Today on September 5th, almost the whole crypto market showed an unexpected drop. The price of the first cryptocurrency for the last four days has been showing a confident growth, yet now it has lost its position around $7,350 and demonstrated just in two hours an incredible loss of more than $300, passing a psychological mark of $7,000. Currently, Bitcoin (Bitcoin) is trading at $7,009 showing 4.77% loss.
A potential reason for the drop in Bitcoin price could be the decision coming from Goldman Sachs. The company planned to operate and trade crypto, however, due to the missing regulative framework and lack of governmental support, Goldman Sachs announced that they are not going to open a trading option with crypto. Such moves can affect investors since it is related directly to the trust to currencies.
It comes as no surprise that almost all the market except five altcoins followed the downtrend. With Tether the only one among top-10 cryptos who managed to survive, the cryptocurrency analog of USD is trading at $1 (+0,46).
Ethereum (ETH/USD), the second biggest cryptocurrency by market capitalization, has suffered more. Showing 10,76% loss, it has dropped in price by almost $40 and currently is trading at $258 mark.
The price of Ethereum has been affected due to 60,000 ETH sale on Bitfinex market between 10:30 AM and 11:00 AM London Time.
Another 70,000 ETH were exchanged between 11:00 AM and 11:30 AM, sending the price further down to $260.
The only coin which is showing a significant growth among top-100 cryptocurrencies is Bitcoin Diamond.
Following the support of the biggest cryptocurrency exchange Binance, the token has shown a sudden growth from $1.34 to $4.64 but as expected, lost its positions, and is currently trading at $2.73, which is a 170.42% growth.
At the same time, bitcoin in Iran can be bought for the price around $25,800. The rate of bitcoin on Iranian cryptocurrency exchanges is significantly higher than the rest of the world as a result of political and economic factors.
American sanctions and loss of trust to Iranian Rial which went down 80% compared to USD is making the country look into cryptocurrencies.
The second biggest by capitalization cryptocurrency Ethereum is also trading there next to the $1000 mark.