![](https://hackernoon.com/hn-images/1*efP12WG_SqY6hqJBGsSbSA.png)

The State of the Market: Bitcoin’s incredible rally came to an abrupt stop early this morning when a long red candle appeared out of nowhere and quickly knocked BTC price to $6,900. As one would expect, the entire cryptocurrency market followed, with Ethereum, EOS and Ripple (XRP) taking on double digit losses. While a culprit has yet to be identified, rumor has it that the $100 million Bitcoin dump from the Silk Road wallet, combined with Tether’s (USDT) recent dispersal of $100 million USDT and a 10,000 BTC short position opened 2 days ago all have something to do with today’s dump. Currently the cryptocurrency market capitalization stands at $224 billion.

1) Bitcoin recorded a bullish price of $24,000 on several exchanges in Iran. This follows after the announcement by the Iranian government to treat crypto mining as an Industry. Exir Exchange platform recorded 1,020,000,000 IRR(1 Bitcoin) a value above Bitcoin previous highest value of $20,000. The cryptocurrency mining industry will see a set of new rules and policies created by the Iranian foreign exchange and Central Bank of Iran. Abolhassan Firouzabadi, cyberspace Secretary of the Supreme Council in the country said the policy is set to be drafted in the 18 days to come. ([Read More.](https://ambcrypto.com/bitcoin-btc-hits-24000-in-iran-after-government-recognizes-cryptocurrency-mining-as-an-industry/))

2)Binance has been regularly engaging with its customers with events like trading competitions and community voting. The latest trading competition is for Tron, with a pot of 1 Million TRX (approx. $23,000). To participate in the event, traders will have to have a trade volume of at least 300,000 TRX by September 13, and complete level 2 ID verification. The prize will be evenly split between all qualifying traders whose rank number ends in a 6. Tron (TRX) is currently priced at $0.0233, losing 8.87% in the last 24 hours. ([Read More.](https://www.chepicap.com/en/news/3444/.html))

3) The Crypto market is bleeding after Bitcoin declined by 3.10% to trade at $7089.87, seeing altcoins follow the bearish trend. The worst performers were Ethereum and EOS which fell by double digits. ETH has declined by 10.73% to $258.34 from $283.40, within half an hour. On the other hand, EOS fell by 10.26% to trade at $5.79 from $6.49. ([Read More.](https://ambcrypto.com/ethereum-eth-and-eos-go-under-the-knife-double-digit-fall-stirs-market/))

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Daily Berminal Brief (9/5/18): The Entire Cryptocurrency Market Swiftly Drops $12 Billion as…

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