On 5th September, the cryptocurrency market went bonkers as the price of all the coins dropped within a matter of few minutes. The actual reason for the drop remains a mystery but several market speculators believe that the reason for the slump is the huge movement of Bitcoin via a wallet on Silk Road.
Recently, there were movements spotted on a wallet connected to the Onion website for purchasing drugs called Silk Road. The amount of Bitcoin moved was recorded to be almost worth $1 billion, which was transferred to Binance, Bitfinex, and BitMEX. Moreover, movements of altcoins such as Ethereum were observed as well.
According to TrustNodes, almost $134 million worth Ethereum [ETH] was transferred to Gemini, one of the leading cryptocurrency exchanges in the world, which is waiting for Bitcoin ETF approval since last year.
As the market crashed and the bear feasted on Bitcoin and other cryptocurrencies, the total market capitalization took a hard hit of over $15 billion in a short time frame of the day. During this time, the Bitcoin dominance on the cryptocurrency market also increased by a percent, whereas altcoins bled their guts.
Throughout the day, the total market capitalization was stable at around $239 billion. However, as the bear took over and crashed the cryptocurrency wagon, the market cap crashed with it, plunging to around $222 billion. Furthermore, the Bitcoin dominance took a minor hike from 53.28% to 54.52% indicating towards a weaker market for the altcoins.
A Redditor named DeanMachine11 on the market crash commented:
“Most know there isn’t an annual bull run we can all look forward to.”
Here, a user baileyscrypto asked for factual information or proof on the same. To this, DeanMachine11 replied, stating:
“You want facts on whether a market is going to go up or down in the future? Seriously? If I had that kind of powerful insight, I wouldn’t be here typing on Reddit forums. // “Until it actually happens, then everything is either speculation or planning.” ~Me”
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