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One Reason Why Bitcoin Is Down


If you’re looking for answers as to why the market has taken a downturn since the summer, CoinDesk seems to have one:

A report from Chainalysis claims “20,000 BTC (now worth $137 million) and 790,000 ETH (now worth $102 million) remain likely controlled by PlusToken ‘scammers’.”

Since July, Bitcoin’s price drops have correlated with PlusToken’s periodic sell-offs. So far, Chainalysis claims “$185 million in stolen bitcoin have already been liquidated by individuals related to PlusToken.”

The following chart shows the “correlation between coins originating from PlusToken being sent to OTC brokers around the same time of bitcoin price drops.”

For now, you can point a finger at the PlusToken alleged Ponzi scheme. While we cannot say definitively whether that is the case or not, it is nice to have someone to blame.

Look on the bright side: A price dip could be the perfect time to buy.

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