Earlier this week, many were caught by surprise upon realizing that the PlusToken crypto-Ponzi scheme is still in operation. More importantly, the scheme culprits still hold a sizeable amount of Ethereum and Bitcoin. Blockchain analysis firm Chainalysis revealed this fact. In the hours that followed the report, the crypto market took a nosedive which was widely reported as the trigger.
PlusToken wallets are reportedly holding more than 45,000 BTC ($302 million) and 800,000 ETH ($102 million). Most investors are currently panicking that these huge amounts could be dumped on the market and see prices plummet. And true enough, there is already fear this is about to happen.
In the last few hours around $105.1 million worth of Ethereum was moved from the PlusToken wallets and into an unknown wallet. This has sent cold chills around the crypto community and especially those who hold Ethereum.
Top analysts like Alex Kruger have already warned the Ethereum community that there could be an impending dump in the next few hours or days.
Ethereum Market Update And What To Expect
The market has just posted a rebound in the last 24 hours after a bloodbath on Wednesday. ETH has posted gains of over 3% at the time of writing this and is exchanging for $128. Fortunately for Ethereum holders, the asset showed strong support at the $122 support. This could be an-established long term support. If the bulls can resist a drop below this, if and when the dump happens, Ethereum will remain largely bullish.
Before the market plummeted on Wednesday, Ethereum was trading above $140 and looking to climb above $150. With an all-time high $1,432.88 from back in January 2018, the asset remains nearly 90% down. Will it ever go back to these high levels?
Crypto analyst and Author