Bitcoin and other cryptocurrencies suffer a sudden crash

Remember Bitcoin?

Bitcoin was all the rage about a year ago. Everyone who was anyone wanted in on it, and for good reason too. There was a point where one bitcoin was worth as much as $20,000, and many stories emerged of heartbroken people who had bought KFC meals with Bitcoin while it was worth very little. But since then, its value has steadily dropped, and following a number of crashes, the most popular cryptocurrency is now worth less than $7,000. This week, in particular, saw a dramatic crash in its value, and experts are struggling to understand why. According to Forbes, Bitcoin's worth fell by $500 in a matter of minutes, which has caused a number of experts to theorise why this may have occurred. A number of reports from Business Insider claim that US investment bank Goldman Sachs is ditching plans to open a desk for trading cryptocurrencies. Business Insider reported: "Goldman has moved plans to open a desk for trading cryptocurrencies further down a list of priorities for how it can participate in cryptocurrency markets, according to people familiar with the matter." However, a number of other cryptocurrencies have suffered far greater than Bitcoin did. Ripple, ethereum, EOS and bitcoin cash, which are some of the most popular cryptocurrencies, all dropped by roughly 10%.