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Crypto Market Chaos: Crypto Community Quick to Blame Goldman Sachs, Silk Road Bitcoin Liquidation More Likely
3 min read
Updated: Nov. 7, 2019 at 2:54 am UTC
Photo by Osman Rana on Unsplash
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.
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 ›
$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 CNBC’s Fast Money as a reliable contraindicator. Earlier in the day, CNBC’s Fast Money tweeted bullish statements on Bitcoin, predicting a Bitcoin rally to one-month highs. Subsequent to CNBC’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 ›
$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 CNBC’s Fast Money as a reliable contraindicator. Earlier in the day, CNBC’s Fast Money tweeted bullish statements on Bitcoin, predicting a Bitcoin rally to one-month highs. Subsequent to CNBC’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. Mentioned in this article
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Goldman Sachs
Goldman Sachs a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.
