Yesterday was an overwhelmingly bullish day for the cryptocurrency markets, with Bitcoin posting a large surge from its lows of $6,400 that led Ethereum (ETH) and most other major altcoins to climb as much as 10%.<\/p>\n
This upwards momentum was somewhat fleeting however, and Ethereum\u2019s retrace from its recent rally may stem from the ongoing sale of ETH from the ring leaders on the defunct PlusToken Ponzi scheme, which could significantly damage the crypto\u2019s price for years to come.<\/p>\n
At the time of writing, Ethereum<\/a> is trading down marginally at its current price<\/a> of $127, which marks a notable decline from its daily highs of $134 that were set at the peak of the recent rally experienced by the aggregated crypto markets.<\/p>\n This rally, and subsequent retrace, has largely been guided by Bitcoin, which surged all the way up to $7,500 yesterday before losing its strength and dropping back down to $7,150.<\/p>\n One factor that perpetuated ETH\u2019s retrace and could signal that it will soon see significantly further losses is the fact that the now defunct Chinese Ponzi scheme \u2013 PlusToken \u2013 reportedly<\/a> has hundreds of thousands of Ethereum<\/a> that they are offloading directly onto the markets.<\/p>\n A recent tweet from Whale Alert noted that 789,525 ETH was transferred from a PlusToken wallet to an unknown wallet, signaling that they may be looking to market sell all, or a portion, of these tokens.<\/p>\n \u201c789,525 #ETH (105,099,509 USD) transferred from PlusToken to unknown wallet,\u201d they pointed out.<\/p><\/blockquote>\n \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 789,525 #ETH<\/a> (105,099,509 USD) transferred from PlusToken to unknown wallet<\/p>\n Tx: https:\/\/t.co\/9kTSZy7Y1G<\/a><\/p>\n — Whale Alert (@whale_alert) December 19, 2019<\/a><\/p><\/blockquote>\n\n