#1 REASON FOR FALL IN CRYPTOMARKET
On 5th September, the cryptocurrency market went bonkers as the price of all the coins dropped within a matter of few minutes. The actual reason for the drop remains a mystery but several market speculators believe that the reason for the slump is the huge movement of Bitcoin via a wallet on Silk Road.Cryptocurrency market started bullish this month but it looks like bearish days are here to stay for a longer time. Yesterday bitcoin dropped almost 500$ in 5 minutes and again today it dropped. This is mostly beacause of the movement of the Bitcoin wallet whichis reportedly connected to the silk route accounts.
As the market crashed and the bear feasted on Bitcoin and other cryptocurrencies, the total market capitalization took a hard hit of over $15 billion in a short time frame of the day. During this time, the Bitcoin dominance on the cryptocurrency market also increased by a percent, whereas altcoins bled their guts.Throughout the day, the total market capitalization was stable at around $239 billion. However, as the bear took over and crashed the cryptocurrency wagon, the market cap crashed with it, plunging to around $222 billion. Furthermore, the Bitcoin dominance took a minor hike from 53.28% to 54.52% indicating towards a weaker market for the altcoins.
Recently, there were movements spotted on a wallet connected to the Onion website for purchasing drugs called Silk Road. The amount of Bitcoin moved was recorded to be almost worth $1 billion, which was transferred to Binance, Bitfinex, and BitMEX. Moreover, movements of altcoins such as Ethereum were observed as well.
#2 BTC REACH 24000$
Iran has recently announced that they will begin to treat cryptocurrency mining as an industry. This comes after increased pressure on the country enforced by changing economic sanctions imposed by the United States. Amidst this bullish news, the price of Bitcoin [BTC] was reportedly around $24000 [converted] on some Iranian exchanges.The Iranian foreign exchange and monetary policy regulator, the Central Bank of Iran, is all set to draft a framework of policies for the newly created industry of cryptocurrency mining. According to Iran’s Supreme Council of Cyberspace’s Secretary, Abolhassan Firouzabadi, the policy is set to be drafted in the next 18 days. Mining of cryptocurrencies has been accepted as an industry by many governmental and related authorities. The list includes the Ministry of Communications and Information Technology, Central Bank, Ministry of Industry, Mining and Trade, Ministry of Energy and the Ministry of Economic Affairs and Finance.