Breaking News

Bitcoin Falls Below $6,500 in Global Sell-Off

Cryptocurrency NewsSep 06, 2018 08:58AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. Bitcoin slumped on Thursday. - Cryptocurrencies slumped on Thursday, as a global selloff continued amid worry that the crypto bear market is here to stay.

Bitcoin fell 8.82% to $6,416.60 on the Bitfinex exchange, as of 8:57 AM ET (12:57 GMT), not far from an earlier low of $6,366.60.

Cryptocurrencies overall inched up, with the coin market cap of total market capitalization at $202 billion at the time of writing compared to $239 billion on Wednesday.

Ethereum, the second-biggest alternative currency by market cap, slumped 14.97% to $224.24, while XRP, the third-largest virtual currency, decreased 7.37% to $0.28313 and Litecoin was at $54.995, down 13.06%.

Financial giant Goldman Sachs (NYSE:GS) is retreating on its plan for a Bitcoin trading desk, Business Insider reported on Wednesday. The financial institution will instead focus on other projects such as holding digital coins on behalf of large fund clients, but could look into a trading desk in the future.

As alternative currencies have risen in popularity, many Wall Street companies are looking for ways to get into the burgeoning field. But with Bitcoin down almost 70% since its peak of nearly $20,000 in December, that interest is dying down.

Meanwhile, trading platform ShapeShitf said on Tuesday that it will ask users for personal information, prompting worry among crypto enthusiasts that other platforms will follow suit. Part of the allure among some investors for Bitcoin and other alternative coins is their anonymity and decentralization away from government control. But as regulators around the world struggle with oversight of the sector that could change.

In other news, the price of Bitcoin in Iran hit a record high of $24,000 on the Iranian exchange EXIR following news that the Iranian government has agreed to recognize the mining of digital coins as an industry. The Central Bank of Iran is expected to draft a policy framework for cryptocurrencies in the next two weeks. The government hopes the potential use of alternative coins will help smooth trade between Tehran and its partners in the wake of renewed U.S. sanctions.

Bitcoin Falls Below $6,500 in Global Sell-Off

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email