Bitcoin and many other major cryptocurrency price are crashing. After weeks of steady gains, bitcoin dropped in price by more than $300 in the space of an hour on Wednesday morning, with ethereum, ripple and bitcoin cash all following its lead. By Thursday morning, bitcoin had fallen $1,000 in just 24 hours.
The reason for the sudden price crash was not immediately obvious, though some analysts have said panic selling could contribute to bitcoin's fall in value.Other factors potentially contributing to the crash include a report that Goldman Sachs is dropping plans for a cryptocurrency trading desk.
While bitcoin fell by around 12 per cent, the hardest hit by the market shift has been ethereum, ripple, bitcoin cash and EOS, which all dropped by around 20 per cent.
Bitcoin hit a one-month high on Tuesday, leading some experts to suggest that more price gains can be expected.
“Bitcoin’s price might be rising but it’s way too early to call this a true resurgence," said Matthew Newton, a market analyst at the online trading platform eToro. "We’ve seen the price yo-yo for several months so I’d be hesitant to herald this as a new dawn just yet... Traders should be cautious."
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