This morning the cryptocurrency market is in crisis because most of the cryptocurrencies are in red and they see losses in the percentage of digital double. Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) are all suffering significant losses today. Bitcoin Diamond, however, is currently seeing earnings well above 100%.
Many speculate that the fall of the cryptographic market today is due to the announcement that Goldman Sachs is extracting its cryptocurrency trading plans. This may be the case, as many investors see Goldman Sachs' potential encryption bank as a push for more widespread adoption, especially with institutional investors.
Again, others are not easily convinced.
Goldman Sachs is focusing on short-term custody crypts, which will bring more funds into the cryptocurrency industry than a trading desk.
MSM reports today Bitcoin has dropped 3% because Goldman Sachs has "abandoned" the Bitcoin trading platform.
Speechless. Unprecedented stupidity.
– Joseph Young (@iamjosephyoung) September 5, 2018
Many crypto enthusiasts are not convinced that the "dumping" is due to the news of Goldman Sachs, but instead has more to do with the Silk Road news emerged a few days ago.
Bitcoin and alts are down because the people of the Silk Road are unloading.
– Webhaller (@webhaller) 5 September 2018
Nearly $ 800 million in Bitcoin and Bitcoin Cash have been withdrawn from the portfolios associated with the defunct black market "black silk" market. The movement was first observed by members of the cryptocurrency community on August 30th and eventually the coins would be unloaded onto the market.
Could it have been downloaded this morning? Possibly. But this does not explain why most of the altcoins are falling rapidly.
Let's take a closer look at the three most important cryptocurrencies and their losses today.
At the time of printing, BTC is down nearly -6%, trading a currency at $ 6,941.82. Currently, Bitcoin holds 54.9% of the total cryptocurrency market. Usually, when Bitcoin falls, it follows the rest of the market. In less than 24 hours, BTC lost over $ 400 in value.
According to CoinMarketCap, ETH is currently trading at $ 250. At the time of printing, Ethereum trades at $ 245.82 a currency, down -14.44%, in 24 hours. This is a low year for ETH, which started the year trading around $ 750.
>> Trust is the central problem of the decentralized ecosystem
Al press time, the world's third largest cryptocurrency for its total capitalization, Ripple, trades at $ 0.295 a currency, down 11.74%, in 24 hours. While these coins do not have the most percentage losses among other currencies, their fall is of greater importance due to their size of market capitalization.
What do you think is behind the drop of Bitcoin, Ethereum and Ripple, along with the rest of crypto?
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