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Bitcoin Gambling News March 9, 2020: What Caused Bitcoin Sharp Price Drop?

Written by:
Aaron Goldstein
Published on:
Mar/09/2020

Below you will find all the latest news pertaining to Bitcoin and the world of online gambling.


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What Caused Bitcoin Sharp Price Drop?

(March 9, 2020) - Bitcoin has plunged to two-month lows over the past 24 hours and the reason may have something to do with an over-$100 million liquidation by PlusToken scammers.

From CoinDesk:

The top cryptocurrency fell by nearly 10 percent from $8,900 to $8,000 on Sunday to register its single-biggest daily decline since September 2019, according to Bitstamp data. Then on Monday, bitcoin (BTC) slipped further to two-month lows below $7,700 during the Asian trading hours.

At press time, the cryptocurrency’s global average price, as calculated by CoinDesk’s Bitcoin Price Index, has recovered somewhat to $7,925.

“The sudden drop in prices seems to arise out of the selling of BTC by PlusToken,” Ashish Singhal, CEO of the cryptocurrency exchange CoinSwitch.co told CoinDesk.

On Saturday, scammers in control of the remaining wallets of the China-based Ponzi scheme moved 13,000 BTC (worth around $101 million currently, but close to $120 million at the time) to so-called “mixers” and may have offloaded their holdings, causing prices to fall sharply, according to Singhal. Mixers are used to obfuscate the source of a crypto transaction by outputting batches with different coins than are sent in.

Read More From CoinDesk Here

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