Crypto Market Plunges on Monday: Chainalysis Accuses PlusToken

At the end of Monday, the price of Bitcoin fell below the psychological level of $7,000. BTC updated its December lowest level after Chainalysis researchers claimed that PlusToken scammers were selling off their crypto coins to cash out.

At the time of writing the news, the first cryptocurrency is trading at 6950. Altcoins have fallen much more. Ethereum, which is involved in the PlusToken scandal, fell by 7% to $133. XRP, Litecoin and EOS also lost about 7%. According to Coinmarketcap, in total, the cryptocurrency market over the past few hours has lost more than $7 Bln, dropping to a level of $186 Bln.

Thus, the price of Bitcoin has updated the lowest level of this December. At the moment, according to analysts, the price of $6680 acts as the next support line. If the bears manage to overcome this level, we will see even stronger market losses.

Critics agree that markets have responded to a recent Chainalysis report claiming that the fraudulent PlusToken project cashes out by selling off its coins. PlusToken is supposedly the largest Ponzi scheme in the history of the crypto industry. This scam is valued at $3 Bln; the organizers promised a high monthly interest to investors in exchange for deposits in BTC, ETH and other coins. The scheme was very popular in Asia.