Contributor
i
Crypto & Blockchain
I write about how bitcoin, crypto, and fintech are changing the world.
The bitcoin price went into freefall this morning, despite good news for bitcoin adoption from the growing Lightning Network, as investors get cold feet ahead of the U.S. Security and Exchange Commission’s (SEC) decision expected later this month on whether to grant approval for a bitcoin exchange-traded fund (ETF) — something the SEC has previously rejected due to fears around bitcoin’s wild price swings and price manipulation.
Bitcoin fell by some $500, or 5%, in just a matter of minutes, according to CoinDesk data, and taking the bitcoin price under the psychological $7,000 mark.
The sharp fall in bitcoin price comes after unconfirmed reports from Business Insider that U.S. investment bank Goldman Sachs is ditching plans to open a desk for trading cryptocurrencies due to the murky regulatory landscape.
In response, the bank released a statement: “We have not reached a conclusion on the scope of our digital asset offering,” it said.