empire market exit scam = caused the price to drop yesterday?

[StonksStonksStonks]

heres the story about the exit scam  https://www.youtube.com/watch?v=7vlt0lLzzYQ&ab_channel=SlightlySociable

basically, Empire Market was the most recent edition of the Silk Road. The admin took all the Bitcoins and ran. Guessing it was a few millions of dollars worth of Bitcoins. So maybe he dumped them yesterday and that's what caused the price to drop?  

Think we'll see the price walk back up over, if this is the reason. Seller is gone!

[1714763971]

1714763971

[btc_angela]

Didn't watch the video, but as far as I know, that news was like 10 days ago. Anyhow, if they exit scam, too bad, but hey, they are in a dark web so everything is possible. And if they want to leak the emails address of everyone who uses their 'system' then so be it. But I don't think this supposedly exit scam was the cause of the price drop though. Bitcoin is somewhat pushing it's limit and it's good to see some correction so that we can get it at least at $10k a pop.

[jackg]

I was expecting a move like this for a few days.

Since the third rally between 11000-11500 and 11200-11500 was in we just couldn't keep consolidating, we either went up or down. Based on the fact we did it twice or thrice more and the last drop from 12k was quite fast compared to the others it was very likely we broke the 11k region. On fact the last pump to 12k was a bit spurradic compared to the others which either meant a quick break up to 16k or a break down to 10.5k.

[StonksStonksStonks]

Didn't watch the video, but as far as I know, that news was like 10 days ago.

Right the exiting part happens 10 days ago. Ovbiously they wouldn't deposit the coins on the exchange the same day. The person was busy for a few days closing up shop, and then had to launder the bitcoins, and doing whatever else a drug lord does with their week.

[figmentofmyass]

it's already been offline for 2 weeks. everyone assumed it was an exit scam like a week ago........so no, i'd say it had nothing to do with the drop over the last couple days.

the bitcoin market doesn't react much to DNM news anyway. it isn't 2013 anymore---don't go expecting another silk road crash like october 2013. that is never gonna happen again.

it's pretty well understood at this point that all darknet marketplaces either exit scam or get shut down eventually. i feel like this is already priced in.

Ovbiously they wouldn't deposit the coins on the exchange the same day.

i doubt they're flooding exchanges with the coins. we're also only talking about 2-3k BTC anyway. the exit scam may have played some role in the drop, but i certainly wouldn't say it was the cause.

[fabiorem]

We are in 2020, bitcoin have become mainstream, so the probability of the dark web to affect the price is very low.

The market crashed because, like I said before, 12k is the real deal. Its 2/3 of the previous ATH, which bring us to the golden ratio, the 0.618 fibo sequence. There will be a lot of resistance in the way up, which will last months. I think it will have much more resistance than 6k and 9k before.

[Febo]

empire market exit scam = caused the price to drop yesterday?

Price drop was caused by Tesla shares. Tesla announced stock split at that moment its shares started pumping. At the actual split shares dumped. That dump caused crash of all stock market and also Bitcoin and altcoins.  Now stockmarket is totally the same as crypto. Buy the rumour sell the news. Pump and dump.

[MFahad]

heres the story about the exit scam  https://www.youtube.com/watch?v=7vlt0lLzzYQ&ab_channel=SlightlySociable

basically, Empire Market was the most recent edition of the Silk Road. The admin took all the Bitcoins and ran. Guessing it was a few millions of dollars worth of Bitcoins. So maybe he dumped them yesterday and that's what caused the price to drop?  

Think we'll see the price walk back up over, if this is the reason. Seller is gone!

Was Empire Market so big that its exit scam will cause bitcoin to drop from 12000$ to 10300$ ?

1700$ drop in two days is not usual and it can't be because of only one incident of scam of empire market. There are mutliple factors involved and whales just add more to the drama.   

[eaLiTy]

basically, Empire Market was the most recent edition of the Silk Road. The admin took all the Bitcoins and ran. Guessing it was a few millions of dollars worth of Bitcoins. So maybe he dumped them yesterday and that's what caused the price to drop?  

Think we'll see the price walk back up over, if this is the reason. Seller is gone!

I seriously did not understand your comparison with the empire market exit scam and the silk road, hope you are aware that silk road was a dark market store and the owner did not scam anyone but since the products sold in the store were not legal and hence he was caught and all or most of his coins were confiscated by the authorities and the coins were auctioned off.

To be frank this is the first time i am hearing about this and i do not think that this exit scam has anything to do with the correction.

[pixie85]

When will people start to learn that holding your coins on these black markets usually leads to police seizures or scams?

It's interesting how some people blame a raid on a Korean exchange, some others blame Bitcoin mining pools and in reality it was the stock market that took us with it once again just like it did in March.

[Yaunfitda]

heres the story about the exit scam  https://www.youtube.com/watch?v=7vlt0lLzzYQ&ab_channel=SlightlySociable

basically, Empire Market was the most recent edition of the Silk Road. The admin took all the Bitcoins and ran. Guessing it was a few millions of dollars worth of Bitcoins. So maybe he dumped them yesterday and that's what caused the price to drop?  

Think we'll see the price walk back up over, if this is the reason. Seller is gone!

Was Empire Market so big that its exit scam will cause bitcoin to drop from 12000$ to 10300$ ?

1700$ drop in two days is not usual and it can't be because of only one incident of scam of empire market. There are mutliple factors involved and whales just add more to the drama.   

No, it's not that big exit scam to really cause a shake up in the market, and I also believed that this is the real case. There are a lot of speculations going on, hard to pinpoint which one. But I would agree that the resistance around $12k is difficult to overcome, that's why the investors play the market around, manipulators behind and the panic was established when inexperienced noobs follow. And now they are still at loss and probably more are still selling at this point because it bounce back to $10,500 then goes down to $10,100.

[Saisher]

heres the story about the exit scam  https://www.youtube.com/watch?v=7vlt0lLzzYQ&ab_channel=SlightlySociable

basically, Empire Market was the most recent edition of the Silk Road. The admin took all the Bitcoins and ran. Guessing it was a few millions of dollars worth of Bitcoins. So maybe he dumped them yesterday and that's what caused the price to drop?  

Think we'll see the price walk back up over, if this is the reason. Seller is gone!

Here's another cause presented to us so many reasons of the dumps if these are all true, including the miners dump then we are lucky that Bitcoin is still at this level because with so many dumping their bags Bitcoin could have dropped to $9500 as one predictions I've read, investors have now a good reason to trust Bitcoin even more, the price is now in a correction we need sometime for the price to peak again.

[ultrloa]

heres the story about the exit scam  https://www.youtube.com/watch?v=7vlt0lLzzYQ&ab_channel=SlightlySociable

basically, Empire Market was the most recent edition of the Silk Road. The admin took all the Bitcoins and ran. Guessing it was a few millions of dollars worth of Bitcoins. So maybe he dumped them yesterday and that's what caused the price to drop?  

Think we'll see the price walk back up over, if this is the reason. Seller is gone!

Here's another cause presented to us so many reasons of the dumps if these are all true, including the miners dump then we are lucky that Bitcoin is still at this level because with so many dumping their bags Bitcoin could have dropped to $9500 as one predictions I've read, investors have now a good reason to trust Bitcoin even more, the price is now in a correction we need sometime for the price to peak again.

Maybe by now the dump creates panic but it doesn't really mean that we should dump since there are several times that bitcoins pass the same situation and could even pump more harder when right time cames. Although those $9,500 dip is been predicted but I'm hopeful that we didn't came to that point and price will pump again.

[hatshepsut93]

Is dumping a few millions of $$ worth of BTC enough to crash the price by 20%? No.

Does Bitcoin market care about some service getting hacked or exit scamming enough to drop by 20%? No.

This is just a coincidence, and Bitcoin market was declining for some time already. This is just normal waves of bullish/bearish sentiment, there's nothing fundamental going on here.

[tbterryboy]

Few million dollars can't make this type of fall believe me, just a 1% movement on bitcoin is a 90 million dollar difference, we are a huuuuuge market right now and that is why we need something more than one person can provide, no matter how rich they are.

Even Warren Buffet would have to throw in all the kitchen sink at us to make that type of change. If you think market moves a lot, you are right it does but that doesn't mean because of one person or one company, you need thousands upon thousands of bitcoin sold to make this happen, few million dollars is nothing. Selling 300-400 million dollars would change it all by yourself. Which means there were a lot of traders who wanted to get out as well, sure maybe this dude may have sold some at the same time too but it is never one person job.

[snipie]

Is dumping a few millions of $$ worth of BTC enough to crash the price by 20%? No.

Does Bitcoin market care about some service getting hacked or exit scamming enough to drop by 20%? No.

This is just a coincidence, and Bitcoin market was declining for some time already. This is just normal waves of bullish/bearish sentiment, there's nothing fundamental going on here.

I agree. I doubt about the relation of this exit scam story and the recent crash.
I see it as a normal fluctuation, kind of time to grab some decent profit from big traders.

[Harlot]

It's all technical in my opinion, if we look at the current market conditions right now you will see that even though Bitcoin is going up for the past couple of weeks you will see that the volume isn't really supporting the price action for a bullish run for Bitcoin thus the price of Bitcoin will inevitably drop because of it. Empire Market even if they did an exit scam a few days back wouldn't have resulted this kind of price drop this is merely just a coincidence IMO.