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The price of Bitcoin dropped due to the PlusToken scam releasing 13k BTC, not due to the corona virus

Bitcoin price fell due to the Plus Token scam that discharged 13k BTC, not the corona virus

When the BTC / USD pair failed to hold on to the $ 8,000 support on March 9, analysts were speculating the sharp collapse was due to the Plus Token scam that carried out a massive sell-off.

According to online commentators citing data from blockchain, the people behind the infamous $ 2.9 billion Ponzi model have once again tried to sell their BTC.

Transferring BTC to the scrambling device means “discharging”

Ergo – A Twitter account, which closely monitors PlusToken's activities, discovered a total of 13,000 BTC or about $ 210 million moved from the Ponzi project's wallet.

This time, Ergo said, the coins were transferred to coin shakers to hide the source of the transaction. Two wallet addresses are determined moved BTC on March 5.

“Having watched and hypothesized about this for months, I don't believe these coins have been sold, at least to some extent,” he wrote on Twitter.

“This could be obvious for exchanges starting in September. The accounts were frozen after that.”

However, he added that the sell-offs are currently taking place at a “much slower pace” than around August of last year – a time during which the discharge activity is much stronger.

On-chain volume from Plus Token and Bitcoin price. Source: Chainalysis
On-chain volume from Plus Token and Bitcoin price. Source: Chainalysis

BTC market is flocking to sell orders

Plus Token's operations seem to have affected Bitcoin price volatility. In the previous bulk transfer of BTC by Plus Token also witnessed turmoil at about $ 10,000.

"They are closing the market with sell orders. Basically, we have a giant whale discharging after every move up, "said the analyst Kevin Svenson Add in your own comments on Sunday.

Bitcoin investors have lost a total of 9.5% in the last 24 hours at the time of writing, while the figure of -8.2% is a weekly loss.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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