The value of Bitcoin (BTC) has slipped to $60,300, largely driven by renewed apprehensions surrounding the Chinese market. This decline comes in the wake of a significant sell-off that previously occurred in 2021, prompted by a mining ban in China, which had caused widespread alarm among investors. Recent reports suggest potential sales could reach billions, amplifying market anxieties.
What Factors Are Behind the Drop?
Is the ETH Movement Contributing to Market Pressure?
The price of BTC faced challenges below $61,700, culminating in today’s drop to $60,300. This decline is connected to the recent transfer of 7,000 ETH related to the PlusToken incident, which occurred within the last 24 hours and has been redirected to exchanges.
PlusToken, a Ponzi scheme that began in early 2018, caused significant financial damage before its dismantling in June 2019. At its peak, PlusToken managed to hold around 194,000 BTC and 830,000 ETH. Following its shutdown, most of the BTC was sold off, while the ETH remained untouched until recently, leading to worries about potential selling pressure.
The recent transfers of ETH to exchanges have raised alarms about a looming selling wave, with estimates suggesting that if all BTC is similarly sent to exchanges, it could lead to selling pressure surpassing 500,000 ETH.
- Bitcoin price plummets to $60,300 amid market concerns.
- Recent ETH transfers linked to PlusToken increase selling fears.
- Potential selling pressure could exceed 500,000 ETH if BTC follows suit.
This downturn highlights the fragility of the cryptocurrency market, particularly regarding influences from large-scale movements and regulatory actions within key regions like China. Investors remain on high alert as they navigate these turbulent waters.