The cryptocurrency market is in the midst of a selling frenzy, with Bitcoin, Ethereum and most altcoins experiencing a sharp and sudden drop in value. A major sell-off, which began at 4:40 p.m. UTC +7:00 on Wednesday saw total cryptocurrency market capitalization lose almost $12 billion in just one hour.
While the crypto community may be quick to reference circumstantial evidence that Goldman Sachs may be terminating plans to launch a cryptocurrency trading desk, the current sell-off is closely linked to the movement of over 111,000 BTC from wallets associated with purported Silk Road operator Ross “Dread Pirate Roberts” Ulbricht.
Get an edge on the cryptoasset market
Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.
On-chain analysis
Price snapshots
More context
Like what you see? Subscribe for updates.
Get exclusive insights and analysis
Access more crypto insights in every article as a member of CryptoSlate Edge.
Join now for $19/month Explore all benefits
Edge Exclusives
Press Release
Pontem Network Joins Polkadot’s Substrate Builder’s Grant Program
Tortola, BVI, 24th October, 2021 — Pontem is excited to announce that after 3 months, they have achieved Milestone #1 of Parity’s Substrate Builder’s grant program.