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09 October, 2024

Bitcoin Slumps Below $61K, Ether Drops 3% Amidst PlusToken-Related Coin Movement

09 October, 2024

Bitcoin and Ether Take a Tumble Amidst PlusToken-Related Activity

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The cryptocurrency market experienced a dip on Wednesday, with Bitcoin (BTC) falling below $61,000 and Ethereum (ETH) slipping by 3%. This downturn comes amidst reports of significant movement of PlusToken-related ETH to crypto exchanges.

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Analysts observed a transfer of approximately 7,000 ETH linked to the infamous PlusToken Ponzi scheme, sparking concerns about potential selling pressure. This influx of coins could contribute to market volatility and further downward pressure on prices.

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The PlusToken case, which involved a massive crypto scam, continues to cast a shadow over the industry. The movement of these funds raises questions about the potential for further market manipulation and underscores the need for robust security measures to protect investors.

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While the exact impact of the PlusToken-related ETH transfer remains to be seen, it serves as a reminder of the inherent risks associated with the crypto market. As always, investors are advised to conduct thorough research and exercise caution when making trading decisions.