Published On: Thu, Sep 6th, 2018

Bitcoin price drops suddenly and intensely other crypto currencies are being slammed on the board

Bitcoin’s prices suddenly saw a decrease of 500 dollars on Wednesday morning in just one hour. With bitcoin’s fall, other crypt currencies fell in price even more sharply. Most affected were Ripple XRP and Ether; both of which lost nearly 12%.

Bitcoin price drops suddenly and intensely other crypto currencies are being slammed on the board

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Prices for numerous crypto currencies suddenly fell on the board with a great hit early on Wednesday morning with no apparent reason. Bitcoin was trading steadily at both Asian and European trading hours at a steady 7350 dollars when it fell by more than 200 dollars in mere minutes. In the upcoming hour, Bitcoin dropped significantly from its 7000 dollars mark and continued to do so by the rest of the day.

By 1 pm, the largest crypto currency known for its market value was sanding at a mere 6894 dollars seeing an overall decrease of about 6.3%.

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While Bitcoin’s sudden decrease in price was sharp, other crypto currencies were also not affected by it as they dropped been further. This includes mainly Ripple and Ether coins. Ether closed with a drop of 15.4% whereas Ripple XRP suffered a loss of 13.5%.

At the moment the real cause for his sudden drop is unclear. However Tanya Abrosimova of the FXStreet has presented a theory that “introducing a registration process for Bitcoin named ShapeShift might have spooked the investors that caused this disaster of a drop”.

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Crypto currencies with their initial sell off are seeing a continuous fall. It has been reported that Goldman Sachs has shelved their plans for the launch of Bitcoin trading Desk.

This Wednesday drop came after several days of continued profitable gains from Crypto Currency trading. The crypto’s continued to make profits despite it being rejected by US Securitas and Exchange commission for traded funds by Bitcoin Exchange.

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