Bitcoin falls off another cliff as cryptocurrency slump deepens

Bitcoin Value Drops Sharply, Concerning Investors and Experts

Bitcoin Value Drops Sharply, Concerning Investors and Experts

The latest crash began Wednesday after the Goldman news broke, but it accelerated into Thursday. Bitcoin fell almost 5% to touch five-day low at $6,985 on the Luxembourg-based Bitstamp exchange.

Near 1400 GMT, the cryptocurrency was trading at around $7,000, down about five percent from Tuesday's level. For crypto investors, this is unwelcome news after a summer of relative stability-particularly owing to the fact that, after an all-time high valuation at just shy of $20,000 in December, Bitcoin's value has yo-yoed for months.

However, now the plans to build a cryptocurrency desk are delayed.

The biggest problem for financial institutions that want to buy and sell bitcoin is that the centralized exchanges the asset trades on have a history of being vulnerable to hacks.

As yet, there are no clear rules and regulations in place to protect banks from the risks associated with trading cryptocurrencies.

Vanilla Ice Stunned Emirates Plane He's Aboard is Quarantined at JFK
Passengers leave the Emirates jet at New York's Kennedy Airport amid reports of ill passengers aboard the flight from Dubai . Emirates said that 10 passengers had been taken ill and were being looked after by local health officials "as a precaution ".

A week earlier, a second attempt of the infamous Winklevoss' twins was shot down, leading to the creation of the Virtual Commodity Association (VCA) - an influential group led by the Winklevi with a goal of having Bitcoin et al openly traded on Wall Street as soon as possible.

"In response to client interest in various digital products, we are exploring how best to serve them in the space", the spokesman said. Goldman Sachs spokesperson Michael DuVally told Reuters, "At this point, we have not reached a conclusion on the scope of our digital asset offering".

For the time being, Goldman will direct its efforts toward custody services, where it securely holds crypto assets on behalf of its large institutional clients to ensure those assets are kept safe and secure.

However last night's fall was created, it is a further blow to any thoughts of a concerted recovery in the crypto markets, at least for now.

But 2018 has been a rocky year for the world cryptocurrency with bitcoin prices sliding from record levels, pressured in part by regulators' increased scrutiny of initial coin offerings (ICOs) and cryptocurrency exchanges.

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