Is This The Cause Behind The Recent Price Drop ?
Our savior Bitcoin is sitting at $6716 at the time of this writing. Could a Chinese ponzi-scheme dumping $134Ml in Bitcoin be the cause for the recent price drop…?
“Bitcoin‘s price could be held down by scammers seeking to liquidate at least $2 billion worth of cryptocurrency belonging to one of the largest ever Ponzi schemes, PlusToken.
That’s according to blockchain firm Chainalysis, which says it’s tracked roughly 45,000 BTC ($302 million) and 800,000 ETH ($102 million) sent from PlusToken’s operational wallets to individual addresses owned by the scammers themselves.
The firm noted — almost ominously — that 20,000 BTC (worth over $134 million) is still waiting to be dumped.
‘Given this analysis and the effects we’ve observed so far, liquidations of large amounts of illicitly obtained funds are likely to drive down the price of cryptocurrencies,’ it said.”