News

Bitcoin's Steep Drop May Have Been Prompted By $120M Scam Selloff

Ramsey Baker

Summary: Bitcoin’s (BTC) price plunged to a two-month low on Monday, possibly due to the liquidation of over $100 million by PlusToken scammers, analysts say. The top cryptocurrency dropped around 10% on Sunday, going from $8,900 to $8,000. The digital asset would continue its slide on Monday before reaching a two month low of $7,760. BTC ...

Bitcoin’s (BTC) price plunged to a two-month low on Monday, possibly due to the liquidation of over $100 million by PlusToken scammers, analysts say.

The top cryptocurrency dropped around 10% on Sunday, going from $8,900 to $8,000. The digital asset would continue its slide on Monday before reaching a two month low of $7,760. BTC currently sits at $7,899.

In an interview with CoinDesk the CEO of cryptocurrency exchange CoinSwitch.co, Ashish Singhal, said, “The sudden drop in prices seems to arise out of the selling of BTC by PlusToken."

BTC's plunge seemingly came after scammers in control of the remaining wallets of the China-based Ponzi scheme moved 13,000 BTC (Worth Around $120 million at the time) to so-called “mixers” on Saturday. The scammers may have offloaded their holdings, causing prices to fall sharply, according to Singhal.

By Ramsey Baker

Last Update:

Tags: ,,,,
Link: Bitcoin's Steep Drop May Have Been Prompted By $120M Scam Selloff   [Copy]
  • Bitcoin Weekly Analysis: Volume-Price Divergence and High-Level Consolidation Anticipat... 3 days ago
  • Will Introduction of the Stablecoin Act Trigger a Financial Tsunami? 4 days ago
  • Trump Just Opened the Floodgates: What Happens When $9 Trillion in Retirement Money Hit... 7 days ago
  • US Crypto Stash Shock: Marshals' Low BTC Count Fuels 'Secret Sale' Debate, Ignites Buyb... 8 days ago
  • Mini Altcoin Season Brewing? Old Guard's Rally Signals Potential Shift 10 days ago
  • You need to login to comment.