Bitcoin’s Sharp Price Drop May Have Been Prompted by $120M Scam Sell-off
Bitcoin has quickly plunged to two-month lows, with some analysts suggesting an over-$100 million liquidation by PlusToken scammers as the cause.
Cryptocurrencies worth billions of dollars have been seized during the police crackdown on the PlusToken Ponzi scheme in China.
Scam selling, a big win for privacy from Apple, new jobless claims in the “whack-a-mole” economy and the biggest BTC options expiry ever.
Fourteen operators of the giant PlusToken scam have been sentenced in China to up to 11 years in prison.
Trading volume records in bitcoin’s options market were smashed on Monday as investors scrambled to hedge their positions amid the selloff.
The price of bitcoin dropped sharply over the past 24 hours as a confluence of events has led to traders hitting the sell button.