Third rapid drop in 24hrs sends Bitcoin price down to $6,400

Overnight trading brings another sizeable fall in the value of Bitcoin, as it dips $500 in and hour. 

After yesterday’s step falls in the price of Bitcoin that bought it down from just under $7,400 to around the $7,000 mark, trading overnight saw an even bigger steep drop.

The action began just after midnight (GMT+1), and the following hour of trading saw the BTC price fall around $500 on BitFinex, before settling again at at just above the $6,400 mark. It was another base-jump of a fall for the most-traded crypto – continuing a pattern that has seen stretches of low-volatility punctuated at seemingly random points by big spikes and dips.

Yesterday’s movements were attributed to a move by Goldman Sachs that put the breaks on plans to begin crypto trading in order to concentrate on getting its custody and storage systems up-and-running. Also in play, however, was the movement of a large cache of BTC via Binance and BitFinex – a stash which has been closely watched by our friends over at CryptoGlobe because of its possible connection to two infamous episodes in the history of cryptocurrency, Silk Road and Mt.Gox.

Yesterday, CryptoGlobe reported the movement and dumping of some of the 111,000BTC stash – about $100m-worth of it, in fact – via the two exchanges, and attributed the dual price drops of mid-morning yesterday to a the sell-off. It was a move that was probably capitalised on by a smaller – but still sizeable – 210BTC short trade by the same person or persons over at BitMex. A sly move if ever there was one.

However last night’s fall was created, it is a further blow to any thoughts of a concerted recovery in the crypto markets, at least for now. What’s more, as with the case of the so-called Mt.Gox whale (actually the person charged with liquidating the assets of the defunct exchange), the presence of a person with a very big stash of BTC that it appears they’re looking to sell will only add to the skittishness of the markets in general.

Of course, this whole affair could be down to another terrible predictive tweet from CNBC. Indeed, some twitter users are starting to wonder if it isn’t about time for it to get out of the Tweeting game.