Cryptocurrency markets suffer a sudden and severe faceplant
It has been one of those days in the global cryptocurrency market, with prices tumbling across the board.


It has been one of those days in the global cryptocurrency market, with prices tumbling across the board.
More than $20 billion in market capitalization of crypto assets was erased in a matter of hours: bitcoin dropped by 6%, dipping below $7,000, and ether fell by 14%, approaching a one-year low. That’s at the time of writing—things move fast in the crypto world.
Some commentators blamed the downturn on reports that Goldman Sachs punted on plans to create a cryptocurrency trading desk, instead choosing to focus its crypto efforts on custody services, a considerably less sexy proposition. However, it seems unlikely that a single announcement—and one so mild in tone—could stoke such a wild sell-off. The crypto markets frequently suffer flash crashes, down to everything from low volumes to willful market manipulation. Assigning responsibility to any single event is a stretch.
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