Market Analysis: 12 September 2018
Disclaimer: The views and claims expressed here are not meant as an alternative form of investment advice. Every investment move involves risk, and you should consult professional financial advisors for guidance or conduct your own research before making a decision.
TokenInsight has published its professional analysis of the BTC price crash in early September, claimed to have been caused by Goldman Sachs pulling out of. Based on recent industry news and related statistics, TokenInsight believes that this plunge is closely related to the “Silk Road” organization, including the head of the anonymous transfer service. Changes in the exchange’s Shapeshift policy, market rumors that Goldman Sachs planned to terminate its launch of a cryptocurrency trading desk (later confirmed as false news), and the “Silk Road” sell off altogether ultimately led to the BTC price changes.
August 21 – The “Silk Road” organization (known as the dark network e-commerce platform) has been preparing to “wash white” its large number of BTCs through the secondary market (because its internal wallet address had been exposed, it needed to pass complex Transfer transactions in order to get rid of tracking)
September 1 – The “Silk Road” has transferred more than 100,000 BTCs. Due to the surge in BTC’s trading volume during the week, market sentiment soared while the market entered a false bull.
Septemeber 3 – In the past two weeks, the total amount of BTCs that flowed into the exchange for the first time weeks was higher than the outflow of more than 1,000 pieces. The action of the “Silk Road” attracted attention. As a result, the sellers in the market were eager to move.
September 4 – Headshift, the lead exchange that provides anonymous money transfer services, announced that it will cancel the anonymity and enforce membership registration. The “Silk Road” is suspected to have been informed of this news two weeks ago. In order to use the platform anonymity transactions to complete the “washing white”, the “Silk Road” began to transfer BTC early on.
September 5 – The total amount of BTCs flowing onto the exchange was higher than the outflow of more than 6,000, and market selling pressure increased sharply. At 6 pm on the same day, the market began to oscillate and BTC quickly fell to around $7,000.
September 6 – It is rumored that Goldman Sachs announced the cancellation of the plan to open a certificate service platform (later confirmed by the Goldman Sachs CFO as a false news, Goldman Sachs clarified that it has not set a schedule at all), affected by the superposition of this news, market transaction volume further increased as sellers panicked, BTC price fell to around $6,400.