Is it going to be the end of bull market ?

[The Legend]

Chinese police have seized $4.2 billion cryptos from PlusToken Ponzi crackdown, according to a new court ruling.

The amounts seized by the Chinese police:

- 194,775 BTC (1% of circulating supply)
- 833,083 ETH (0.73% of circulating supply)
- 1.4 million LTC
- 27.6 million EOS
- 74,167 DASH
- 487 million XRP
- 6 billion DOGE
- 79,581 BCH
- 213,724 USDT

It will effect the whole crypto market and again we have to face the down trend. What is your opinion about it ?


Source: >Click on here<

[Gravatai]

I am not familiar with the legislation of China, but I think that by a court order, bailiffs will have to sell all these coins. In this case, it can negatively affect the prices of these coins and all cryptocurrencies in the crypto market.  I think we need to keep an eye on this case.

[MrSpasybo]

We do not know clearly on this issue in China, that the police are actually capturing and mastering this volume of crypto. And more importantly what they will do with them, maybe they will sell them to fund back to the investors.
However, as far as I know, the existence and trading of cryptocurrencies in China is not allowed. So it is also possible that the entire crypto asset will be fundraised for country

I think PlusToken is not the reason why the price of many tokens has decreased recently, because 1% of the total supply of BTC cannot cause the price of BTC to drop 12%/day. It was just a market correction after a big price increase.
Of course the PlusToken scam had a negative impact on the crypto market but that was the time right after the project was exposed, now many people have forgotten that event.

[bigcash2011]

How it will bring end to bull market and start downtrend? If scammers are held by the police and funds recovered then it is positive news and will further boost trust and investments into crypto market.

[trauchot]

There were already various similar problems, but nothing serious with the cryptocurrency market usually happened, of course, the confiscated amounts are very huge and it is not clear how they can affect the cryptocurrency market, but so far these news has not affected the cryptocurrency market in any way and I hope this problem will be resolved somehow on a positive note.

[Malam90]

Early of the day, i have read the news and became shocked to see the amount of the cryptocurrencies which is $4.2 B. That's a massive amount that Chinese Police have seized from PlusToken Ponzi. Today it has a negative impact on cryptocurrency red bloody market. Two days ago, Paypal suspended a few crypto related accounts for suspective behavior. It put a bad impact on price which down the crypto market and already marketcap lost by $50B within 35 hours.

[StreakW]

No, the Bull market will never end until 2021. yeah you will see the price going down but this kind of moment only last in a short time, and the Bull market will back and increase slowly until 2021

[gunhell16]

Chinese police have seized $4.2 billion cryptos from PlusToken Ponzi crackdown, according to a new court ruling.

The amounts seized by the Chinese police:

- 194,775 BTC (1% of circulating supply)
- 833,083 ETH (0.73% of circulating supply)
- 1.4 million LTC
- 27.6 million EOS
- 74,167 DASH
- 487 million XRP
- 6 billion DOGE
- 79,581 BCH
- 213,724 USDT

It will effect the whole crypto market and again we have to face the down trend. What is your opinion about it ?


Source: >Click on here<

I don't think it will affect the crypto market, because cryptocurrency is not only applied or moving to one country only.
So, it is only China that has that kind of issue anyway.  And besides, plus token has nothing to do with crackdown price in the cryptocurrency or Bitcoin.

[ShadowCrypto]

dollar cost average and once you have a position you like you don't touch it
Bitcoin had a long run from $10.5k to $19.5k
it will be interesting to see how bulls react to this. If we fall below $15k then that would suck

[Lenipiw]

The cryptocurrency market has changed a lot in the last two days. In other words, the price of each coin or token has decreased a lot. Most investors in the market are currently at a loss. I kept some coins that hurt me. But hopefully in a few days the market will return to its previous position. We all hope the plaintiff market is good.

[Fenix]

By itself, the event of the withdrawal of billions of dollars of cryptocurrency from scammers in China cannot negatively affect the cryptocurrency market.  This is a normal, positive process that I hope will continue in the future.  However, if, by a court decision, large amounts of cryptocurrency are put up for sale, then this may lead to some short-term decline in prices in the market.

[Galaxy]

I think the government of every country should not seize bitcoin or cryptocurrency assets. I think such laws hurt the economy more. Because if there are big cryptocurrency traders inside the country then I think the country will go a long way. So cryptocurrency should get a lot more support in every country.

[Thymoty]

I don't know about the Chinese constitution, but it looks like they will sell the coins to make up for the losses to investors. Or they will just keep it, as evidence of crime. 

[IyemRoker]

That great value can be said to be Ponzi?
Wuooaaahhh is very harsh in the world of cryptocurrency in China.

I don't understand the rules in China but with these values, at least I can clear up any existing rules if I live in the area where I live.
Then for the effect on the market, well, I hope it doesn't go down because if the price goes down it will be very painful.

[TomPluz]

The PlusToken ponzi operation is now considered to be on the top of the heap among many scams that affected humanity, mostly recently with the coming of cryptocurrency into the scene. It can be amazing how millions of Chinese maybe both inside and outside the country had been fooled to be a part of this scheme. Now, that billions of value of digital assets have finally been seized, there is now the question on when the government will dispose of them and how this act alone can affect the whole crypto space. Well, any negative effect will depend on how resilient is the market in taking in this avalanche of sell-offs. I am still hoping that the bull run we are in will not be killed with this news. Sadly, developments in China can still affect the direction of this global industry.