The cryptocurrency market has faced a mysterious meltdown this morning as most Cryptocurrencies are in the red and seeing losses in the double-digital percentages, with most of the major tokens registering 20%+ losses in the last 24 hours.
Some cryptos have been hit harder than others. Ethereum‘s ETH token is now worth $226, the lowest price it has seen since September last year. Bitcoin (BTC) and Ripple (XRP) are all taking significant losses.
Many speculate that the fall of the crypto market today is due to the announcement that Goldman Sachs is pulling its cryptocurrency trading plans. This could very well be the case, as many investors see a potential crypto trading desk by Goldman Sachs as a push for more widespread adoption, especially with institutional investors.
The poor performance of ETH is significant as it is the 2nd-largest crypto by the total market cap, although other tokens in the top 10 (BCH: -19%, EOS: -20.5%) have performed even worse. This could suggest a general loss of faith in cryptocurrencies, which tends to lead to altcoins being traded for BTC.