Bitcoin Takes a Big Hit - Falls Below $8k Due to PlusToken Pyramid Scheme

• It didn’t take long for bitcoin to plummet after it’s quick rise above the $10,000 key resistance level.
• The sudden crash of the digital asset brought down the rest of the market with many suspecting that a PlusToken pyramid scheme being behind the flash crash. 
• Currently trading below the $7000 mark, the market is in the red.

It didn’t take long for the Bitcoin Price to plummet after it’s quick rise above the $10,000 key resistance level. The sudden crash of the digital asset brought down the rest of the market with many suspecting that a PlusToken pyramid scheme being behind the flash crash. Currently trading below the $7000 mark, the market is in the red.

Many online crypto analysts are commenting on the unexpected turn of events.

One Twitter account that closely tracks activities of PlusToken, Ergo has estimated the total funds involved is around 13,000 bitcoins which is roughly equal to $210 million given the current price of the market.

What it said this time though was that the coins were going to mix services to hide their traceability. Two feeder addresses have been identified which showed the balances on the 5th of March. 

The crypto tracker account further went on to say:

“Been looking and theorizing about this for months and I can't see a scenario where the coins aren't being sold, at least to some degree… This was likely obvious to the exchanges starting in September. The accounts would have been frozen then.”

This is why it’s so important to look into your investment before investing! Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!