Crypto Bloodbath: Bitcoin and Ethereum Record Losses in $10 Billion Wipeout

[SuperBazooka]

Crypto Bloodbath: Bitcoin and Ethereum Record Losses in $10 Billion Wipeout
Over the past 24 hours, the crypto market has experienced a large sell off as Bitcoin demonstrated a 3 percent drop in price, leading the market to drop $10 billion.



Ethereum and EOS recorded the largest drop amongst major cryptocurrencies at 9 percent, while Bitcoin Cash, Litecoin, Monero, Cardano, and Dash demonstrated steep 7 percent losses.

What Caused the Steep Decline?
On September 16, CCN reported that a wallet containing $720 million in Bitcoin, which was dormant for many years, started to move funds to Bitfinex.

A Reddit user with an online alias u/Sick_Silk claimed that the wallet is owned by a Silk Road-related figure, who was most likely involved in the operation of the dark web marketplace. The user said:

“It seems that the owner of a huge SilkRoad related wallet is moving funds actively since 3 days, dividing it in chunks of 100 coins by subwallets. The original wallet owned 111,114.62 BTC / BCH , which is currently valuated ~ $844M (without taking in account other #Bitcoin forks). Last movements on these subwallets are 4 years and 5 months old (March 9th, 2014).”

WizSec, a Japan-based security agency which discovered the money launderer behind the stolen funds of the now-defunct cryptocurrency exchange Mt. Gox, stated that the wallet is completely unrelated to Silk Road but rather to Mt. Gox. Analysts at the agency explained that a whale investor who purchased a massive batch of Bitcoin a few years back have started moving the funds.

It is possible that the sell-off of hundreds of millions of dollars in Bitcoin initiated by one whale investor caused a domino effect across all major cryptocurrency exchanges, causing the market to drop substantially.

Prior to September 18, major digital assets like Bitcoin and Ethereum demonstrated stability in the low price range, showing signs of a short-term bottom. Hence, it required a large sell-off and an unforeseen event in the cryptocurrency exchange market to trigger a drop of this magnitude.
https://www.ccn.com/crypto-bloodbath-bitcoin-and-ethereum-record-losses-in-10-billion-wipeout/

[ranman09]

Yes, I think it is possible, that is why many people here wanted many people to adopt and use bitcoin. So we don't people like that whale to easily manipulate the market.

[franky1]

the market has not dropped by $10billion

the market cap is not a bank account
its just a multiplication of the price

for instance if i could move the price from $6345 to $6344 using just $10
then the market has dropped by $1. and only loss is someone paying $10 for the difference

the whole multiple of the "market cap" shifting by over $17million.. is meaningless. it does not represent real numbers, real value real money movements

stop measuring things against the market cap
soon enough someone will just make a coin with a trillion coins and sell 1 coin for $1 just to B*tch slap those that blindly follow 'market cap'

[Strufmbae]

-rebut

Can you clearly explain to what is really happening when somebody sends a money from different address when converted?  For example i converted 100 btc to monero then i send it to somebody,  what could happen then?  If i convert and send , does it affect the price/value? Maybe this is the point that OP is trying to express?

[franky1]

-rebut

Can you clearly explain to what is really happening when somebody sends a money from different address when converted?  For example i converted 100 btc to monero then i send it to somebody,  what could happen then?  If i convert and send , does it affect the price/value? Maybe this is the point that OP is trying to express?

changing 100 btc to monero is NOT YOU changing the btc<>$ market. however YOU are changing the btc<>monero market.

however. there is indirectly a chance that the person that had monero. and now has bitcoin. might just sell their bitcoin on the btc<>$ market thus they change the bitcoin<>$ market.
however they could just aswell
hoard the btc. thus not change the btc<>$
or sell bitcoin for another altcoin. thus not change the btc<>$

the positive is that by changing to altcoins instead of $. allows people to day trade for bitcoin profits on other markets. and that bitcoin<>$ is not the only market

so the less coin being sold on the bitcoin<>$ the less coin is there to push the price down.

summary.
selling bitcoin for monero isnt you dirctly affecting the bitcoin<>$ but you are indirectly not using bitcoin<>$ so you are preventing a price drop. however who gets the btc could just aswell sell on the bitcoin<>$ market after you..

there is no point getting your head twisted playing the 'chain reaction' game just know by you not using bitcoin<>$  your not causing a downward movement on the bitcoin<>$

[BrewMaster]

LOL. today was just another altcion pump and dump which took place with a dump and pump instead. nothing to see here really and it definitely is not something you open up a topic about in bitcoin board.
for example some whales have been dumping ethereum, letting it come back up then dumping again some more. all the while pumping XRP up.

[Itcher]

unfortunately, even ethereum today is not able to maintain the proper operation of its smart contracts, I think you need to look for other coins