Crypto Market Stabilizes: Bitcoin, Ethereum, Some Alts Back In Green

The wounded cryptocurrency market is showing signs of recovery after a week-long maelstrom that saw over $40 billion wiped out from the total market cap amidst manipulation speculation, black market Bitcoin dumps, and fake news accusations.

Bitcoin, currently ranked #1 by market cap, is down 1.11% over the past 24 hours.

Bitcoin is down 1.11% over the past 24 hours.

Bitcoin has demonstrated significant volatility over the last several months, ranging from $6,000 to the upper limits of $9,000.

Throughout April, June, and August, Bitcoin values plummeted to $6,000, before returning to $7,300 on Sept. 4.

A major sell-off on Sept. 5 resulted in an immediate and dramatic drop in Bitcoin prices, with total cryptocurrency market cap losing $12 billion in a matter of hours.

The sudden sell-off was linked to the movement of almost $1 billion in Bitcoin distributed from wallet addresses linked to now-defunct dark web black market platform Silk Road, as well as well as the purported cancellation of a potential Goldman Sachs crypto trading desk.

Goldman Sachs CFO Martin Chavez was quick to decry any correlation between the rapid Bitcoin price drop and the investment bank as "Fake news," but further negative price action on Sept. 9 saw the value of Bitcoin drop to $6,200.

Late Sept. 9 Bitcoin exhibited a sudden and unexpected rally, surging 4 percent from $6,190 to $6,450 in less than a minute.

While Bitcoin has not yet moved beyond the $6,000 support level that has been tested multiple times over the last three months, a complete recovery from the sub $6,500 level could potentially catalyze a mid-term rally.