Home / Crypto News / Bitcoin crashes to $ 6,411 in just 24 hours – is Silk Road guilty?

Bitcoin crashes to $ 6,411 in just 24 hours – is Silk Road guilty?

Bitcoin crashes to $ 6,411 in just 24 hours - is Silk Road guilty?

The crypto markets started this month positively and hopefully. Now it seems like the bear market will continue. Next to Ethereum (I reported) it met Bitcoin (BTC) afterwards. In a flash crash Bitcoin crashed and reached on several exchanges a price of less than 6,500 USD. With that, the cryptocurrency lost nearly $ 1,000 worth in less than five minutes.

At the time of writing, a bitcoin had a price of $ 6,411 and a market capitalization of $ 110.18 billion.

Various observers suspected that the reason for the crash was the recent move of a Bitcoin Wallet. This could, according to opinion, be connected with accounts of the closed Darknet trading platform Silk Road. Recently, a Reddit user had discovered that Bitcoin was moving to the tune of nearly $ 1 billion. These coins were transferred in batches to the crypto exchanges Bitfinex, Binance and BitMEX.

Over the past ten days, the wallet owner has transferred over 11,124 bitcoins to the Bitfinex crypto exchange. Bitfinex is one of the world's leading crypto exchanges. He transferred another 4,421 Bitcoin to the Binance crypto exchange, the largest crypto exchange in the world in terms of trading volume. In addition, the owner of the wallet transferred 210 Bitcoin to the large trading platform BitMEX.

Amazingly, on the morning of September 5, Bitcoin had a rate of $ 22,000 on an Iranian trading platform. This followed the announcement by the Iranian government that the mining of cryptocurrencies in Iran is now allowed.

Bitcoin did not suffer from the flash crash on its own. Other Altcoins and especially Ethereum recorded significant slumps. Also following was Ripple XRP and Bitcoin Cash.

Short positions for Bitcoin have also increased strongly in the market. The speculation of a fall in the price of Bitcoin has risen since the beginning of the month. The data shows that BitMEX currently has the largest volume of Bitcoin trading ($ 3.3 billion).

Reddit user Robby16 wrote:

“Short positions, buddy. Whale against whale. Long positions are liquidated and shredded. Over 100 million tethers were created and sent to Bitfinex to open a short position. “

The reddit user “Uelga” asked incredulously:

“Another crypto flash sale or what?”

“Crypt0jakd” wrote on Reddit:

“That's the alleged bull market, this delusional idea was overdue. Just a bunch of kids shouting “Lambo.”

Adam Furbey, a short trader from Christchurch said in an interview:

“Is this a manipulation again? So, who is content with Bitcoin for $ 6,890? This works like a planned squandering. This madness keeps people from cryptos off. Short positions are crap. “

His friend Remy, however, disagreed:

“Right now you should get into crypto. People like Adam are throwing up now, that's why I call them “weak hands”. It's good when they get off. We'll stay stronger then. “

Bitcoin crashes to $ 6,411 in just 24 hours - is Silk Road guilty?

Sources: Reddit 1, Twitter, Reddit 2, Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/bitcoin-kurs-crasht-in-nur-24-stunden-minuten-auf-6-411-usd-ist-silk-road-schuld/

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