Is A Bitcoin Whale Responsible For The Current Crash In Cryptocurrency Markets?

Since the start of this year, cryptocurrency markets have lost approximately 80% of their overall value in a series of abrupt price declines. While the crashes have been frequent and their effects have lingered, the jury is still out regarding their causes. According to a discussion on the online forum, Reddit, the latest slump in bitcoin’s prices, during which it lost approximately 16% of its total value in four days, may have been caused due to investor fears about a bitcoin whale moving coins from a wallet. The wallet has an address associated with Silk Road, the infamous dark web store which sells everything from drugs and guns to steroids and medical supplies. 

The Reddit poster calculates that the original wallet had bitcoin holdings worth $844 million translating to approximately 111,114.62 coin holdings of bitcoin and bitcoin cash. Coins were last moved from the wallet in March 2014. After laying dormant for the last four years, the wallet showed signs of…