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Bitcoin's Steep Drop May Have Been Prompted By $120M Scam Selloff
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
Tags: Ashish Singhal,Bitcoin,Liquidity,Scam,Selloff
Link: Bitcoin's Steep Drop May Have Been Prompted By $120M Scam Selloff [Copy]
