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The price of Bitcoin (BTC) has tanked by more than 10 percent over the last 24 hours, touching an intraday low of $8,169. At the time of writing, the embattled coin is sitting at $8,336.
The most recent collapse surely caught many traders off guard with more than $92 mln worth of longs liquidated in a span of one brutal hour. However, the writing was on the wall for eagle-eyed analysts who followed the money of PlusToken scammers.
PlusToken keeps unloading BTC
Bad actors who operated the biggest cryptocurrency Ponzi scheme in history transferred more than 13,000 BTC the day before this massacre happened.
According to trader Kevin Svenson, this is not your typical sell-off since the market is most likely taking a hit from a lone whale. He states that PlusToken tries to suppress Bitcoin's every bullish move.
Numerous massive sell-orders on the Bitfinex exchange that were opened just in a span of a few minutes.
Dovey Wan of Primitive Ventures describes PlusToken as 'a sword of Damocles' that continues to hang over the cryptocurrency market.
Bad guys pull all the strings
While the idea of PlusToken ruling the roost in the cryptocurrency market might sound bizarre, it was actually proved by Chainalysis back in December. The crypto sleuth linked the $3 bln scam to every major Bitcoin dump in the second half of 2019. Notably, the Bitcoin price peaked in 2019 right after the Chinese police cracked down on the token.
Chainalysis estimated that PlusToken had 20,000 more BTC to sell, which might mean that this nightmare might be already over for Bitcoin once the fraudsters cash in all their ill-gotten coins.