Bitcoin gives a downturn and loses $500 in just minutes

Since the beginning of the year, the bitcoin market seems to be on the road to collapse, and the red numbers are the order of the day. So most fans and investors are confused and desperate about this situation, which seems to have not changed in the short term.

In fact, this is why we are very excited about the improvement of the market in the past few days, which of course has caused a sense of calm in all walks of life.

However, today's feeling of calm was hit, when bitcoin had a bearish move and placed the coin at $500, which obviously affected other cryptocurrencies on the market. Let's take a look at the main details behind the current encryption market.

At the beginning of the morning, the price of bitcoin dropped significantly by more than 5%, which made the price of the coin around $7,000, but there was a very low price in the next few hours.

In fact, according to the bitcoin historical data, the bitcoin price was $6,954 at the time of writing, and the price in the past 24 hours dropped by 5.52%. So when red appears again in the landscape, we want to know what might happen this time.

Well, there is no confirmation about the above mentioned. Nonetheless, some hypotheses indicate that a sudden free fall may be affected by Business Insider's unconfirmed report that the US investment Goldman Sachs actually decided to abandon the integration of encryption options around the planned encryption world in its business.

According to people familiar with the matter, it may write in the report,: “Goldman Sachs has begun planning to open a desk to further trade cryptocurrencies to its prioritized list of currency markets.”

The latest bitcoin news pointed out that the field of encryption has been the focus of the Securities and Exchange Commission in recent times, mainly because of ICO, scammy coins, possible provisions for bitcoin, and others.

In fact, not long ago, the US Securities and Exchange Commission decided to reject Bitcoin applications in order to own exchange-traded funds, and the only reason given was price volatility, but in contrast, the CEO of the encryption startup. Abra recently said that the real reason behind the refusal of the Securities and Exchange Commission is that "the encryption industry does not meet the applicant's prototype." He said, "People who are applying are not in compliance with the US Securities and Exchange Commission's past approval model."

We still can't tell whether bitcoin price will continue to fall or whether it will improve, but we can be sure that this is the problem that the king of the encryption market needs to solve in order to keep the company's Intercontinental Exchange's attention plan to launch bitcoin in November.

Related to other parts of the market, as bitcoin affects the entire industry, a downtrend may inevitably occur, but the most affected parts are Ethereum, XRP, BCH.