Reason behind recent drops in crypto haven

[Byakuga]

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

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[Perfect35]

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.

[masterrex]

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

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.

[Furryball]

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

[desertfox470]

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.

[Rodeo02]

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

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.

[ansi]

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.

[rdluffy]

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

[jakelyson]

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

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.

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 the price can go much lower if this is true.

[fortunecrypto]

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.

[Pecunia non olet]

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.

[Raflesia]

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

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.

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?

[Rodeo02]

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.

[jacafbiz]

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

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

[Febo]

Reason behind recent drops in crypto haven

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.  

[bttmember]

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.

[mahilchii]

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.

[btc_angela]

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.

[DarkDays]

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.

[Vaculin]

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.