Saturday, February 27, 2021
Only Bitcoin Market News
Advertisement
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos
Only Bitcoin Market News
No Result
View All Result

Unexpected Factor That Suppressed Bitcoin Bulls in 2019 Is Now Gone | NewsBTC

7 months ago
in Gold
3 min read
Unexpected Factor That Suppressed Bitcoin Bulls in 2019 Is Now Gone | NewsBTC
Share on FacebookShare on Twitter


If you’ve been involved in the Bitcoin market over the past year, you know of PlusToken.

PlusToken was a Ponzi scheme with a focus on the Asian cryptocurrency space that was active in 2019. In offering depositors of Bitcoin, Ethereum, EOS and other cryptocurrencies high levels of interest, the operators of the scam managed to garner billions worth of assets. Per some reports, the scam held upwards of $3 billion worth of largely BTC and ETH at its peak.

Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold Bitcoin, DeFi Still in Vogue

Eventually, the pyramid collapsed; in around July of 2019, the operators of the scam began restricting withdrawals, then began to run from the authorities.

Some ringleaders escaped; others were caught by authorities.

Regardless, from July to as late as early this year, the remaining operators of PlusToken dumped millions of dollars of Bitcoin on the market.

Analysis by the pseudonymous on-chain analyst “Ergo” argued that there was around 1,000 BTC — then worth around $8,000,000 — sold every day by the scammers.

Reports from chain analysis companies suggest that PlusToken is largely what caused the crash to $6,400. Some argue that PlusToken was also the catalyst for the early 2019 rally to $14,000.

Chart of BTC's price action in 2019 from TradingView.com

Fortunately for bulls, reports have just revealed that all the leaders of the multi-billion-dollar scam have been apprehended.

Operators of Multi-Billion-Dollar Bitcoin Scam Apprehended

According to Dovey Wan, founding partner of Primitive Ventures, all members of the PlusToken leadership have been arrested:

“27 core PlusToken team members are all arrested by Chinese police, the biggest crypto scam in the history so far, $3B worth of crypto is scammed… there are a series of legal enforment actions in past 12 months as it’s core team are all over the world took quite a while.”

FINALLY

27 core PlusToken team members are all arrested by Chinese police, the biggest crypto scam in the history so far, $3B worth of crypto is scammed

Bulls now have little to no baggage 🧳 and lets send it to the 🌕 pic.twitter.com/SiDJVSqA5J

— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) July 30, 2020

The commentator suggested that this is pivotal for the Bitcoin bull case as the coins they still hold are now unlikely going to be sold.

It isn’t clear what PlusToken’s administrators had when they were arrested. However, $450 million worth of cryptocurrency was moved from their addresses over the past few months. As reported by NewsBTC, DTC Capital’s Spencer Noon wrote on the matter:

“This week the following #PlusToken funds have been on the move to exchanges and new addresses for mixing: – 22k BTC ($203m USD) – 789k ETH ($183m) – 26m EOS ($68m) – 20m XRP ($4m). The big question: can the crypto markets absorb this volume or are we headed lower?”

Wan, citing information she knows, suggested the…



Read more:Unexpected Factor That Suppressed Bitcoin Bulls in 2019 Is Now Gone | NewsBTC

Related articles

Bitcoin has established itself as a macro asset and should be viewed like gold:

Bitcoin has established itself as a macro asset and should be viewed like gold:

February 27, 2021
This Bitcoin metric may be key to Gold’s flippening in the future

This Bitcoin metric may be key to Gold’s flippening in the future

February 26, 2021
Tags: Bitcoinbitcoin news todayBullsFactorNewsBTCSuppressedUnexpected

Related Posts

Bitcoin has established itself as a macro asset and should be viewed like gold:

Bitcoin has established itself as a macro asset and should be viewed like gold:

by Bitcoin Market
February 27, 2021
0

Bitcoin has established itself as a macro asset and should be viewed like gold: Michael Bucella BNN Read...

This Bitcoin metric may be key to Gold’s flippening in the future

This Bitcoin metric may be key to Gold’s flippening in the future

by Bitcoin Market
February 26, 2021
0

At the time of writing, Bitcoin’s price was falling again, with the cryptocurrency’s performance breaking from its rangebound behavior...

Robinhood sees 6M new crypto traders to start the year

Robinhood sees 6M new crypto traders to start the year

by Bitcoin Market
February 26, 2021
0

FOX Business’ Stuart Varney weighs in on Tesla buying $1.5 billion in bitcoin and accepting it as payment for...

Where Gold Prices Are Headed In 2021

Where Gold Prices Are Headed In 2021

by Bitcoin Market
February 25, 2021
0

Bitcoin is rocketing, commodities are surging and stock indexes are setting records almost every day. But gold has been...

Bitcoin: What its history reveals about its future | DW | 24.02.2021

Bitcoin: What its history reveals about its future | DW | 24.02.2021

by Bitcoin Market
February 25, 2021
0

Bitcoin's monthslong price rally  has drawn mounting institutional interest as well as speculation that the digital currency could one...

Load More

Trend Now

  • Trending
  • Comments
  • Latest
Crypto-Powered Social Media Platform Voice Planning Launch for July 4 | CryptoGlobe

Crypto-Powered Social Media Platform Voice Planning Launch for July 4 | CryptoGlobe

June 8, 2020
J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

May 19, 2020
Argo Blockchain boosts mining margins in July

Argo Blockchain boosts mining margins in July

August 5, 2020
Institutional investors see Bitcoin holding US$50,000 suggests ETP provider

Institutional investors see Bitcoin holding US$50,000 suggests ETP provider

February 18, 2021
Bitcoin boom backstopped by central banks’ easy-money policies

Bitcoin boom backstopped by central banks’ easy-money policies

February 4, 2021
5 Cryptocurrency Staking Providers – A Review | Hacker Noon

5 Cryptocurrency Staking Providers – A Review | Hacker Noon

January 30, 2021
ETC Group’s bitcoin ETP reaches $1bn AUM in just eight months, which is ‘just the

ETC Group’s bitcoin ETP reaches $1bn AUM in just eight months, which is ‘just the

0
Bitcoin daily chart alert – Bullish chart pattern develops – May 19

Bitcoin daily chart alert – Bullish chart pattern develops – May 19

0
Calvin Ayre Invests in True Reviews: A New Take on Consumer Review Sites Built on the

Calvin Ayre Invests in True Reviews: A New Take on Consumer Review Sites Built on the

0
J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

0
Crypto.com’s MCO Visa Cards Are Now Shipping In Europe – Fintech Singapore

Crypto.com’s MCO Visa Cards Are Now Shipping In Europe – Fintech Singapore

0
Elon Musk tried to explain Bitcoin to JK Rowling on Twitter and this happened

Elon Musk tried to explain Bitcoin to JK Rowling on Twitter and this happened

0
ETC Group’s bitcoin ETP reaches $1bn AUM in just eight months, which is ‘just the

ETC Group’s bitcoin ETP reaches $1bn AUM in just eight months, which is ‘just the

February 27, 2021
Bitcoin Group SE with strong start into 2021- Integration of Bitcoin Deutschland AG

Mexico’s Vitro says will use $75 million loan in U.S. to pay off debt

February 27, 2021
Top Crypto News: 02/27 – Cryptocurrency News – Altcoin Buzz

Top Crypto News: 02/27 – Cryptocurrency News – Altcoin Buzz

February 27, 2021
Cardano’s ADA Is Now the Third-Largest Cryptocurrency by Market Cap

Cardano’s ADA Is Now the Third-Largest Cryptocurrency by Market Cap

February 27, 2021
Bitcoin Price Forecast: Buyers make sure that price stays above $9,000 following

Bitcoin Price Analysis: BTC could try to reclaim $50K as selloff loses momentum at

February 27, 2021
Investment Firm Launches the First ‘Crypto Hedge Fund’ in Spain- Plans to Expand

Investment Firm Launches the First ‘Crypto Hedge Fund’ in Spain- Plans to Expand

February 27, 2021
  • Contact Us
  • Terms of Use
  • Cookie Privacy Policy
  • Privacy Policy
  • DMCA

© 2020 MarketForBitcoin.com

No Result
View All Result
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • investors
  • Technical
  • Crash
  • spam
  • stock
  • Blockchain
  • Videos

© 2020 MarketForBitcoin.com

  • bitcoinBitcoin(BTC)$47,430.001.40%
  • bitcoin-cashBitcoin Cash(BCH)$496.461.76%
  • binance-coinBinance Coin(BNB)$228.391.37%
  • bitcoin-goldBitcoin Gold(BTG)$26.720.079%
  • bitcoin-privateBitcoin Private(BTCP)$0.44329.54%
  • blocktixBlocktix(TIX)$0.0200.00%