RATE Group | Bitcoin and Ethereum Record Losses in $10 Billion Wipeout
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Bitcoin and Ethereum Record Losses in $10 Billion Wipeout

19 Sep Bitcoin and Ethereum Record Losses in $10 Billion Wipeout

Posted at 04:22h in Ethereum News by

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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…

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