“Black Tuesday” of the cryptocurrency market — why speculators dropped Bitcoin

Sep 25 · 3 min read

The cryptocurrency market in one evening lost $ 39 billion in capitalization, the Bitcoin exchange rate fell 17%, the loss in the value of altcoins is even higher. The main reason for Black Tuesday is the low liquidity of trading, the low volume and weak interest of investors in digital assets over the past months have not been able to stop the panicale of speculators.

They pre-determined the cryptocurrency sale date for September 24th, the day the Florida District Court’s verdict comes into force, requiring Craig Wright to enforce a decision regarding Dave Claiman’s relatives.

The Australian coder is required to transfer 500 thousand BTC, but the parties reached an agreement on a phased transfer of funds in order to save on taxes. As soon as the first major BTC transfers to various cryptocurrency exchanges appeared on Tuesday, speculators began active sales of Bitcoin and altcoins.

According to the While Alert portal, which monitors the movement of digital currencies through blockchain observers, with the arrival of Tuesday morning in North America, transactions containing several thousand BTC began to actively arrive at Binance, OKEx, Bitstamp and Coinbase sites.

The cryptocurrency market dipped almost simultaneously with the launch of abnormal transfers that came to exchanges from unfamiliar wallets. Speculative sales led to a double increase in daily trading volumes and a return to the maximum share of Bitcoin.

What do miners have to do with it?

Miners were the first to recognize the danger of a future market fall. Large mines decided to turn off some of the equipment on Monday, so as not to mine Bitcoin at a cost price that is in the region of $ 8600. This led to the strongest drop in hash rate in two years, the network complexity indicator decreased by 35% on Monday.

The lack of miners has become an additional negative incentive for traders, many of whom take into account the hashrate as one of the indicators of the cryptocurrency market.

At the time of writing, While Alert continues to observe the receipt of large BTC lots on the exchanges, which may signal a continuation of the negative trend. The decrease creates uncertainty — traders and the crypto community are still not aware of the details of the agreement between Craig Wright and the relatives of Dave Claiman on the Bitcoin transfer agreement.

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