Tim Copeland

The price of Bitcoin has fallen below $11,000, and is currently hovering $10,980–signifying a 3.5 percent drop for the day. It remained relatively stable just below $11,400 for the majority of the day before falling 1.7 percent in a single hour.

The top three coins have followed suit, with Ethereum heading back towards the $200 mark and XRP staying below $0.30.

Most of the coins in the top 100 are in the red with VestChain and Maximine Coin (a coin pumped beyond degree) posting the greatest losses. Both are down by more than ten percent. In contrast, ABBC coin is up 18 percent after its coin spiked 64 percent in one hour yesterday before slowly coming back down to Earth.

When the price of Bitcoin dropped, traders going long (betting the price would go up) were thereby liquidated. Datamish shows that more than $30 million in longs were liquidated on BitMEX alone.

This doesn't pose well for anyone betting on Goldman Sachs' advice. The investment company sent a note to its institutional clients speculating that Bitcoin may retrace to $11,094 before pumping towards $13,000. Might it recover in time?


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<span data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Bitcoin (BTC) is a peer-to-peer cryptocurrency, originally described in a 2008 paper by the pseudonymous Satoshi Nakamoto. Launched in January 2009, it was the world’s first cryptocurrency, and remains the most popular, with the highest market capitalization of all cryptocurrencies.\r\n\r\nBitcoin was built on several key innovations. Firstly, Nakamoto guaranteed that Bitcoin transactions were immutable, by recording all transactions on a distributed ledger known as a blockchain. Secondly, he ensured Bitcoin’s scarcity by capping the total number of Bitcoin in existence at 21 million. Finally, the community was incentivized to verify transactions by receiving rewards in the form of “mined” Bitcoin for checking the accuracy of the blockchain.\r\n&quot;}" data-sheets-userformat="{&quot;2&quot;:803,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:14281427},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;11&quot;:4,&quot;12&quot;:0}">Bitcoin (BTC) is a peer-to-peer cryptocurrency, originally described in a 2008 paper by the pseudonymous Satoshi Nakamoto. Launched in January 2009, it was the world’s first cryptocurrency, and remains the most popular, with the highest market capitalization of all cryptocurrencies.</span>

Bitcoin was built on several key innovations. Firstly, Nakamoto guaranteed that Bitcoin transactions were immutable, by recording all transactions on a distributed ledger known as a blockchain. Secondly, he ensured Bitcoin’s scarcity by capping the total number of Bitcoin in existence at 21 million. Finally, the community was incentivized to verify transactions by receiving rewards in the form of “mined” Bitcoin for checking the accuracy of the blockchain.

Bitcoin

Bitcoin (BTC) is a peer-to-peer cryptocurrency, originally described in a 2008 paper by the pseudonymous Satoshi Nakamoto. Launched in January 2009, it was the world’s first cryptocurrency, and remains the most popular, with the highest market capitalization of all cryptocurrencies.

Bitcoin was built on several key innovations. Firstly, Nakamoto guaranteed that Bitcoin transactions were immutable, by recording all transactions on a distributed ledger known as a blockchain. Secondly, he ensured Bitcoin’s scarcity by capping the total number of Bitcoin in existence at 21 million. Finally, the community was incentivized to verify transactions by receiving rewards in the form of “mined” Bitcoin for checking the accuracy of the blockchain.

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Things are not looking good for Goldman Sachs' trading call on Bitcoin's price.

The price of Bitcoin has fallen below $11,000, currently worth $10,980. It is down 3.5 percent for the day. This doesn't pose well for Goldman Sachs' call.

Bitcoin slides below $11,000, taking the market with it

Things are not looking good for Goldman Sachs' trading call on Bitcoin's price.