- Analyst Jacob Canfield believes that PlusToken scammers are utilizing crypto exchanges and OTC brokers to commerce their stolen funds for different crypto tokens.
- He suggested that whereas merchants can determine near-term dips to purchase altcoins, they need to exit their positions on the primary indicators of deep pullbacks.
A widely known crypto market analyst, Jacob Canfield, has alleged that there was market manipulation in altcoin buying and selling this yr. Canfield is popularly recognized for precisely predicting Bitcoin’s 2020 worth rally. He linked the reemergence of in any other case underperforming cryptos like Ethereum and EOS to PlusToken. PlusToken is a Ponzi scheme during which the corporate disguised as an funding agency and stole over $three billion from its clients. The stolen funds included 70,000 bitcoin, 790,000 ether, and 26 million EOS tokens. This gave them sufficient capital to control the altcoin market.
If [Plustoken scammers] are utilizing their capital to push the Ethereum market, then they’ll push its costs again to $300, $500, $600 and even $1,000,” stated Mr. Canfield. “They will additionally arrange traps for short-sellers and proceed to push the short-seller cascade in thin-order markets.
Canfield’s statements come at a time when altcoins are considerably outperforming Bitcoin. He believes that PlusToken scammers are utilizing crypto exchanges and OTC brokers with closed order-books to commerce their stolen funds for different crypto tokens. Regardless of huge dump fears, Canfield feels that the crypto market will hold rising. He suggested that whereas merchants can determine near-term dips to purchase altcoins, they need to exit their positions on the primary indicators of deep pullbacks.
He additionally warned merchants to look out for crypto wallets that belong to the PlusToken scammers. Canfield famous that any withdrawal would alert the merchants of a possible bearish correction.
What I’m watching is for these PlusToken cash to maneuver. Doubtlessly, that may very well be a tapping indicator of the altcoin market.
