PlusToken scam maybe what caused dumping Bitcoin to $ 6,600

The third-largest Ponzi in history, Plus Token Wallet, was considered one of the causes of the Bitcoin price dump last week. According to data from crypto-Twitter analyst Ergo, selling is possibly due to further liquidation of 200,000 BTC in funds from the alleged PlusToken Ponzi scheme.

Chinese Ponzi PlusToken broke the momentum of the cryptocurrency market

Contrary to most market forecasts, the Bitcoin price suddenly dropped to $ 6,600. However, if observant, you will find this discount story has a close relationship with PlusToken – one of the most sizeable exit scams the crypto space has seen thus far.

In August, some of the funds thought to be associated with the PlusToken operation – a total movement of 22,923 BTC on August 17.

Ergo has researched quite a bit on this topic, considering the various wallets that are supposed to be related to PlusToken. The amount of Bitcoin that PlusToken will sell (or sell-off) to the market may be the cause for past and future Bitcoin price actions.

Bitcoin price is also affected in more a month

The analyst noted 200,000 BTC is the amount of money that PlusToken initially held, along with three associated wallet addresses.

After accounting for hidden and mixed funds, Ergo realized that PlusToken was holding about 187,000 BTC.

“My current totals are around 187,000 BTC. This analysis is not complete yet but roughly confirms the previous 200,000 BTC estimates.”

A single address, which is a suspicious change-collecting tool for making BTC payments to Huobi, liquidated more than 22,000 BTC in November alone, an average of less than 1100 BTC per day. With Huobi being the exchange where most of PlusToken’s BTC was liquidated, many pointed out that it seemed hard to believe the exchange was not aware of the vast bitcoin stream in the past few months.

Ergo concluded that 1,100 BTC might have been sold every day until November this year.

If all the addresses the analyst finds related to PlusToken continue to sell their BTC at the same rate, it is doubtful that BTC will be able to sustain above $ 6,000.

According to Ergo’s estimates, there are still about 58,000 BTC in the current address associated with PlusToken. If they continue to sell from 1000 to 1500 BTC per day, the downtrend can last for more than a month.

However, many other analysts pointed out many different reasons for the recent decline in the Bitcoin price. According to Tone Vays, the absence of new cash flow into the market in the past two years is the cause. Or, the cryptocurrency market is always volatile, with an increase, there will be a decrease.

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