Coingape - 6/24/2020 3:08:08 PM - GMT (+0 )
Whale Alert of over 789,534 ETH moved from PlusToken scam shakes the bullish sentiments, as prices drop to $235.
WhalePanda, crypto investor and analyst tweeted,
Almost 790k $ETH of the Plustoken ponzi are on the move. (roughly $188 million)
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 789,534 #ETH (187,847,558 USD) transferred from PlusToken to unknown wallet
— Whale Alert (@whale_alert) June 24, 2020
During the last instance, about $117 million in Bitcoin was moved on 11th February 2020. This followed a crash after marking a top in Bitcoin at $10,522 in the following week. In the past, the PlusToken scam of more than $3 billion was sought to be the reason for the excessive bull and the subsequent bear market in 2019.
Hence, on two instances from the past, PlusToken scam has marked the top total top in crypto indices.
With the DeFi euphoria finally coming to an end, the market perceived that the profits or liquidity is likely to flow into Ethereum and Bitcoin next. Nevertheless, a massive sell-off from one source could trigger another dump from the local top.
Do you think it will happen again or bulls will cover the sell-off this time? Please share your views with us.
To get the daily price analysis, Follow us on TradingView
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com