Top Analyst: Foul Play Pumped the Crypto Market by $66 Billion

Jacob Canfield, a crypto market analyst known for accurately predicting bitcoin’s 2020 price rally, has alleged that there was market manipulation in the trading of altcoins this year.In a video published last week, Mr. Canfield linked the resurgence of otherwise underperforming cryptocurrencies like Ethereum and EOS to PlusToken, a Ponzi scheme that, under the disguise of a high yield investment company, stole over $3 billion from its clients. The steal included 70,000 bitcoin, 790,000 ether, and 26 million EOS tokens.Mr. Canfield noted that PlusToken scammers first artificially pumped bitcoin from $3,500 to circa $14,000 last year. They then sold about 70-90K BTC in the range of $9,000 and $13,000, which roughly equals about $600 million. The profitable move gave them enough capital to drive the altcoin market upward.“If [Plustoken scammers] are using their capital to push the Ethereum market, then they can push its prices back to $300, $500, $600 and even $1,000,” said Mr. Canfield. “They can also set up traps for short-sellers and continue to push the short-seller cascade in thin-order markets.”

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