Market continues to drop; scammers may sell $3.5 billion in crypto – August 15

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $10,045

The crypto market has fallen a further 4% today. Bitcoin is down around 3%, Ethereum is down 7%, and XRP is down 9%. Among the top-20, there’s only one coin in the green: Tether, of course. All others are down roughly between 3% and 7%.

Top Stories for August 15, 2019 πŸ”₯

πŸ‘‰ Market continues to drop; scammers may sell $3.5 billion in crypto

Plus Token is a Chinese cryptocurrency project which has recently been labelled a “collapsing Ponzi scheme.” There’s speculation on whether Bitcoin and Ethereum tokens raised by the project may be being sold en masse on the open market, causing the recent price drop.

Venture capitalist Dovey Wan claims the scam project’s team may be selling up to 70 thousand Bitcoin and up to 200 thousand Ethereum on the open market.

πŸ‘‰ Bitcoin long liquidations continue to fuel bloodbath

Whenever there are rapid price changes on the cryptocurrency market, this can cause “liquidation” of leveraged trading positions; in other words, traders using borrowed money are unable to provide sufficient collateral for their position, and are thus forced to sell it altogether.

Within the last two days, more than $200 million in Bitcoin long positions have been liquidated. While this may not have caused the recent bloodbath, it has certainly added fuel to the fire.

πŸ‘‰ Anthony Pompliano exchanges with Peter Schiff on Twitter

Anthony Pompliano is an American entrepreneur known for his strong pro-Bitcoin position and expansive Twitter presence; Peter Schiff is a traditional economist and broker-dealer.

The two recently shared a brief Twitter exchange where Schiff predicted Bitcoin would fall more than 50%; to this, Pompliano responded that it may do so, but only after it appreciates “hundreds of percent” more.