The cryptocurrency markets took a very big dip today for seemingly no apparent reason. Some sources indicate how the PlusToken team may be partially to blame for this sudden development.
Several factors tend to combine during tough times like these.
What Comes Next for the Bitcoin Price?
All major financial markets are getting a beating in recent days.
It is only normal that Bitcoin and alternative cryptocurrencies suffer the same fate.
That being said, Bitcoin often thrives during times of financial instability.
One potential explanation for this massive price drop comes in the form of PlusToken.
It is not the first time that this name is associated with cryptocurrency market drops.
This notorious Ponzi Scheme has made its mark on the industry for some time now.
Its holders are still liquidating the Bitcoin they collected from unsuspecting investors.
With over $2 billion in Bitcoin raised at the peak, there are still ample funds waiting to be sold on the open market.
That may factor into the current overall bearish crypto market sentiment.
How this entire situation will pan out over the coming days and weeks, is anybody’s guess.
Depending on how the other financial markets respond, the remainder of this week may remain rather bearish.
That being said, the Bitcoin price is showing signs of a potential recovery already.