Bitcoin Slips Below $9,000 After Korean Exchange Raid

Bloomberg
Cryptocurrencies
Bitcoin Slips Below $9,000 After Korean Exchange Raid
By Lily Katz
May 11, 2018, 8:53 AM EDT
Updated on May 11, 2018, 10:21 AM EDT
Bitcoin was on course to eke out two weeks in a row above the $9,000 mark, until now.

The top digital token broke its streak Friday after South Korean prosecutors raided the offices of Upbit, one of the world’s largest cryptocurrency exchanges, renewing concerns that heightened regulatory scrutiny around the world could hurt business and dampen enthusiasm for digital assets.

The top digital token declined as much as 6.4 percent to as low as $8,508 in New York trading, the lowest level in three weeks, according to Bloomberg data.

There was also speculation that the trustee of failed exchange Mt. Gox was selling its Bitcoin to pay back creditors.

Bitcoin’s drop is part of a broader selloff in the cryptocurrency market, which is currently worth around $380 billion, according to Coinmarketcap.com. That’s almost $100 billion less than it was worth a week ago. The Bloomberg Galaxy Crypto Index, which measures the performance of the largest digital tokens, fell as much as 14 percent.

The market’s decline comes on the eve of Blockchain Week in New York, where thousands of boosters of crypto assets will gather for about two dozen events and conferences.

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