Bitcoin (BTC) 
$62,122 price At the time of writing, it fell to $60,300, and the reason for the decline was China years later. After the mining ban in 2021, we experienced large sales due to China. Today’s news broke a few minutes ago and has investors worried due to the potential for multi-billion dollar sales.
Why Is Bitcoin Falling?
Closes below $61,700 followed by a test of $60,700 BTC We talked about today that it was getting closer to . As expected, the price dropped to $60,300. The reason for the decrease is that 7 thousand of the 542,000 ETH seized from the PlusToken incident in the last 24 hours were sent to the exchanges.
PlusTokenwas a crypto pyramid scheme that caused billions of dollars in losses that started in early 2018. It continued operating until June 2019 before being brought down by China. At the time of closure, this pyramid scheme had 194 thousand BTC and 830 thousand ETH. The overwhelming majority of BTC was sold between August 2019 and March 2020. However, ETH remained untouched until the summer of 2021, with just under a third of the 840 thousand ETH sent to a relatively unknown exchange called Bidesk and assumed to have been sold.
ETH reserves have been moved to exchanges in the last few hours. Sending all BTC to exchanges in the coming hours may mean selling pressure on 500 thousand ETH.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
