Ponzi

Movement

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-price-declines-due-to-market-fears" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Declines Due to Market Fears</a><br></p>
<p style="text-align: justify">The value of <a href="https://en.bitcoinhaber.net/blackrocks-bitcoin-etf-sees-significant-success" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (<a href="https://en.bitcoinhaber.net/bitcoin-eyes-new-all-time-high" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>) has slipped to $60,300, largely driven by renewed apprehensions surrounding the Chinese market. This decline comes in the wake of a significant sell-off that previously occurred in 2021, prompted by a mining ban in China, which had caused widespread alarm among investors. Recent reports suggest potential sales could reach billions, amplifying market anxieties.</p>
<h2 style="text-align: justify" id="what-factors-are-behind-the-drop">What Factors Are Behind the Drop?</h2>
<h2 style="text-align: justify" id="is-the-eth-movement-contributing-to-market-pressure">Is the ETH Movement Contributing to Market Pressure?</h2>
<p style="text-align: justify">The price of BTC faced challenges below $61,700, culminating in today’s drop to $60,300. This decline is connected to the recent transfer of 7,000 ETH related to the PlusToken incident, which occurred within the last 24 hours and has been redirected to exchanges.</p>
<p style="text-align: justify">PlusToken, a Ponzi scheme that began in early 2018, caused significant financial damage before its dismantling in June 2019. At its peak, PlusToken managed to hold around 194,000 BTC and 830,000 ETH. Following its shutdown, most of the BTC was sold off, while the ETH remained untouched until recently, leading to worries about potential selling pressure.</p>
<p style="text-align: justify">The recent transfers of ETH to exchanges have raised alarms about a looming selling wave, with estimates suggesting that if all BTC is similarly sent to exchanges, it could lead to selling pressure surpassing 500,000 ETH.</p>
<ul>
 <li>Bitcoin price plummets to $60,300 amid market concerns.</li>
 <li>Recent ETH transfers linked to PlusToken increase selling fears.</li>
 <li>Potential selling pressure could exceed 500,000 ETH if BTC follows suit.</li>
</ul>
<p style="text-align: justify">This downturn highlights the fragility of the cryptocurrency market, particularly regarding influences from large-scale movements and regulatory actions within key regions like China. Investors remain on high alert as they navigate these turbulent waters.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/bitcoin-price-declines-due-to-market-fears" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Declines Due to Market Fears</a></h5>

Bitcoin Price Declines Due to Market Fears

Table of Contents

BH NEWS

Other articles published on Oct 9, 2024

Asian Bitcoin Investors Prioritize Profits Over Philosophy

Shiba Inu price stuck in a range as Shibarium activity dries

Meta launches its AI Assistant in the UK, Brazil, and more countries

FTX Creditors Payout Could Boost Crypto Markets by Year-End

Mayor of Rockdale, Texas: Bitcoin Mining Boosting the Local Economy

Bybit Reports Milestones as bbSOL Concludes First Month on Solana Blockchain (9 Oct)

Join our free newsletter for daily crypto updates!