Skip to main content

Bitcoin Loses $9K Support As Markets React To S. Korea Investigation, Mt.Gox Sell-Off




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.
Data from Cointelegraph’s price tracker and Coin360 shows BTC/USD dipping sharply over the past 24 hours, with major altcoin assets posting considerably higher losses of up to 18 percent.
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).
According to local media, authorities suspect Upbit had “deceived customers” by providing false information about its balance sheets.
At the same time, executives in charge of refunding users of former Japanese exchange Mt.Goxhave 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 timessince November.
As of press time Friday, Bitcoin had lost around $800, or 8.5 percent, in the past 24 hours, hitting the lowest price the coin has seen since April 20.
Across altcoin markets, Ethereum (ETH) posted near 12 percent losses, while Ripple (XRP) and Bitcoin Cash (BCH) fared worse, both losing about 17 percent over the same period.
COIN360
Market visualization from Coin360
While some local sources took to social media to suggest the price dip was an “overreaction” on the part of cryptocurrency holders, the episode is a test for Korean exchanges, which only recently returned to the listings of popular price tracker resource CoinMarketCap.
Previously, the major crypto price tracker had removed key South Korean exchanges from its price average computations over what it described as an “extreme divergence” between prices listed there and on exchanges in other countries.

Comments

Post a Comment

Popular posts from this blog

DECENTRALIZED FINANCE; WHAT IS IT? – Part 1

      More than t en years gone down the lane, the block chain industry is yet to disappoint with it ever changing nature. Since the early adoption, the industry has since recorded a slow but progressive changes with the latest being the Decentralized Finance also referred to as Defi. What Decentralized Finance? ‘’DeFi is essentially just conventional financial tools built on a blockchain’’-blocknomi. These were previously built on the Ethereum network, but there is a growing number of players in this space such as Waves and Cosmos. ‘’ They are mostly predicated on open-source protocols or modular frameworks for creating and issuing digital assets and are designed to confer notable advantages of operating on a public blockchain like censorship-resistance and improved access to financial services’’ Example of a growing number of Defi Dapps on the waves platform is the Neutrino token - https://beta.neutrino.at/neutrino/usd-n ...
Post a Comment
Read more

Petro – The First National Cryptocurrency

World governments are slowly realizing that cryptocurrencies have come to stay. They are being discussed in   G20 meetings , the United States has been taking every necessary measure in order to regulate and tax cryptocurrencies and, late last year, we even saw the   first regulated ICO   in Canada. It seems progression is being made towards adoption and there are already plans to create the first ever national cryptocurrency. Dubai, the largest and most wealthy city in the United Arab Emirates (UAE), has   plans for issuing emCash , a cryptocurrency that would have become the first ever to be backed by a state or government. However, it seems they were beaten by the punch… El Petro Venezuela will become the first country to have its own national cryptocurrency, the Petro (PTR). The project is backed the president Nicolas Maduro and, according to the   whitepaper , the original idea came from the previous president, Hugo Chavez. He wanted a “strong cur...
Post a Comment
Read more