Daily Berminal Brief (09/06/18): Markets Bleed As Bitcoin Crashes To $6,400

[BERMINAL]

The State Of The Market: Bitcoin tanked in the last 24 hours, and the entire cryptocurrency market went down with it. Bitcoin (BTC) initially fell down to $7,000 where it was stable for a few hours. However, there was another crash which pushed the price to $6,400. Bitcoin is currently at $6,509.69, losing 7.34% in the last 24 hours. Ethereum (ETH) suffered bigger losses and is currently at $229.62, losing 11.51% in the last 24 hours. The total market cap went down from $240 Billion to $205 Billion, losing $35 Billion in a day. With Alts suffering greater losses, Bitcoin dominance has now gone up to 54.6%.

1) A few months back, Goldman Sachs revealed that they were building a Bitcoin trading desk. Exchanges were highly profitable. Binance made as much as Nasdaq in Q1, 2018, and Goldman Sachs wanted a pie of that. However, they are no longer interested in it and has put its plan on holds. The reason behind the move was because crypto regulation is still uncertain in most parts of the world. Instead, Goldman Sachs has shifted its focus to offering custodial services for cryptocurrencies (read more).

2) Payment service provider TransferGo has announced that it is using Ripple on its backend to facilitate transactions from Europe to India. While TransferGo offers free transfer with a delay of two days, customers can pay 3 Euros to transfer within 30 mins. Using traditional technology would cost a significant percentage of the transaction as the fee, with long delays (read more).

3) Speaking to a Congressional Committee, Jack Dorsey, the CEO of Twitter revealed that blockchain is a priority at their company right now. Twitter is currently working on preventing online scams and fake news using blockchain. Jack Dorsey has been extremely bullish on Bitcoin and Blockchain. He’s also the CEO of payments app Square, which recently enabled a feature to let its customers trade Bitcoin within the app. At a previous event, Jack Dorsey claimed Bitcoin has the potential to replace the US Dollar in just 10 years Read More.

[1715000155]

1715000155

[1715000155]

1715000155

[1715000155]

1715000155

[retampan]

And now it has reached $6.2k. I can expect if bitcoin might reach out below $6000 and keep decreasing until it has no price for 1 bitcoin.

[Ivraes]

The news of aborting the plan of opening a cryptocurrency trading desk was very heart breaking for the Bitcoin community. It has already affected the price of Bitcoin. But the new partnership of ripple with transfergo is a great news for the market. With this, Ripple will be spreading in India soon.

[CryptoGamblingSites]

As long as it stays above 1k USD we should be good...

[RaidNow]

Ripple is partnering with transfergo in which Indian customers will be able to remit funds to any part of Europe. That's a big news as the cryptocurrency is spreading into Indian subcontinent also. But the news of aborting cryptocurrency desk by Goldman Sachs was depressing. This news has already affected the price of Bitcoin.

[BounderbyMAX]

It’s so disappointing. Maybe the price will not going to be increased. And if bitcoin is going down like this then it will have impact on the whole cryptomarket. The situation is getting worse day by day. 

[LinkinPrak852]

you are right but if you analysis past year price list than you will understand that easily. bitcoin now passing bad time but i still believe that it will reach $10k end of this year.

[larkscrypto]

Bitcoin price are going down but that does not mean bitcoin market end. i still believe that it will increase price and make more profit for investor.

[manfredmann]

The State Of The Market: Bitcoin tanked in the last 24 hours, and the entire cryptocurrency market went down with it. Bitcoin (BTC) initially fell down to $7,000 where it was stable for a few hours. However, there was another crash which pushed the price to $6,400. Bitcoin is currently at $6,509.69, losing 7.34% in the last 24 hours. Ethereum (ETH) suffered bigger losses and is currently at $229.62, losing 11.51% in the last 24 hours. The total market cap went down from $240 Billion to $205 Billion, losing $35 Billion in a day. With Alts suffering greater losses, Bitcoin dominance has now gone up to 54.6%.

1) A few months back, Goldman Sachs revealed that they were building a Bitcoin trading desk. Exchanges were highly profitable. Binance made as much as Nasdaq in Q1, 2018, and Goldman Sachs wanted a pie of that. However, they are no longer interested in it and has put its plan on holds. The reason behind the move was because crypto regulation is still uncertain in most parts of the world. Instead, Goldman Sachs has shifted its focus to offering custodial services for cryptocurrencies (read more).

2) Payment service provider TransferGo has announced that it is using Ripple on its backend to facilitate transactions from Europe to India. While TransferGo offers free transfer with a delay of two days, customers can pay 3 Euros to transfer within 30 mins. Using traditional technology would cost a significant percentage of the transaction as the fee, with long delays (read more).

3) Speaking to a Congressional Committee, Jack Dorsey, the CEO of Twitter revealed that blockchain is a priority at their company right now. Twitter is currently working on preventing online scams and fake news using blockchain. Jack Dorsey has been extremely bullish on Bitcoin and Blockchain. He’s also the CEO of payments app Square, which recently enabled a feature to let its customers trade Bitcoin within the app. At a previous event, Jack Dorsey claimed Bitcoin has the potential to replace the US Dollar in just 10 years Read More.

It does not seem that bitcoin has stopped falling in terms of market price. IT is still falling down and people or investors are getting worried with the current situation. Though we know that the system would not fall or end that easily but the current market situation would like to seemingly it will be possible that bitcoin will going to end.

[Zebulun18]

DO you realize that even a portion of the alleged lawmakers have mystery interests in Bitcoin and digital currencies that nobody might know about? I trust this is one reason why some of them have twofold stand with regards to taking choices on the appropriation or direction of digital currency. Some of them are frightened of freely supporting crypto. What do you think?

[Silentsweeper785]

bitcoin now passing bad time but i still believe that it will reach $10k end of this year. its future are more potential. thank you for sharing this article. it will helpful for take good decision.

[BumblingBee]

the market of bitcoin is recovering. however the price is fluctuating. hope at the end of the year the price will reach 10k. just give some time to the bitcoin.

[CheeryPenguin]

market price is now ups and down condition. market is moving that's a positive sign. whatever market situation is i will hold this coin until it will reach my target.

[jayveerastrullo]

For the past year when I ask veterans or pro or well educated about why does crypto-curreny or bitcoin drops its price. They always answered me with same answer that is normal, dont panic. Moreover, when there's a large fall then there will be a big increase in the future. I am sure that bitcoin will continue to drop for about 5k then rise for about 15k this year.

[LuckyOctopus]

The key feature of the cryptocurrency market is the price fluctuation. The Bitcoin price starts to fluctuate as other altcoin and it it is a normal behavior of this market. If there is no price fluctuation then there is no different with traditional market.

[carlisle1]

Theres nothing new about this people because all we know is that propaganda and misleading is the main objective of this damn richest man,whatever comes out to their mouth goes with a motive on what they are planned and what will be the outcome of those pres releases.please guys lets not be another fool that buying shit releases

[blacknight789]

This is exactly the cryptocurrency market that you will see prices decrease at any time, and prices will rise again. The main feature of the cryptocurrency market is the price fluctuation. So, wait for the right time.

[cryptosmith03]

I think you are right, the price of bitcoin has dropped a bit in the last 24 hours. But that does not mean that it will continue to decrease constantly. Bitcoin prices are almost always fluctuating. As it has decreased, it will be re-emerged in a short time.

[btcmaster999]

Berminal is a good source of mostly legit news. As far as I know, the news published in Berminal is merely any spooky news in the market. Though I do not visit much, it can be a good source of news.

[SparklesCoin]

There is a good need of the legit sources of information in the web about cryptocurrency market. Berminal has started with a motto to fill up that needs. Can you prove berminal's legitimacy with any reference or endorsement from anyone?