• Sat, 20 Jul 2019, 09:51 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Major cryptocurrencies crash; markets speculate reasons

Wed, 05 Sep 2018, 12:15 pm UTC

Major cryptocurrencies – Bitcoin, Ethereum, Ripple, and others – suffered a major price crash today, September 5th.

Bitcoin price is down by over 6 percent so far in the day, Ethereum by over 12 percent, and Ripple by 11 percent.

FxStreet pointed out that crash comes amid rumors of “Bitcoin whales” seeking to dump large amounts of BTC in the market. As to who these whales are, the report states:

“The news in the market is that a Bitcoin whale, possibly Silk Road; a darknet website that was shut down by the FBI or Mt.Gox, the cryptocurrency exchange that closed doors in 2011 after being victim to a hack attack.”


Cryptovest reported this week that around $1 billion worth of bitcoin was recently moved around in Silk Road wallet addresses. According to the report, the manner in which the splitting and movement of bitcoins have been carried out seemed quite strategic, as it says:

“…this isn’t the work of someone who is inexperienced with moving large amounts of money around without arousing suspicion. What’s more, it doesn’t appear that the wallet is accounted for by the FBI. Although the organization managed to confiscate a sizeable wallet from Silk Road, it wasn’t the only address the dark web marketplace possessed.”

In yet another report on FxStreet, Tanya Abrosimova writes that the recent announcement from ShapeShift on introducing membership on its platform, “might have added fuel to the fire.”

BTC/USD fell to 6892 levels as it broke below cloud. It has found support near 100-DMA and is currently trading at 6971 levels at the time of writing. A break below 100-DMA could see the pair testing 6814 (20-DMA)/6707 (4h 200-SMA).

ETH/USD is trading to 2018 low of 250 levels hit on August 14. Further weakness would drag the pair to 230 (127.2% retracement of 250.28 and 322.16)/200.

XRP/USD is currently hovering around 0.3009 levels after it dropped to 0.2965 levels. Support is seen at 2942 (61.8% retracement of 0.2450 and 0.3739) and a break below would target 0.2879 (August 11 low)/0.2700.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,597.30 (+1.92%)
  • Ethereum (ETH) $226.27 (+3.12%)
  • XRP (XRP) $0.327600 (+3.39%)
  • Litecoin (LTC) $99.21 (+1.38%)
  • Bitcoin Cash (BCH) $312.42 (+1.66%)
  • Bitcoin (BTC) $10,597.30 (+1.92%)
Jul 19, 2019 (Friday)
11:17
Crypto Technicals: XRP/USD grinds lower along 200H SMA, break below 5-DMA to see further weakness
11:12
Binance Jersey announces listing of GBP-backed stablecoin ‘BGBP’
10:32
Rape and sexual harassment case against bitcoin developer blows up
10:15
New Jersey accuses blockchain firm Pocketinns of selling $410K unregistered securities
09:59
Crypto Technicals: LTC/USD struggles at 110-EMA, bias bearish
09:58
Blockchain firm Algorand joins International Swaps and Derivatives Association
09:22
Neo, Ontology partner to develop blockchain interoperability protocol
07:35
Consumer advocates call on Libra partners to withdraw collectively from Facebook's crypto project
07:31
Apple's Steve Wozniak invests in blockchain-based energy efficiency firm 'Efforce' in Malta
07:28
Cryptocurrency exchange ErisX joins U.S. Chamber of Digital Commerce
07:26
LibertyX exceeds 1,000 bitcoin ATMs in the U.S. via new partnership
06:59
Blockchain interest dropping, DLT in trouble?
06:37
Waves founder launches Waves Enterprise to develop corporate blockchain solutions
06:03
IRS goes after cryptocurrency users misreporting transactions
05:05
Facebook's Libra, other cryptocurrencies pose risk of global economic destabilization: G7
04:42
Anchorage receives charter to open crypto custody shop in South Dakota
04:27
Bank of Thailand's DLT-focused Project Inthanon advances to Phase III
Jul 18, 2019 (Thursday)
11:52
MOBI launches first vehicle identity standard on blockchain
11:49
FATF approves Japan’s plan to establish global network for crypto payments: Report
11:13
Crypto Technicals: ETH/EUR downside pauses shy of 200-DMA, bullish divergence on intrday charts keeps scope for upside
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft