Cryptocurrency

BTC-Trader warns: plus, token-scammers move $117 million in Bitcoin to crash BTC again?

The plus token scammers have made in the past 24 hours about 13,000 BTC to a Coin-Mixer, according to the Blockchain-research firm Ergo. Mixer-deposits in Bitcoin does not necessarily mean a sell-off in the immediate future, but the probability of this is increasing.
If the sell-off of Bitcoin by the fraud of the last few months is priced on the market, remains questionable.

Is priced by the Bitcoin-Sell-off in?

According to Ergo, the scammers have made since August are always sellouts.
The sale rate has declined in the last period, which coincides with increased dynamics on the crypto market.
A challenging aspect in the pursuit of the mixed Fund Deposit on the stock exchanges, the tracing of mixed funds in the stock market the order books. Simply put: While it is relatively easy to find traces of money were sent from a mixer to a stock exchange, is the definitive proof is difficult, that the joint funds were sold on the stock exchange.
The Team of Ergo, according to the sales but also for sales. That is, if a large amount of Bitcoin leaves a mixer to an exchange and distributed, it is sold, probably shortly thereafter.
The research team explains:

“They have sold since August again and again. In the last time with a much slower Rate. I have tried to distinguish between sold/distributed. In the Chain I see the sales to the Exchange, but not in the order books. However, the distributions are price sensitive. In price weakness to persist. I tend that marketing and selling is done almost at the same time.“

At the current Bitcoin price of 9,100 dollars about 13,000 BTC are around $ 118 million in value. While the crypto currency market processed daily tens of billions of dollars on paper, account for the major part of it on leveraged trades on Margin-trading platforms, such as BitMEX, and Binance Futures.

The Scammer crash the Bitcoin price?

If the 13,000 BTC will be sold only to, and after, it will likely not have a huge impact on the short-term price development of Bitcoin. The Bitcoins should be sold in large quantities on the market, there is the possibility that they lead to a cascade of liquidations on Margin trading platforms.
The renowned technical Analyst and Trader Jacob Canfield warns, therefore, to exercise caution on the market.
He said:

“Thank you to Ergo for all his hard work on this issue, but it looks as if the Plus Token Ponzi scheme has filed more Bitcoin. It is time for caution and care on the markets.“

The impact of a possible sell-out to the Bitcoin price will largely depend on how, when, and over what period of time BTC is sold. Due to the large range of variables, some traders remain in the market in the short term, be careful.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.