As we mentioned before, the crytocurrency market encountered a widely-ranging slump on Friday and we also found out those which survived the disaster in The Winner (slashed) Survivor is. Then, this article is going to further investigate the slump by showing you guys a translation version of coverage focused on the reason beneath the surface.
On last Friday(Beijing）, the price of Bitcoin plummeted to $8.540 btc to usd, to be more specific, a 3-week-low, with a 10% slump within the past 24 hours, and raids on Korean trading platform and clearings on Mt.Gox’s fund are supposed be to blame for the downward trend.
According to data from Cointelegraph’s price monitor and Coin360, it showed a slump within the past 24 hours in Bitcoin value and a stunning 18-percent drop in main altcoin value.
It seems that traders has reacted to news about Upbit, the biggest crytocurrency exchange and the subsidiary of the telecomgiant Kakao, that the Korean Financial Regulatory Commission launched raid on Upbit.
According to today’s announcement, “Upbit is currently under investigation by the prosecution, and we are working diligently. Upbit services such as all transactions and withdrawals are operating normally.”
In the past 24 hours, Upbit held a number of Bitcoins worthing $1.6 billion and is the biggest and the forth Bitcoin exchange in Korea and in the world.
In the meantime, executives who are in charge of the refunding from the formal users of Mt.Gox sold 4 batches of Bitcoin, 8000 Bitcoin, worthing $70billion. According to Mt.Gox’s cold-storage monitoring website, there are 138,000 Bitcoins in Mt.Gox’s wallet. According to news reports, since last November, the sell-off of this sort has affected the Bitcoin price for many times in the world.
By the last Friday, Bitcoin price has dropped by $800, with a decrease of 8.5%, the lowest level since April 20th .
When it comes to altcoins, it showed a 12-percent increase in Ethereum, and a roughly 17-percent- slump in Ripple and Bitcoin Cash in the same span of time.
Although some local sources claimed on the social media, stating that the price slump is the result of crytocurrency holder’s overreaction but also a test on Korean trading platforms.