Cryptocurrencies dropped sharply for the second time in less than 24 hours, sinking toward a nine-month low amid concern that broader adoption of digital assets will take longer than some anticipated.
The market’s biggest digital coins dropped sharply on Wednesday amid a report that Goldman Sachs Group is pulling back on near-term plans to set up a cryptocurrency trading desk.
Bitcoin recovered from the lowest level since June and scores of smaller digital tokens rallied as concern eased that investors are giving up on the virtual alternatives to cash after this year’s collapse in prices.
Bitcoin is headed for its biggest increase in two weeks on Monday amid a steady drip of news reports suggesting some of the biggest names in investing are starting to embrace digital currencies.
Bitcoin dropped the most in more than a week and led digital coins lower after Japanese regulators hit six of the country’s biggest cryptocurrency trading venues with business-improvement orders. The crackdown surprised