Cryptocurrency markets experienced a downturn on Wednesday, with Bitcoin ($BTC ) falling below $61,000. This decline contrasts sharply with U.S. stocks, which reached new record highs.
BTC began the day around $62,000 but slid to $60,400, marking a 2.4% drop over the past 24 hours. Ether ($ETH ) fared slightly better initially but ultimately fell by 3.2%.
The dip in prices is largely attributed to reports that seized cryptocurrencies linked to the notorious PlusToken Ponzi scheme are being transferred to exchanges, raising fears of potential selling pressure.
Chinese authorities had confiscated nearly $4 billion worth of various cryptocurrencies, including ETH, BTC, Dogecoin ($DOGE), and XRP, from PlusToken operators back in November 2020. Recent observations revealed that approximately 7,000 ETH, valued at around $16 million, was moved to exchanges in the last 24 hours, suggesting a possible intention to sell these assets.
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