Bitcoin prices continued their long slide today. The cryptocurrency sell-off that began in the middle of the week gathered pace, although market insiders were baffled as to what had triggered the avalanche.
One potential flashpoint was the news that giant investment bank Goldman Sachs had downgraded plans to open a cryptocurrency trading desk.
In a statement, Goldman said, "We have not reached a conclusion on the scope of our digital asset offering."
The Goldman announcement cast a cloud over such optimism.
Separately, regulatory concerns are mounting among investors. The US Securities and Exchange Commission recently maintained its 100% record of rejecting proposals for exchange-traded funds (ETFs) involving cryptocurrencies, turning down proposals for eight such ETFs, having rejected a ninth in July. It is widely expected to reject a tenth such application in the near future.
ETFs are investment vehicles that trade on financial exchanges much as if they were ordinary shares. The SEC has cited extreme price volatility and the danger of manipulation as reasons for turning down these applications.