You can’t avoid or deny it: a critical support level in Bitcoin, the most famous and important cryptocurrency, has been breached. Crypto bears are having a field day, at least at the moment. Bitcoin has tumbled below $7,000 – though it has found support at $6,700 for the time being.
The latest crypto-related scheme to be uncovered is known as PlusToken. It’s basically an old-school pyramid scheme with a modern-day crypto twist. I can’t even count the number of times I’ve warned people to avoid these schemes and to just hold your digital currency in a secure cold-storage wallet, but every market has its share of suckers waiting to be scammed.
The problem isn’t with Bitcoin or the blockchain itself as a technology, but the Bitcoin price has suffered collateral damage as the PlusToken fallout has thrown shade on the cryptocurrency space as a whole. Here are the unsettling facts surrounding PlusToken:
- Based in China, the PlusToken scheme is estimated to have grown to more than $2 billion.
- Investors were promised returns of as much as 600%.
- It’s your basic pyramid scheme wherein the perpetrators eventually dump their holdings, and that’s exactly what’s happening now as PlusToken conspirators have sold 25,000 Bitcoins.
- Moreover, it is believed that they’ll unload another 20,000 Bitcoins.
- The Bitcoins are spread across approximately 8,700 anonymous cryptocurrency wallets, making it harder for authorities to track or control the selling activity.
This, of course, is fresh fodder for Bitcoin haters who were wrong when the price hit $500, then $1,000, then $5,000 and beyond. Some of the PlusToken perpetrators have been arrested and this scandal won’t last forever, of course, but the price pressure may continue as investors digest the news.
What the mass media won’t report is that $6,400 marks a strong support level as Bitcoin approaches the bottom of its multi-month channel – or that Bitcoin trading volumes and hash rates remain robust and the number of BTC/USD long positions on popular cryptocurrency exchanges like Bitfinex is picking up.
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While Bitcoin may be bottoming, stocks are soaring. Central banks around the world slash bond yields and the U.S. Federal Reserve injects billions of dollars into an American banking system that’s on life support.
The past six months have seen an astounding 51 interest-rate cuts worldwide, indicating central banks’ fear of a coming crisis and desperation to keep the stock-market rally going for another quarter or two.
With global debt up to $255 trillion in 2019, governments are doing everything they can to keep the charade going – it makes the PlusToken pyramid scheme look like child’s play. There will always be more victims and more suckers in the markets – and if you’re not several steps ahead in your education and preparation, you could be one of them.
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