Bitcoin Value Dropped $1,000 in 24 Hours in Ongoing Crypto Market Crash

Major cryptocurrency values have fallen as much as 20 percent.

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The market value of the world’s largest crypotcurrency continues to tank, with individual shares shedding $1,000 in just 24 hours. 

After Bitcoin value dropped $400 in a matter of minutes on Wednesday morning, it and other major crypto stocks crashed into Thursday. 

Bitcoin’s value plummeted twice in 24 hours. 

Business Insider has further details: 

That news saw bitcoin hold 4% lower at around $7,000 per coin, before falling again late on Wednesday evening. It has held relatively steady since then, but has now fallen more than $1,000 in value in just two trading sessions.

The crypto slump is impacting other currencies, with litecoin and bitcoin cash both lower by more than 3%, while ethereum, has slumped 20% in value over the past 24 hours, falling to its lowest level in over a year.

One crypto analyst wrote that Wednesday’s big Bitcoin dump could be due to market “volatility” or “manipulation.” Here’s how he and others are reacting on Twitter.  

https://twitter.com/the_cryptoeye/status/1037640065634258944

As reported yesterday, Tany Abrosimova of FX Street proposed that the launch of a new registration process on bitcoin trading platform ShapeShift may have spooked investors.

Now Bloomberg and CNBC are citing a Business Insider report on Goldman Sachs’ shelving of plans for a Bitcoin trading desk as another potential cause of the crypto free fall.

Bloomberg has further details on what to watch for next: 

The market value of virtual currencies tracked by CoinMarketCap.com has slumped about 75 percent from its January peak to about $205 billion.

The next key level to watch for Bitcoin is $5,000, according to Stephen Innes, head of trading for Asia Pacific at Oanda Corp., who said a drop below that threshold may cause losses to accelerate.

As of Thursday morning, Bitcoin value was down 3.5 percent at $6,452.73 per coin and had reached a Thursday low of $6,279.08 per coin. 

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