Bitcoin Forum

A giant sell off is the reason behind the huge dump in Bitcoin price not coronavirus, it has something to do with a pyramid scheme called plustoken, below is the link to the full news

https://cointelegraph.com/news/bitcoin-drop-due-to-13k-btc-plustoken-scam-not-coronavirus-analysts/amp

A lot of people are yet to know this. It is a good source of information. Thanks.
If this should continue, then there might be more dump in price. Although, the rate at which it is being sold is slow, but a continuous selloff can also be very dangerous. There is no cause for any form of fear because the market will recover again.
I just think exchanges should guide against this act and if it requires freezing such account, it should be frozen.

Yes its been a hot topic in the early days of the year 2020, I think it is happening now Plus token, was started to unload its Bitcoin reserve thats why it was being felt now in the market. But I believe these are just temporary like in many situations that already happen before so stay calm and no need to be panic things will be better soon.

The market will recover again but it might just take longer than expected, some have not even jump in already, I'm talking about the upcoming Bitcoin halving, I'm sure when the time gets nearer the price will start surging

Interesting topic. Most of the people should read this news crypto article many of the users here have thought that the coronavirus has something to do with the price drop of the cryptocurrency maybe they have thought that since there are many people in China and most of them know bitcoin or investor of bitcoin and they have the most number of cases in regards with corona virus.

Well I hope after they have read the article they would enlighten them that the price drop is not about the corona virus.

yes i already heard it in local section, i dont think they already sold that coins investors just preparing incase they plan to dump it then they can rebuy at the lowest price so the basic is to sell it after they heard the news that the 13k coins has been transfered . If im not wrong they are also use mixer so the btc will not be detected.

The whole financial markets are crashing so hard, they predict it's going to be harder than the 2008 crisis. YES Corona virus is killing the financial / economic system, this crisis was predicted since 2018 but the Corona virus accelerate it even more.

BTC & crypto market crashing for the same reason, people are buying gold; JPY & CHF for now.

In my opinion this recent and upcoming financial crisis is one the reasons that whole market is crashing, all over the world
There's a crash of the petrol price too, so there´s nothing good happening

And you came with this news, we can conclude it's a lot of stuff pushing the price down, and I'm worried because we need to rise this price due to the halving

On the bright side, if this is the real reason for the recent dump, it will just be temporary. There is no need to panic because the market will surely recover after this. I look at it as an opportunity to accumulate more bitcoin. I have sold part of my bitcoin when the price was above 9K. This dump gives me an opportunity to buy back my bitcoin at a lower price.

Then the price can go much lower if this is true.

It's a good opportunity to buy coins that you want to HODL but since these dumps are coming from dubious projects the authorities and the exchange should cooperate to stop this dump I can consider this illegal because the funds comes from illegal source, they cannot wait to dump their coins when they only need to wait a little longer.

We thought that crypto is a safe haven, but it was proven that is not. It seems that only a gold is a real haven because the price is growing while other assets falling.

It turned out that this news which made the bitcoin down even more plustoken project turned out to be a scam or money laundering was really shocking for investors because some thought that this decline was due to the corona virus that continued to expand so that their food supply was gone and it was not the cause.

Will this dump continue?

it will depend on the market that 13k btc is not small amount so it will create panic to investors and immidiatly sold thier coins before that plustoken owner sold thier coins.
 Plus add the issue of corona virus that even stocks is affected this actually a bad sign for the market crypto and even stock markets.

I think the main plan of the Plustoken schemers is to dump the Bitcoins and their Ethereum into the bull market, they are getting very nervous IMO, thinking that the Government will catch them. The price is a good entry point for those who don't have Bitcoin, I have been saying it that we are likely going to see a big push in priece towards Halving come May

Come on. How many times oil drops fro 20%? How many times that happened in last 50 years?  How many times FED and "Chinese FED" at same time as an emergency adjusted interest rate? I could point probably like 10 such events that all points to the upcoming recession.  Drop of Bitcoin price is also one of the signs.  

That could have been one reason but i think major reason is the slowdown of economy all across the world and that is why we have seen panic selling all across the financial markets, each and every market has been effected from stocks to commodities to crypto every market all around the world has crashed recently but for crypto atleast i am hopeful that it will hounce back soon.

Finally, an solid article showing the real reason behind the recent debacle wherein most of the users in forum have been debating about corona virus being the reason for the slowdown. This article will be helpful for us and it's the need of the hour, I am sure the market will gradually recover just like it did in the past and we can reduce the damage by avoiding panic selling which adds on to the bleeding market situation.

Yeah, I already posted this is one thread, that the plus token address has move sparking sell off in the last 24 hours. And then we have that corona virus scare that really put a dent not just on crypto but traditional global stock markets. The market conditions is getting worst by the day, I do hope that crypto bleeding will stop in the next coming days.

Well, I really don't think this is the case to be honest.

24 hour trading volume is currently listed as $173 billion.

Let's assume that 90% of this is wash trading, that leaves us with 17.3% billion worth of cryptocurrencies changing hands each day.

Now, let's make another assumption and assume that 50% of this involves bitcoin trade pairs, that's around $8.5 billion worth of BTC changing hands each day.

Thus, even if they did dump 10,000 BTC at once (which only a complete moron trying to draw attention to themselves would do), this would only be around $78,500,000 dumped on the market—or 1% of the daily trade volume.

Overall, it's clear that this was caused by far more than just a simple dump.

That is correct, so let's see the market will correct soon because this big dump should only have a temporary effect.
However, we cannot also underestimate the possible effect of corona virus, it has affected the economy globally so somehow it would affect crypto as well.

That was also my first thought. They were dumping this token since Spring 2019 and there was around 13 thousand Bitcoins to be dumped.

The article and the chart in it show that they were dumping in waves all throughout 2019 which means 13 thousand had to be divided. How many partw were there? 3? 4? So 4000 at a time?

Big exchanges have over 1000 BTC volume per hour so they are used to handling this. 4000 BTC would be a big red candle but it wouldn't be able to keep the price low for long.

This theory might correct but it might be wrong too, I guess with a massive sell off amounting $210 Million anything can go down temporarily but it is starting to recover. But I am thinking that was the combination of all the bad news happening right now but I am not saying crypto is a news dependent.

This must be another main reason beside the panic sell that was also happening with the global stock market. oil is also loosing a lot right now due to the panic sells that happened in the world market.
Just curious about how much bitcoin that was still holding by plustoken scam and it looks like this scamer is still having a lot of bitcoin on his wallet right now.
The next dump will occur and we will see that.

We don't know the real truth about this possible cause of price drop. We already experienced a lot of ups and downs movement and whenever there is a sudden change in price, people will speculate about the sources of it. And yet we are still here, believing that bitcoin will recover anytime soon.

Maybe this article will be able to help you understand the rest of the Bitcoin that the plus tokens team have, but I can't guarantee that their data will still be relevant this year, but I haven't found information about this detailed plus token on other websites.

Source (https://boxmining.com/plus-token-ponzi/)

I have see  this tweet from this site. (https://cryptobriefing.com/plustoken-scam-addresses-move-117m-bitcoin/)

https://i.ibb.co/LhRGxt6/IMG-20200310-073150.jpg (https://ibb.co/cX3m6Ft)

No wonder, the massive drop has a reason. Movement of huge bitcoin definitely is the main reason for this bloody market. Bear attacked by this action of plus token scam. Too many traders were also liquidated because of this. However, this can always be corrected. We can still further wait for the bull, they are just in the corner.

I became aware about this because of the same topic posted in our local. This might really the reason why the market is in red status now, no wonder the price of btc plunged to $7900. Its a huge amount thats why it reflects to the market. But just like before we dont need to panic, market will recover in time so what we need to do is take advantage the price decline and buy additional coins to hold. We are still in the first quarter lets just look forward for the event that can affect the market to move upward.

13K BTC is roughly $210M at that time according to the article. Quite not right if you compare it to how much it dropped though. The total crypto marketcap before it dropped this low was 300Billion and it plummet to 220Billion. With such threat to cryptocurrency market, this may really make people avoid this market. Will it raise a discussion about decentralization if their wallet is flagged to exchanges?

How come this huge money can be dump without any action on exchange? Does plustoken fund are legit? How come they have that 13k btc? It seems people have been scammed again. Ponzi scheme projects should not be entertain and allowed cause their type of project ruins the market like bitconnect the mother of all scams. Now this one. This will surely dump market peice whether we like it or not.

I thought this PLus token thing is over, they are still at it, they have millions worth of Bitcoin, this will still go on in the future and the market will be vulnerable to dump as long as these Plustoken shares are not traced and stopped, good for those who want to buy before the big pump, this is big opportunity for them to buy, price will be up next month.

indeed, although corona has not yet shown significant effects on cryptocurrency, globally it has affected the world economy. moreover, this virus spread quickly to various countries, and in an easy way. so if it is not quickly resolved, I think cryptocurrency will be affected too

There is no any specific reason for this massive drop but I guess it should be selling of BTC has started in bulk, just in a matter of hours the price have dropped for 5% which caused it to loose nearly 600$. Similarly altcoins followed the same footsteps of BTC, Is BTC giving any opportunity to buy more and hold the asset??? This volatility is very extreme let's take this as an advantage and buy few for more coins and hold till Halving.

I have heard about this Plus Token scam dumping the price of bitcoin but I still think the spread of coronavirus has an effect on the price of bitcoin. Maybe a compound effect on bitcoin because right now the whole of Italy is on lockdown, some European countries are also restricting movements. China is also on serious lockdown as well and all these affect Economic growth. Stocks have been down for quite some time too and I am sure it is now getting into the crypto market.

For some reason, I agree with you, because of the stolen bitcoins, the price of bitcoin and the cryptocurrency market itself is likely to fall, but you should not forget that the corona virus also affects the cryptocurrency market very strongly, because look at how completely all areas are now fall due to corona virus.

Well, it is not really the issue about the coronavirus that causes the downfall of the market specially the continuous drop down on the price of Bitcoin. There must really be a big reason behind what is currently happening. Well, there can be some impact on the cryptocurrency users specially on the affected areas but the article you have provided have shown up a more decent reason why we are experiencing such downfall we currently have in the market right now specially talking about the price of Bitcoin in the market. Such schemes are really having a bad impact or effect into the economy because they are dragging down the prices which makes all of us suffers both for the part of the investors and the holders. Let us just all hope that this issue will be resolved so that the price can somehow increase even a little bit even just before months away the upcoming Bitcoin halving will be held. But as of the moment, let us keep ourselves safe from the threat of the Coronavirus so that we all can be able to experience the upcoming prosperity we all have been hoping for in the part of the crypto community.

I still hope that it will be so. Indeed, the entire crypto world expects a halving.There are only 60 days left and I will hold my assets for at least another 60 days after halving.

Wait for it guys,corona virus is going to impact the prices in upward direction and hopefully it might increase the adoption rate sooner than we expected because everyone lost trust on any other assets and they only have old to invest once gold got huge price next will be bitcoin and other cryptos.If there is recession period around the world we might knows how cryptos will do in that period as well.

Yes you’re right about this, PlusToken is among the reasons why Bitcoin has decreased to the current low price. I don’t know if you took note of the words I used – I didn’t say that it’s the reason, I said it’s among the reasons why the price has decreased to the current price.

Coronavirus is part of what has caused the fall in price, same way that it affected other markets. Another thing is miners, they are not even selling off much of the coins the mine. All these things and probably more that we don’t know yet, affected the price of Bitcoin and led it down to its current low rate.

A pretty good explanation of the article, it's just that there was a more extraordinary event, the COVID-19 pandemic which made the main cause biased. Rumours, news, issues are very influential on market movements, can not be ascertained what are the main causes, the fact that these factors influence each other. Everything is only an assumption, I think.
At least now the market is starting to improve, we do have to prepare for the next storm, but it looks like it will happen if there is short turbulence again.

The panic on world markets unfortunately very much affected the cryptocurrency market. Now we have a good time to buy cryptocurrency and even Alctoins. I will buy cryptocurrency next week.

This is unimaginable... And yet many blame it on coronavirus... Coronavirus is just an epidermic.. has nothing to do with cryptocurrency..  if it dies, it won't be this huge to cause massive dump.. this is the kind of info people need to be aware of how the market works. That account should be traced and frozen and culprit locked up forever.. it's so annoying how people do things like this and still get conscience to work on the street. Not considering investors.

For many holders, the recent drop in the price of major cryptocurrencies has really caused a lot of despair, we hope to recover soon and see a bull run. Interesting enough, credible information from coinbase and other similar platforms are still showing that many more people are buying cryptocurrencies and this is really impressive in these hard times.

well indeed for traders who are experts they will use this moment to buy cryptocurrency in very large numbers because they will buy coins at cheap prices and this is a very rare moment so for anyone who bought coins at a cheap price then congratulations you get profit because today the price goes up.

I think anyone that buys any of the established coins/tokens will be in huge profit when ever the bull set in as every crypto assets out there will have their prices surge higher. It is safe to say this is the time to fill up the bag as these coins/tokens are at there lowest price. I'm very optimistic the market will kick back when the threat of coronavirus is over

Panic sell occurs because a group of people who need cash to shop and save their business because of the corona.
On the other hand new demands emerge because people need safer investment media and are not affected by the
effects of the global economy and crypto assets are one of their choices.

Bullrun is getting closer.... :)

Because people need cash to save their lives during the Coroncavirus and the situation gets worse day by day. I hope one day people will not rush to buy the toilet paper but they will rush to buy more altcoins for their future. The world is crazy and every day we watch this craziness on TV.

Now, many factors can play a role. But stolen bitcoins are perhaps the most dangerous and unpredictable that we can now expect from the market.
After all, we do not know when exactly and in what volume the scammers will decide to sell such a large amount.

The selling of Bitcoin was started before the outbreak of coronavirus. It was a part of bearish trend or dumping. Now due to the coronavirus situation, people have got a reason and can do all things behind the pandemic situation. Hope halving reward even will ease the situation.
Hoping the lockdown in many countries will be over within a month or two and markets start riding on bull again.

it is not entirely coronavirus but in my opinion coronavirus also has an influence on the fall of bitcoin, even though it's only 2-5%. The global crisis is due to lockdown, everyone needs money to survive or pay hospital fees for those who have a family affected by co-19 and sell at any price

I guess it's more on a panic cause by whales manipulation, if it did fall due to covid then the price should not recover now or be like the stocks that until now has not recovered yet. At the price of bitcoin now, I can say it has already recovered and it seems a little bullish trying to go more uptrend again.

That is right, so how about we see the market will address soon in light of the fact that this large dump should just have an impermanent impact.
Nonetheless, we can't likewise disparage the conceivable impact of crown infection, it has influenced the economy internationally so by one way or another it would influence crypto too.

The major economies of the world of which bitcoin is one of them took a hit as a result of the coronavirus pandemic. After some days back we've seen a lot of gain and it will get better as the pandemic come to an end.

If here Plustoken dumped BTC price than why our whole economy crashed. I will put two reasons after 13k pumped now this is the correction and another is Coronavirus effect. Now I believe that Coronavirus can't hold Bitcoin price until halving, in the mean time this virus will be gone. I never heard that for giant sell off Bitcoin price dumped 2 times.

I believed this Plustoken and the current phenomenon caused by this corona virus have made great impacts on the market to crash. This scheme should be totally stopped now as we are heading into bitcoin halvening few months from now. Cryto market may recover slowly but the whole economy might suffer for even a year or two.

Ofcourse it is not alone the reason for all this mess. I mean on cryptocurrency market since many factor has been raised during that time. There was bitmex issue, mining plus tokens, and also corona virus. Covid19 really hit all economics with such surprise. I am not sure when will be the recovery time but in my opinion it will take a long time before we can sort out the market stability. Halving will arrive soon but with the market current situation, I am not expecting a big change.

You are successful in telling us that there is a Huge dump coming and just few days after you claim this Fall of market happens.
But i don't think that the Virus has nothing to do with this because as we can see and many People here accept
 the fact that they all contributed in the recent Dump because they sell off as panic covers them because of the effect
 of this Virus and together with the spread till becomes pandemic so yeah  maybe that Pyramid is correct or wrong
 the issue here is that Market really falls.

I guess Covid-19 is an unexpected reason for people who involved in crypto. They don't think that the Coronavirus can give another impact to the market, which make people selling their coins to have money. But we can hope that the Coronavirus is not the biggest reason why the crypto market is down, and maybe there was another reason behind that which we don't know. And this time, we see the down of the crypto market again but hopefully, it will only another correction for the price.

Looks like legit huh?you have posted March 9 and the Huge dump in Bitcoin record happens 3 days after this.

It is sad that i have just read this now,if i did before that day?i have should sold all my currencies and Buy again after the Dump.

Though i doubt if i will listen that day because speculation and analyst come and go every day and we dont know which to trust.

the down that we feel today is not bad as the down last time and yeah you could be right that this was only related to correction  .

 also there were always reasons for the fall of the price even before when covid havent occured yet so i could care less  . and the reasons are all been stated on this forum  ,  recent reason for the fall is the token scam as what op said  though i agree that covid still have some impact on the price of the cryptos  because covid affects the real world too  .  

To be honest, if you read this article from March 9, I believe you will not sell them because you believe in this market. You only regret when you have come across it, no one knows in advance the future of this market. So you don't need to be sad and regret your decision, just keep going and looking for profits in the future.

Not just the panic on world market but also a lot of factors. Of course the article will say its about corona virus, but the truth is, some are just using this as alibi to hide their clear intention of dragging down the market. How many investors are probably waiting for this dip? I am buying small orders too cause I know after halving we can see how the market slowly recover.

You are talking on the whales,.. we can't confirm but maybe we can agree that they have been manipulating the price.
Actually this does not only happen now, it happened even in the past so we can't really be too confident that what people are expecting will happen because of the power of the whales to manipulate the market.

Some whales are doing this because they know they can earn a lot if there’s a cheap bitcoin, just like what happened when we hit the $3k level last March and I’m sure they sold at the level of $7k this April. The virus is just another story but whales knows the best for them to make more profit. We cannot see the real reason on every dump, just go with the flow and have a plan especially during on a panic moment.

Nice new word, impermanent;) But nothing is permanent in crypto, as we all know. All time highs last only days, minutes. And even the last crash we saw, today we are almost 100% recovered for Bitcoin, and the rest of altcoins will follow too. Just wait, you will see. Rise and fall. It is all a big crypto cycle:)

Nothing has to look especially about this. We've been is scam almost every time but somehow the market never swing that way, it maybe it was just a coincidence that the market dumps a few days after the said 13k BTC scam. But above all and most people has to think about the reason for this is because of the virus outbreak, it could be more reliable (maybe).

This is to think that crypto isn't a safe haven, the risk remains high. The ups and downs will still exist. And whatever is the reason for its fall, we have nothing to but to face and accept it. We can still recover from this.

The investors who can bear seeing the price fluctuating are the ones who can stay longer and possible have a big gains. Price drop is quite common regardless of the reason, even before its already happening in crypto sphere so we should not be surprise if the market is like a roller coaster ride.