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Crypto Market Chaos: Crypto Community Quick to Blame Goldman Sachs, Silk Road Bitcoin Liquidation More Likely Crypto Market Chaos: Crypto Community Quick to Blame Goldman Sachs, Silk Road Bitcoin Liquidation More Likely
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Crypto Market Chaos: Crypto Community Quick to Blame Goldman Sachs, Silk Road Bitcoin Liquidation More Likely

Crypto Market Chaos: Crypto Community Quick to Blame Goldman Sachs, Silk Road Bitcoin Liquidation More Likely

Photo by Osman Rana on Unsplash

The cryptocurrency market is in the midst of a selling frenzy, with Bitcoin, Ethereumย 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 โ€œDread Pirate Robertsโ€ Ulbricht.

Bitcoin Market Data

At the time of press 2:54 am UTC on Nov. 7, 2019, Bitcoin is ranked #1 by market cap and the price is down 1.09% over the past 24 hours. Bitcoin has a market capitalization of $113.64 billion with a 24-hour trading volume of $3.75 billion. Learn more about Bitcoin ›

Bitcoin

2:54 am UTC on Nov. 7, 2019

$6,563.13

-1.09%
Crypto Market Summary

At the time of press 2:54 am UTC on Nov. 7, 2019, the total crypto market is valued at at $217.04 billion with a 24-hour volume of $11.39 billion. Bitcoin dominance is currently at 52.36%. Learn more about the crypto market ›

CNBC Contraindicator Strikes Again

The sudden drop in cryptocurrency market value may be loosely associated with skittish investor sentiment and the possibility of a large-scale Bitcoin dump caused by unleashed Silk Road billions, but recent market action has reinforced CNBCโ€™s Fast Money as a reliable contraindicator.

Earlier in the day, CNBCโ€™s Fast Money tweeted bullish statements on Bitcoin, predicting a Bitcoin rally to one-month highs. Subsequent to CNBCโ€™s Fast Money, total crypto volume shrunk 5.5 percent in one hour.

Ultimately, the cryptocurrency market may respond strongly to negative press, but a single sourceless article related to Wall Street players is far less likely to catalyze a dramatic drop than the active sale of almost $1 billion in Bitcoin across multiple exchanges.

Ethereum Market Data

At the time of press 2:54 am UTC on Nov. 7, 2019, Ethereum is ranked #2 by market cap and the price is down 1.31% over the past 24 hours. Ethereum has a market capitalization of $23.13 billion with a 24-hour trading volume of $1.38 billion. Learn more about Ethereum ›

Ethereum

2:54 am UTC on Nov. 7, 2019

$225.73

-1.31%
Crypto Market Summary

At the time of press 2:54 am UTC on Nov. 7, 2019, the total crypto market is valued at at $217.04 billion with a 24-hour volume of $11.39 billion. Bitcoin dominance is currently at 52.36%. Learn more about the crypto market ›

CNBC Contraindicator Strikes Again

The sudden drop in cryptocurrency market value may be loosely associated with skittish investor sentiment and the possibility of a large-scale Bitcoin dump caused by unleashed Silk Road billions, but recent market action has reinforced CNBCโ€™s Fast Money as a reliable contraindicator.

Earlier in the day, CNBCโ€™s Fast Money tweeted bullish statements on Bitcoin, predicting a Bitcoin rally to one-month highs. Subsequent to CNBCโ€™s Fast Money, total crypto volume shrunk 5.5 percent in one hour.

Ultimately, the cryptocurrency market may respond strongly to negative press, but a single sourceless article related to Wall Street players is far less likely to catalyze a dramatic drop than the active sale of almost $1 billion in Bitcoin across multiple exchanges.

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