Crypto Market Chaos: Crypto Community Quick to Blame Goldman Sachs, Silk Road Bitcoin Liquidation More Likely This article is more than 2 years old...
Crypto Market Chaos: Crypto Community Quick to Blame Goldman Sachs, Silk Road Bitcoin Liquidation More Likely
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.
3 min read
Updated: November 7, 2019 at 2:54 am
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.
At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is down 1.09% over the past 24 hours. BTC has a market capitalization of $113.64 billion with a 24-hour trading volume of $3.75 billion. Learn more ›
Bitcoin On-Chain Analysis
Market summary
At the time of press, the global cryptocurrency 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 ›
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.
At the time of press, Ethereum is ranked #2 by market cap and the ETH price is down 1.31% over the past 24 hours. ETH has a market capitalization of $23.13 billion with a 24-hour trading volume of $1.38 billion. Learn more ›
Ethereum On-Chain Analysis
Market summary
At the time of press, the global cryptocurrency 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 ›
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.
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