Opinion: Bitcoin decline caused by long liquidation of micro-whales, not related to New Crown epidemic and PlusToken selloff

According to CoinDesk, Bitcoin has fallen sharply in the past 24 hours. At the same time, due to concerns about the new corona virus, the traditional market also fell on Monday. The Dow Jones Industrial Average fell 7% and the S & P 500 index fell 5 %the above. Ponzi's scam project PlusToken has sold 13,000 BTC, further pushing down prices.

Toronto's digital asset manager and over-the-counter trader James Hapak believes that the decline has nothing to do with the New Crown epidemic or PlusToken. It is just that the microwhale is clearing longs in the $ 9,000 and $ 10,000 range and has been going on for months.

Jack Tan, co-founder of Taipei algorithm trading company Kronos Research, said that many people think that the cryptocurrency market has fallen due to the PlusToken sell-off or panic virus panic. To a certain extent, this view is correct, but everyone should know that, The cryptocurrency market is tightly controlled by a large amount of capital. Weak markets have created conditions for capital manipulation.