Thursday, 6 September 2018

Bitcoin and other crypto currencies drop their value sharply

Bitcoin and other currencies including Ethereum, Ripple and Bitcoin Cash suddenly plummet in value

The value of Bitcoin plunged overnight with the cryptocurrency now worth under £5,000.

Several other major cryptocurrencies including Ethereum, Ripple and Bitcoin Cash also plummeted in value by around 10 per cent.

Ethereum, the world's second largest cryptocurrency, fell to its lowest price since 2017 yesterday evening in an as yet unexplained plunge.

Yesterday the Goldman Sachs group announced it is ditching plans to open a desk for trading in cryptocurrencies.

According to Business Insider, Goldman Sachs continues to see uncertainty in the regulatory landscape for cryptocurrencies.

Executives concluded that more steps need to be taken before a regulated financial institution would be allowed to trade cryptocurrencies.

Investors in cryptocurrencies have had a rocky year. Bitcoin, its flagbearer, hit a peak of $18,571 just before Christmas but quickly more than halved in value before steadily falling.

Bitcoin is a cryptocurrency - a digital form of currency that can be used to buy or sell items online.

It was created by an anonymous figure who goes by the name of Satoshi Nakamoto.

People use Bitcoin because it allows them to make purchases online anonymously, which is why bitcoin has been attributed to the dealings of illegal drugs and other illicit items.

t's also made international payments much easier because it's not subject to a single country's regulations.

This story is being updated.


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