICOs that went live on the Ethereum blockchain last year, with many of those investors saving in 2018.

cryptocurrencies have decreased dramatically. ] CoinMarketCap.com

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A visual representation of the digital cryptocurrency, Bitcoin, is seen on September 4, 2018 in Hong Kong, Hong Kong. (Photo by Yu Chun Christopher Wong / S3studio / Getty Images) [19659027] The price of bitcoin went into free fall this morning, despite good news for the adoption of bitcoins from the growing Lightning Network, while investors cooled down in the decision of the US Security and Exchange Commission (SEC) this month approval for a fund traded in bitcoin (ETF) – something that the SEC has previously rejected due to concerns about price fluctuations and price manipulation of bitcoins.

Bitcoin has fallen by about $ 5.00, or 5%, in a few minutes, according to CoinDesk's data, and taking the price of the bitcoin under the psychological mark of $ 7,000.

The sharp drop in the price of bitcoin comes after the no n confirmed by Business Insider that the US investment bank Goldman Sachs is abandoning plans to open a desk to exchange cryptocurrencies due to the cloudy regulatory landscape.

This morning the price of bitcoin has undergone a sharp turn, dragging with it most of the other major cryptocurrencies. CoinDesk

BI reported:

Goldman has moved plans to open a desk for cryptocurrency negotiation in a priority list of how he can participate in cryptocurrency markets, according to people familiar with the issue .

In response, the bank issued a statement: "We have not reached a conclusion on the scope of our digital goods offering," he said.

Regulators all over the world have been grappling with how to properly regulate bitcoins, cryptocurrencies, init offers of ial coins (ICO) and exchanges of cryptocurrencies. Last year the SEC warned that some of the coins issued in the ICO could be considered titles, which means that their exchange would have to comply with federal securities laws.

Goldman Sachs' move comes after the bitcoin and broader cryptocurrency price has been well supported for the news of this year that institutional money was about to enter the crypt – and many now will be wondering if that money is really coming.

At the start of this year, Goldman Sachs' new CEO David Solomon reported that the bank is considering adding more bitcoin and cryptocurrency services to its portfolio. In an interview with Bloomberg Solomon said that the bank must "evolve its business and adapt to the environment."

Bitcoin bulls are also trying to resist until the beginning of November, when the parent company of the New York Stock Exchange, Intercontinental Exchange (ICE), plans to launch a bitcoin ETF as part of its cryptocurrency platform Bakkt and in collaboration with the Starbucks coffee chain, the software giant Microsoft and the Boston Consulting Group.

Yesterday, CEO of the payment encryption startup Abra told CNBC t that the SEC has denied the crypto ETF because the cryptography industry does not fit the problem. ; archetype of the applicant.

Bill Barhydt suggested that the SEC refused encryption Applications of the ETF because "the people who are doing the applications are not at the height of those who were used to approve the SEC".

It has been suggested that the introduction of a registration process for the popular instant bitcoin and xchange ShapeShift may have frightened some users and "added fuel" to the sell-off.

Bitcoin has risen to an eye close to $ 20,000 at the end of last year but has been heavily sold off throughout 2018, rising to a year – historical lows of about $ 5,800 and triggering a larger sell-off of the broader cryptocurrency market.

Elsewhere, other large cryptocurrencies, including ethereal ether, ripple, bitcoin liquidity and EOS, were also hit this morning, all down by at least 10%.

The fortunes of most cryptocurrencies have been closely linked to bitcoin this year. The sales of Ethereum were largely attributed to the huge number of ICOs that went live on the Ethereum blockchain last year, with many of those investors saving themselves in 2018.

Other important cryptocurrencies too they dropped drastically, dragged down from the bitcoin. CoinMarketCap.com


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