Cryptocurrency Market Drops Further With Bitcoin Price at $8,250
The cryptocurrency market has continued to drop over the past 24 hours, after seeing a decline of more than $40 billion on May 11. The bitcoin price fell to $8,250 while the majority of tokens recorded losses in the 20 percent range.
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On May 11, CCN reported that UPbit, South Korea’s biggest cryptocurrency exchange, was raided and investigated by local police, the Korean Financial Intelligence Unit (KIU) and Financial Services Commission (FSC).
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The two-day raid at the UPbit headquarters led local investors in the South Korean cryptocurrency exchange market to panic sell, eventually affecting the global cryptocurrency market.
The cryptocurrency market has declined by more than 20 percent over the past week. But, given the upcoming events including the Blockchain Week in New York, it is likely that the market will see a recovery in volume across major exchanges, allowing the market to rebound.
By Joseph Young
Culled from CCN