The bitcoin price rally in the summer of 2019 may have been the work of PlusToken investors. The scam, highly influential in China, but largely invisible to Western traders and social media, benefited greatly from the hype and growing BTC prices.
Plus Token Raised Demand for Bitcoin in Early 2019
Dovey Wan, the co-founder of Primitive Crypto, is of the opinion that the PlusToken scheme may have manipulated the bitcoin market. The BTC crash in July is also ascribed to PlusToken emptying out its wallets through Huobi.
IMO PlusToken is the main force for both the bull and bear from April to YTD
What I can share publicly here
1. After CNY 2019 (Feb 5th) PlusToken on-ramp spike up significantly in Mar and Apr
2. Its team were arrested Vanuatu time on 6/25.. BTC crashed a day after https://t.co/WGvTLYmpgd
— Dovey 以德服人 Wan …