Bitcoin Drop Down below $ 7,000

The price of cryptocurrencies fell on Tuesday. Bitcoin sank below $ 7,000 after surging more than 30% last month.

Bitcoin slumped 2.1% to $ 6.945.0 at 11.20 AM on the Bitifinex exchange.

Ethereum slipped 1.3% to $ 405.8 on the Bitifinex exchange.

Ripple traded at $ 0.41090, up 5.7% over the past 24 hours on the Poloniex exchange, while Litecoin also climbed 2.9% to $ 72.588.

Reports that investment giant BlackRock Inc. formed a team to see investments in cryptocurrency and blockchain referred to as the main catalyst that pushed Bitcoin prices above $ 8,000 in July.

Meanwhile, the announcement of the CFA Institute which adds topics about cryptocurrency and blockchain into Level I and II curricula for the first year, is also referred to as a supporting factor.

Some analysts believe JPMorgan CEO Jamie Dimon’s comments over the weekend may have triggered sales.

Dimon repeated the comments he made last year and called the cryptocurrency a “fraud” and said he was “not interested” in the world’s largest digital currency. He also advised the government to close the currency, because of the inability to control it.

“To say that is the same as the US dollar is almost crazy,” he said on Saturday at the Aspen Institute’s 25th Annual Summer Celebration.

In other news, Goldman Sachs (NYSE: GS) reportedly explored the option to offer custody for crypto funds, according to sources, adding that there was no time set at this time.

“Responding to client interest in a variety of digital products we explore the best ways to serve them in this space,” said a Goldman Sachs spokesman. “At this point we have not reached conclusions about the scope of our digital asset offerings.”

This service will reduce the risk for bank clients who are trying to guard against the threat of losing their investment in cyber attacks, because the company will hold securities in the name of the funds.

In May, Nomura Holdings created a custody consortium called Komainu. The report also revealed that at least three other companies, including Bank of New York Mellon (NYSE: BK) Corp., JPMorgan Chase & Co. (NYSE: JPM) and Northern Trust Corp (NASDAQ: NTRS)., Were also considering offering crypto custody services.

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