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.
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