Bitcoin price (BTC) slammed 10% last week to the lowest level in the previous four weeks. The bear run intensified during the weekend trading after South Korean news agency reported that government authorities had raided one of the largest cryptocurrency exchanges.
Altcoins, in particular, fumbled at a sharp pace over the last three days – as Upbit accounts for the major portion of their trading volume.
The selling pressure has erased all the gains that altcoins have generated in the past month. Bitcoin price tumbled almost 17% since peaking to two months high of $9,900 level on April 5.
Source Image: coinmarketcap.com
Here are the biggest losers during the last week slump:
EOS (EOS): -19
Cardano (ADA): -19
Litecoin (LTC): -17
Ripple (XRP): -14
EOS and Cardano are among the biggest losers as both coins were receiving massive trading volume from Upbit exchange.
Goldman Sachs Backing of Bitcoin Didn’t Create Surprising Moves
The market has also been ignoring several reports that have the long-lasting consequence on cryptocurrency markets. These reports include Goldman Sachs bitcoin endorsement and Intercontinental Exchange (ICE) strategy to launch cryptocurrency trading.
Although the selling pressure was initially supported by Warren Buffett and Bill Gates criticism on Bitcoin and other digital currencies, raid on the largest Korean exchange and lower revenue guidance for cryptocurrency mining chips from Nvidia (NASDAQ:NVIDIA) banged trades sentiments.
Nvidia dropped its cryptocurrency mining revenue forecast by two-thirds from earlier estimates.
Bitcoin experts aren’t giving substantial importance to Goldman Sachs move of launching bitcoin futures in a limited capability initially.
Cryptocurrency analyst Matthew Newton believes Goldman Sachs move isn’t a “huge surprise” considering the amount of attention from other institutions and exchanges in the past couple of quarters. He said: “This shouldn’t come as a huge surprise to anyone who has been paying attention to cryptocurrencies over the last 18 months.”
Bulls, however, are trying to capitalize on Goldman Sachs backing. The BTC coin has found the support around $8,400 level after a huge crash.
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