The Bitcoin and Ethereum Dump is Because of Asian Ponzi Scheme
There was huge ponzi scheme called PlusToken in Asia which got 3 billions USD worth of cryptocurrency in Bitcoin and Ethereum. When they starte selling the price started dumping. Now yesterday they went for another selling batch.
Below video about PlusToken by my buddy boxmining if you never heard of it.
Worth to note that there are also copies of this ponzi (all those ponzies are called superwallets) that also made some millions but nothing close to the original PlusToken and some of them ie CloudToken are also dumping now.
We got Chainalysis report now where they track coins from the scam and noticed they are the ones sold. And due when you have 3 billions you dont care of the price, you just dump.
It is not easy to dump 2-3 billion worth of crypto as exchanges try to block those so here is a chart of how they dumped some.
They still have 20,000 Bitcoin left to dump.
Whole report here - https://blog.chainalysis.com/reports/plustoken-scam-bitcoin-price
BTC/USDT Chart
ETH/USDT Chart
Price below McAfee bet.
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DUMP incoming
If I were them, I'd stop dumping and wait with selling the rest for a year or so. Yield should be much higher then. Imagine selling them off during a bullrun to 50k. $_$ hehe
yeah that would be crazy
What effect, if any, does this have on Steem?
if BTC goes down, STEEM price goes down