RATE Group | Well-known Bitcoin analyst links altcoin price surge to PlusToken scam
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Well-known Bitcoin analyst links altcoin price surge to PlusToken scam

21 Feb Well-known Bitcoin analyst links altcoin price surge to PlusToken scam

Posted at 23:00h in Bitcoin News by

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  • Analyst Jacob Canfield believes that PlusToken scammers are using crypto exchanges and OTC brokers to trade their stolen funds for other crypto tokens.
  • He advised that while traders can identify near-term dips to buy altcoins, they should exit their positions on the first signs of deep pullbacks.

A well-known crypto market analyst, Jacob Canfield, has alleged that there has been market manipulation in altcoin trading this year. Canfield is popularly known for accurately predicting Bitcoin’s 2020 price rally. He linked the reemergence of otherwise underperforming cryptos like Ethereum and EOS to PlusToken. PlusToken is a Ponzi scheme in which the company disguised as an investment firm and stole over $3 billion from its customers. The stolen funds included 70,000 bitcoin, 790,000 ether, and 26 million EOS tokens. This gave them enough capital to manipulate the altcoin market.

If [Plustoken scammers] are using their capital to push the Ethereum market, then…

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