Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Bitcoin Dips Below $7,000, Hits Lowest Level in Three Weeks

Cryptocurrency Aug 07, 2018 05:44
Saved. See Saved Items.
This article has already been saved in your Saved Items
Cryptocurrencies prices fell on Tuesday – Cryptocurrencies prices fell on Tuesday, with Bitcoin falling below the $7,000 mark after surging more than 30% last month.

Bitcoin was down 2.1% to $6,945.0 at 12:20AM ET (04:20 GMT) on the Bitifinex exchange.

Ethereum slipped 1.3% to $405.8 on the Bitifinex exchange.  

Ripple was trading at $0.41090, down 5.7% in the last 24 hours on the Poloniex exchange, while Litecoin also fell 2.9% to $72.588.

Reports that investment giant BlackRock Inc. formed a team to look into cryptocurrency and blockchain investments were cited as the major catalyst that pushed Bitcoin prices to above $8,000 in July.

Meanwhile, CFA Institute’s announcement that it is adding topics on cryptocurrencies and blockchain to its Level I and II curriculums for the first time next year were also cited as supportive.

Some analysts believed JPMorgan CEO Jamie Dimon’s comments over the weekend may have triggered the selling.

Dimon reiterated comments he made last year, calling cryptocurrencies a "scam" and said he had "no interest" in the world’s largest digital currency. He also suggested governments may shut down the currencies, because of an inability to control them.

"To say it’s the same thing as the U.S. dollar is virtually insane," he said on Saturday at the Aspen Institute’s 25th Annual Summer Celebration Gala.

In other news, Goldman Sachs (NYSE:GS) is reportedly exploring the options to to offer custody for crypto funds, according to people with knowledge of the matter, adding that no timeline has been set at the moment.

“In response to client interest in various digital products we are exploring how best to serve them in this space,” a spokesman for Goldman Sachs said. “At this point we have not reached a conclusion on the scope of our digital asset offering.”

The services would reduce risk for the banks’ clients seeking to guard against the threat of losing their investments to cyber attacks, as the firm would hold the securities on behalf of the funds.

In May, Nomura Holdings created a custody consortium called Komainu. Reports also suggested that at least three other firms, including the Bank of New York Mellon (NYSE:BK) Corp., JPMorgan Chase & Co (NYSE:JPM). and Northern Trust Corp (NASDAQ:NTRS)., are also considering to offer crypto-custody services.

Bitcoin Dips Below $7,000, Hits Lowest Level in Three Weeks

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Our Apps
© 2007-2022 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
  • Sign up for FREE and get:
  • Real-Time Alerts
  • Advanced Portfolio Features
  • Personalized Charts
  • Fully-Synced App
Continue with Google
Sign up with Email