NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Did Chinese Ponzi Scam Cause Bitcoin To Tank 10%?

Martin Young
Martin Young
6 years ago
2 mins read
bitcoin ponzi

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

For the umpteenth time Bitcoin has dumped double digits in a single day … again. Yet the FUD and panic still pervades the scene like a bleak cloud of despair that will be blown away and forgotten within a week.

A Fourth Dip to Four Figures

Since the big rally begun in early April, Bitcoin has fallen back into four figures four times already. Today’s purge, which bottomed out at just below $9,500 according to Tradingview.com, has already seen the asset start to show signs of recovery.

At the time of writing BTC had made it back over $9,900 and was eyeing a return to five figures already. All of this has happened within the space of a few hours so it is a little strange that the panic and fear returns every time Bitcoin makes a big move to the downside.

As pointed out by co-founder & CEO of Ciphrex, Eric Lombrozo, people are already looking for explanations.

“Bitcoin price dips for the gazillionth time, prompting wild reports of the end of the world and causing pundits to invent explanations. Predictions: In a week, nobody will remember this dip anymore. In a month the same thing will happen again and people will panic again.”

Bitcoin price dips for the gazillionth time, prompting wild reports of the end of the world and causing pundits to invent explanations.

Predictions: In a week, nobody will remember this dip anymore. In a month the same thing will happen again and people will panic again.

— Eric Lombrozo (@eric_lombrozo) August 15, 2019

Chinese Ponzi Scam Responsible?

One possible factor floating around the crypto sphere this morning is a Chinese Ponzi scam that resulted in the loss of a substantial sum of Bitcoin. Founding partner at Primitive Crypto, Dovey Wan, has been busy on twitter today with news that PLUS Token team members have been arrested.

The likelihood of this having any impact on wider Bitcoin and crypto markets is still being debated. The story is not even being reported outside of China at the moment and Wan appears to be the only source of information aside from a from a six week old SCMP story.

Founding partner at Adamant Capital, Tuur Demeester, has hinted that the sums involved could have wider implications on markets;

“If true, we’re talking about a 200,000 BTC heist here… +1% of circulating supply, worth over $2 billion today.”

If true, we're talking about a 200,000 BTC heist here… +1% of circulating supply, worth over $2 billion today. https://t.co/Kdd4LJ7QwZ

— Tuur Demeester (@TuurDemeester) August 14, 2019

Cryptocurrency thought leader, Richard Heart, added that the Ponzi angle seems plausible. While senior market analyst at brokerage eToro, Mati Greenspan, said that many are looking for reasons for the recent price action;

“Many analysts have been doing their best to tie in the latest moves in the crypto market to the uncertainty in geopolitics but it’s difficult to say exactly how much connection there really is.”

Bitcoin appears to be doing what Bitcoin does. Whatever the cause, these movements have been witnessed countless times before and will happen countless times again so the panic is totally unwarranted. It is all just another day on crypto markets.

Image from Shutterstock
Tweet123Share196ShareSend
Martin Young
Martin Young

Martin Young

Martin is a Southeast Asia based info-tech, cyber security, and cryptocurrency analyst with 20 years working in web technology and media.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Best Crypto To Invest In As Ethereum Eyes $5.5K Ahead Of $XRP ETF Launch.

Best Crypto To Invest In As Ethereum Eyes $5.5K Ahead Of $XRP ETF Launch

Ethereum ($ETH) is under the spotlight after Fundstrat’s Tom Lee reiterated his bullish stance, stating that $ETH could reach $5.5K...

Aaron Walker 1 hour ago
FalconX Adds To Solana Stash: $28.39M In SOL Pulled From Binance

FalconX Adds To Solana Stash: $28.39M In SOL Pulled From Binance

Solana is once again in the spotlight after surging past the $240 level, marking a strong recovery and renewed momentum...

Sebastian Villafuerte 2 hours ago
이더리움 강세 속 주목할 알트코인 투자 전략

이더리움 강세 속 주목할 알트코인 투자 전략은?

암호화폐 시장에 또 다른 불안 요인이 떠올랐다. 대규모 디지털 자산을 보유한 일부 기업들이 실적 악화와 함께 재정 압박을 겪으면서, 이들이 보유중인 비트코인이 위험에 처할 가능성이...

Soyeon Lee 2 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

hyperliquid hype hypeusd

Hyperliquid Hits New All-Time High: Will Momentum Push HYPE Into a Higher Range?

James Halver 1 minute ago

Ethereum potrebbe puntare ai 10.000 $: ecco perché tanti analisti sono ottimisti

Orfeo Barone 49 minutes ago
Dogecoin

Analyst Sets $5 Target For The Dogecoin Price If This Happens

Scott Matherson 1 hour ago

Premium Sponsors

Press Releases

  • ドージコイン 今後の価格予測:2021年以来の強気シグナル点灯、1ドル到達への300%上昇も視野に

    ドージコイン...

    20 minutes ago
  • リップル 今後の価格動向:ETF承認で100ドル突破への道筋は開けるか

    リップル...

    33 minutes ago
  • 仮想通貨プレセール最新動向:イーサリアムやカルダノを凌ぐと予測される新興プロジェクト

    ...

    45 minutes ago
  • 仮想通貨おすすめ:第4四半期に注目される新興コインとカルダノ・パイの比較

    ...

    1 hour ago
  • FRB利下げ後にビットコインが117,000ドル突破、新しい仮想通貨プレセールが注目を集める

    ...

    1 hour ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.