Bitcoin 2 (BTC2) Has all The Elements of an Altcoin Pump And Dump Crypto Token Scam
Bitcoin 2 (BTC2), not to be confused with Bitcoin (BTC), was originated last year and no one batted an eye. However, recently, it has made a lot of headlines. And it is not surprising at all, as the crypto community can’t but discuss the crypto asset that has managed to gain more than 5,000% in value over a 24-hour period. To many of us, this just looks like the latest pump and dump effort.
Pump-and-dump is a scheme that attempts to boost the price of a stock through recommendations based on false, misleading or greatly exaggerated statements. The perpetrators of this scheme already have an established position in the company's stock and sell their positions after the hype has led to a higher share price. This practice is illegal based on securities law and can lead to heavy fines.
Bitcoin 2 (BTC2) tore its way into the top 25 crypto assets by market cap on June 6, hitting a peak of $29.27 per coin. It’s now back to Rank 1,928 with the price of around $5 USD. The asset is only listed on two crypto exchanges – Crex24 and Escodex. Both exchanges have Bitcoin 2 (BTC2) paired against Bitcoin (BTC). Crex24 looks to have hosted most of the asset’s trading activity during the pump.
Some specialists believe that it could be just another crypto whale who has quite impressive BTC2 holdings and wanted to see if people are gullible enough to fall for their scheme. This person may have just likely pushed the BTC2 price up. Such a situation may have captured all the investors who didn’t want to miss a chance.
Bitcoin 2 describes itself as a scalable Bitcoin snapshot fork that supports private transactions through the Zerocoin protocol and nearly instantly verified payments through Masternodes. According to the team, the size of the Bitcoin blockchain was pruned from around 150 GB in February 2018 to less than 1.5 GB for Bitcoin 2. This reportedly allows new nodes to get started much faster.
While you are here, it should go without saying but might as well get the real bitcoin news and information vs hearing only about the latest crypto pump and dump setup.
Bitcoin’s price is $49,408.68 BTC/USD exchange rate today. The real-time BTC market cap of $924.47 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $25.12 Billion and live coin value change of BTC -3.88 in the last 24 hours.