- Bitcoin Tanked below $8K this Monday, after dropping nearly 10%.
- Analysts’ hints towards Plus Token Scam pulled BTC price down.
- Will Bitcoin price bounce back or it is backtracking to March 2019 price?
Bitcoin Price Tanked below $8K this Monday
The second week of March 2020 has started on a negative note for the World’s Top-most crypto. Bitcoin price has tanked below $8k as we write. Currently trading at $7924 USD, BTC price has fallen by 9%.
There seems a sudden plunge in BTC price in last 24 hours. BTC has reached a new low since Jan 2020 when the asset traded at $7,946. Along-with Bitcoin, Ether (ETH) corrected 10.7% and pulled just above $200, Bitcoin Cash (BCH) dropped 13.67%, and XRP lost 9.6% of its value. In total, Cryptocurrencies lose nearly $21 billion in total market cap.
The recent collapse has created a stir among traders. More than $92mln worth of longs liquidated which has created a Panic among the crypto traders. So, what has brought BTC price to its knees?
Analysts’ hints towards Plus Token Scam pulled BTC price down.
Crypto Twitter is hinting that PlusToken has unloaded more than 13000 BTC a few days back. It might be a great reason for the BTC price backtracking.
According to trader Kevin Svenson, a lone whale is creating this stir. He states that PlusToken tries to suppress Bitcoin price every bullish move.
However, many came in support of Bitcoin. Anthony Pomp says that it’s just a passing phase, Oil price have tanked more than Bitcoin.
Someone tell the Bitcoin detractors that oil just dropped more in a single day than Bitcoin ever has.
Too much volatility!
— Pomp
(@APompliano) March 8, 2020
James Todaro, Partner in BlocktownCap expects BTC to bounce back.
Unfortunately, a dark cloud continues to hover across the cryptocurrency market amid the Coronavirus fears. It’s easy to blame PlusToken for keeping Bitcoin prices down and to write it off as a temporary issue, but the real problems are much more fundamental to Bitcoin. The markets lack liquidity and there are sellers around every corner just waiting to ditch their Bitcoin when the price is right. Those problems will probably still be there once PlusToken has finished dumping its holdings.
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