A crypto rally came to a halt Wednesday in New York with major digital currencies slumping—some coins losing as much as 10% in less than an hour—as a report about a shift in interest in the market at Goldman Sachs rattled investors.

Bitcoin, the world’s biggest digital currency, fell more than 6%, trading back below $7,000 to an intraday low of $6,866.06. A single bitcoin BTCUSD, -2.02% last changed hands at $6,933.35, down 5.8% since Tuesday at 5 p.m. Eastern on the Kraken crypto exchange.

BTC/USD 15-minute chart

The move came after a report from Business Insider said that Goldman Sachs GS, -2.72% as put a hold on its plans to open a cryptocurrency trading desk, citing people familiar with the matter.

In an email to MarketWatch, Goldman spokesman, Michael DuVally said: “ At this point, we have not reached a conclusion on the scope of our digital asset offering.”

In early May, the bank told the New York Times that it would be opening a cryptocurrency trading desk to allow its customers to trade bitcoin as a non-deliverable forward.

Eiland Glover, CEO of stablecoin Kowala said the implications of Goldman ceasing its crypto trading plans could have a negative impact on liquidity. “We think of bear markets as being primarily about price, but for traders lower trading volumes and liquidity might be an even bigger issue. So, I view the Goldman announcement as an indication of the poor near-term prospects of the crypto trading funds in particular,” Glover said.

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Altcoins crushed, Ether nearing one-year low

The struggles of Ether, the digital currency that runs on the Ethereum network, continue following further negative news, this time suggesting Ether miners could take payment in other digital currencies.

Mati Greenspan, senior market analyst at eToro said that while Ethereum cofounder Vitalik Buterin agreed this scenario was a possibility, it was largely taken out of context and was just a thought experiment at this stage. Buterin’s comments were outlined in a Reddit post.

In Wednesday trading Ether ETHUSD, -4.97% slumped below $250, last trading at $244.19, down 14.3% on the day, Bitcoin Cash BCHUSD, -3.73% was down 13.7% to $542.40, Litecoin LTCUSD, -2.02% was off 11.4% at $60.17, and Ripple’s XRP coin XRPUSD, -2.61% was trading at 29 cents, down 11.5%.

Bitcoin futures finished Wednesday well in the red. The Cboe Global Markets Group Inc.’s September contract US:XBTU8 ended the day down 5.9% at $6,920, while the CME Group Inc. September contract US:BTCU8 finished 6.1% lower at $6,900.

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