The capitalization of the cryptocurrency market overnight lost more than $20 billion, and bitcoin collapsed by $1,000, pulling down other cryptocurrencies.

The bitcoin price suddenly collapsed by $1000. The capitalization of the first cryptocurrency fell to $110 billion. Within a day, bitcoin lost 13% in price. The fall took place in two stages. The first occurred on 5 September at 13:00 UTC, when bitcoin suddenly fell from $7,400 to $7,000 in 15 minutes. The second wave lowered the price of bitcoin from $6,930 to $6,405 and happened on 6 September within an hour from 2:45 to 3:45 UTC.

Following bitcoin, panic swept the entire cryptocurrency market. Ethereum lost 21% and fell to $224, Bitcoin Cash and EOS also lost more than 20% of of their value. Only Tether and TrueUSD stablecoins demostrated growth, as investors rushed to buy them in order to minimize their losses. Bitcoin Diamond also grew, suddenly jumping in price by half, apparently, as a result of a large pump scheme.

The fall of the cryptocurrency market was allegedly caused by cryptocurrency whales.

The market fell after the whale associated with the non-existent Silk Road darkmarket, which had not been active since March 2014, moved 11,100 BTC to Bitfinex, and 4,400 BTC to Binance. The total amount of whale's assets accounts for about 95,000 BTC distributed across different addresses. Another factor contributing to the drop of the market was the announcement of Goldman Sachs' refusal to open a cryptocurrency unit.