Upbit Raid Selloff Amidst Bullish Headlines
South Korea, arguably the top crypto nation, has had exchange UpBit raided by authorities on allegations of fraud. There aren't many details, but the FUD has made the market dip down into the $390 billion area.
There are however, a slew of bullish headlines as crypto goes mainstream by the day. Huawei will have a bitcoin wallet downloadable for their clients. The Nasdaq CEO says crypto will be mainstream. Robinhood exchange wants to try and overtake Coinbase as the crypto leader in America. Things are very bullish fundamentally.
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We were so bullish, how dare they raid exchanges!
I was immersed in green the whole week. It felt so great! And now it is red :(
coins going down fast
Bitcoin prices fell to three-week lows of around $8,540 on May 11, as markets reacted to a flash investigation of South Korean exchange Upbit and a fresh Mt.Gox funds liquidation. Traders appeared to deliver a knee-jerk reaction to news that Upbit, Korea’s largest cryptocurrency exchange and a subsidiary of communications giant Kakao, had received a visit from the country’s Financial Supervisory Commission (FSC). At the same time, executives in charge of refunding users of former Japanese exchange Mt.Gox have evidently sold a new chunk of about 8,000 BTC (about $70 mln at press time) in four batches of 2,000 BTC. Such actions in the past had reportedly affected global prices several times since November...
"The exchange hosted about $1.6 billion of cryptocurrency trades in the past 24 hours, making it the biggest in Korea and the fourth-largest in the world among fee-charging venues tracked by Coinmarketcap.com.
While this debacle is taking place behind the scenes, it will be interesting to see how long it takes all cryptocurrency markets to effectively recover.
For the time being, the cryptocurrency markets will continue to face a lot of bearish pressure. As long as Bitcoin can’t find stable support and bounce back strongly, the altcoins will continue to suffer
coins are dropping, this isn't a good news at all...
current coin prices are :
I feel it s good for bitcoin..Regulations will really help cut down these fraudulent activities. If they are selling what they do not own it means manipulating the volume of the supply to make it look swollen and give the impression that the market is having excessive supplied quantities and that will surely push down the market prices.
This is an exponential fall
This is Btc, steem and SBD live price.
They're all taking a hit.
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Well exchange should be ashamed of what it has done!
Thiefting of others coins is illegal, government should took some. strong acton!
Korea is a very advanced country
It supports state encryption
A very special article, my friend, I wish you all the best