At press time, the world’s second most popular altcoin is trading at $218.97, its lowest value since September last year. Within the space of the past 4 days, the total market cap of Ether has dipped from a respectable $29.43 Bln to a year low of $22.3, thus signaling a 25% loss of value for the premier digital currency.
Additionally, the total capitalization of the crypto market as a whole has dipped from $239.04 Bln to $204.65 since September 5.
The Bears Run Amuck
As was reported earlier, this latest bear run was supposedly triggered by news of Goldman Sachs withdrawing its plans of releasing a cryptocurrency trading desk later this year. The story first ran on Business Insider and was quickly picked by various media outlets worldwide, thus causing panic amongst investors and casual enthusiasts alike.
However, since then, the CFO for Goldman Sachs, Martin Chavez has publicly denounced these reports as being ‘rubbish and fake’.
Talking with CNBC yesterday, Chavez was quick to note that:
“I never thought I would hear myself use this term but I really have to describe that news as fake news.”
However, he did add that his company was looking to explore alternatives for Bitcoin since that was what the firm’s core clientele was looking for.
While delivering a keynote address at the TechCrunch Disrupt Conference in San Francisco, Chavez also added:
“The next stage of the exploration is what we call non-deliverable forwards, these are over the counter derivatives, they’re settled in U.S. dollars and the reference price is the bitcoin-U.S. dollar price established by a set of exchanges,”
How are the Other Top Crypto Players Doing?
As was to be expected, this latest financial bloodbath has affected the value of all the top altcoins in the market. For example, XRP’s value fell to its lowest in more than six months when the price of a single coin fell to $0.2688. However, the market has since picked up for Ripple’s native offering and is now sitting at a more respectable price-point of $0.290.
Similar dips have been observed for almost all of the other top 10 crypto coins including BCH, XLM, EOS, ADA. But it is worth noting that the market as a whole seems to be showing some signs of bullish support for Cardano in the coming 24 hours.
This latest bear run has caused investors everywhere to rethink their economic strategies for the weeks and months to come. However, one thing is for sure, there is never a dull within the world of cryptocurrency trading.