The selloff across cryptocurrencies accelerated late on Wednesday, when bitcoin and other digital tokens dropped for the second time in less than 24, sinking to a nine-month low amid growing concern broader adoption of digital assets will take longer than some anticipated following an earlier report that Goldman was suspending its cryptocurrency trading desk plans.
Bitcoin tumbled as much as 10% percent and was trading at $6,408 on Thursday morning, down 7.8%. The Bloomberg Galaxy Crypto Index, a gauge of the largest digital assets, traded near its lowest level since November 2017 as rival coins Ripple, Ether and Litecoin also tumbled in sympathy.
The recent plunge has resulted in the biggest two-day drop in the Bloomberg Galaxy Crypto Index since June.
The Goldman decision to pull back from trading crypto followed more bad news last month, when the SEC rejected another round of Bitcoin ETF proposals.