Bitcoin Price Goes Back Above $10,500 But PlusToken’s 5,575 BTC on the Move Again

  • Bitcoin price rises by 4.75%, but trader still skeptical
  • Also, the Ponzi scheme PlusToken fund becomes active yet again

After tumbling down to $9,475 level this week, Bitcoin is yet again on the move and above $10,000.

In the past 24 hours, BTC/USD saw an increase of 4.75% going as high as $10,540 level. Trading volume meanwhile is holding steady around $1.6 billion.

According to trader TraderX0X0, the bears aren’t done yet with Bitcoin. He sees the flagship cryptocurrency dropping back down to $9,700 level.

This comes as no surprise as Bitcoin is expected to make a retreat to $8,500 and fill all the gaps left by CME Group’s Bitcoin futures contracts that unlike cryptocurrency spot exchanges doesn’t trade on weekends.

However, if Bitcoin moves upwards to the $10,500 and $10,600 area, a drop to $9,700 would invalidate, TraderX0X0 said.

Ponzi Scheme PlusToken Fund Becomes Active yet Again

What’s concerning for Bitcoin price is the $3 billion Ponzi scheme PlusToken that has been dumping BTC in large amount and allegedly behind the 18% crash in Bitcoin price.

As we recently shared, this all started around early July.

But isn’t over yet.

According to blockchain security company PeckShield, PlusToken funds are on the move again. On 14th August, 5,575 BTC were moved from 1M1Tfsvb address to different addresses.

As per the PlusToken fund flow by the security firm, so far 540 BTC has gone Bittrex exchange and 663 BTC has gone into Huobi.

Back in late June, the Chinese publication, South China Morning Post reported the arrest of six Chinese nationals in Vanuatu following the complaints from authorities in China in a scam of $2.9 billion equivalent in BTC, ETH, and EOS.

Currently, Bitcoin is trading at $10,509, however, with these funds back on the move, it’s to be seen if another dump would be coming soon.

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Author: AnTy

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