bitcoin is experiencing another decline in less than 24 hours

The value of digital currencies fell sharply for the second time in less than 24 hours, and fell to nine-month lows amid fears that the adoption of digital assets on a larger scale will take longer than expected.

The currency, the largest digital currency, fell by 9.8%, and traded at $ 6,422 at 1:25 pm. With lower competition currencies such as the Ripple, the Ether, and the Clay Quinn. Optimists in the market, who have been working to increase the user base to raise prices, are disappointed.

Business Insider reported Wednesday that Goldman Sachs Group was re-planning its near-term plans to set up a digital currency trading desk, while ShapeShift AG said on Tuesday it would begin asking for personal information for users - a policy that could exclude customers who prefer Not to reveal their identity. The next steps follow the decision by regulators in the United States last month to reject another round of ETF proposals.

While many banks and institutional investors have begun to enter the digital currency market, concerns about everything from money laundering to market manipulation and unclear regulations have prevented widespread adoption. The market value of CoinMarketCap's digital currency fell by nearly 75% from a peak in January to $ 204 billion.

The next major level to be seen for the developers is $ 5,000, according to Lynes, who said that a drop below that limit could cause the losses to accelerate.