Reason behind recent drops in crypto haven

[pixie85]

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 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.

[LbtalkL]

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.

[asriloni]

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

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.

[tippytoes]

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.

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.

[Valzador]

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.

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

[maxreish]

I have see  this tweet from this site.



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.

[lienfaye]

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.

[target]

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?

[Kotone]

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.

[smyslov]

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 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.

[Xampeuu]

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.

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

[mahilchii]

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.

[joinfree]

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.

[trauchot]

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.

[Ashong Salonga]

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

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.

[alrose]

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

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.

[mersal]

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.

[bitgolden]

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 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.

[xiboothrezi]

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.

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.

[vvu351]

I do not know what token is that, but it seems like we're kinda having a bit of clear image to the current market situation we got. Many people are kinda blaming the virus for the current price that Bitcoin dipped.
Sometimes I kinda think that the virus should have the opposite effect to cryptos, like in the days where the news about USA and Iran took off, it increased the price for quite a while. Maybe we'll have that possibility during this outbreak.

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.