Bitcoin News Today – Headlines for November 26

  • Bitcoin recovers over $7k after crashing to $6,500
  • Bitcoin’s price dump might caused by a whale movement
  • Chinese authorities set to clampdown on cryptos but bullish on blockchain technology

Bitcoin News Today – The world’s most dominant digital currency is in deep danger, as the digital currency continued with its downward trend from the previous week. Bitcoin (BTC) recently plunged heavily and broke below the $7k level. The digital currency plunged to $6,600 right at the time when the United States market opened.

Shortly after Bitcoin (BTC) dropped towards the $6,500 mark, it started a reversal trend. At press time, the digital currency has recovered over the $7k level. Bitcoin (BTC) is now trading at $7,280 after an increase of about 9 percent over the past twenty-four hours.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$0.00-0.15%

Did Bitcoin Price Crash Because of a Whale Movement?

The possible explanation for the crash of Bitcoin price could be the wallet of Plus Token scam, which is once again seen dumping its BTC holdings through Huobi. For a few months, the size and scale of the scheme became popular, as there are 38,000 BTC in one of its main wallets. A Twitter user, Ergo, disclosed the whale movement on Twitter. In a tweet, Ergo said:

While the mainstream bloggers are busy writing clickbait headlines about Chinese miners the elephant… whale in the room is slowly dumping through Huobi.”

This Plus Token Scam was unknown until the second quarter of this year, as they were spreading it mainly through Chinese channels. The scam took away Bitcoin worth $2.9B. Until this moment, Plus Tokens wallets were just sending regular transactions within the range of 600 to 1k BTC every day, slowly liquidating haul. However, as soon as Bitcoin moved in a bearish zone, the selling speed up. According to the report, Plus Token has gathered about 800,000 Ether and 200,000 Bitcoin.

The Selling Decision Comes after the Chinese Authorities’ Harsh Decision on Crypto Projects

The decision of dumping the coin comes after the authorities of China became aggressive towards digital currency projects and the attempts of selling the tokens. In a recent announcement, the People’s Bank of China said that they would clampdown on digital currency trading platforms. The bank also mentioned the sale projects of tokens pushing their products violently.

The Chinese authorities seem to be hard on cryptocurrencies. However, the government, especially the President of China Xi Jinping, is optimistic about the underlying technology of cryptos – blockchain. Recently, he was talking about the benefits and potentials of the technology, as well as its application in the country. China is also researching more use cases for the technology.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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