Today on Bitcoin This Week wij have a weekly recap of Bitcoin news. Wij discuss Upbit and the investigation into their alleged fraud, the stand Handelsbank of America has taken against Bitcoin and more.
Upbit Under Investigation By Police
Chosum, a recinto news outlet has reported that Upbit, one of South Korea’s largest exchanges, and fourth by trading volume globally (making it one of the largest exchanges te the world), is being investigated by police for alleged fraud.
Even tho’ most of the cryptocurrencies are still suffering from bearish momentum right now, it remains to be seen if there is any positive momentum on the horizon. For the EOS price, things are not looking all that bad compared to most of the other cryptocurrencies. Ter fact, it seems the EOS price is stabilizing above $6, which would be a milestone te its own right.
A slight ease bounce failed to salvage cryptos’ vertoning this week spil prices continued to descend. Regulations and investigations have startled investors into withdrawing their coins for the meantime, causing cryptocurrency prices to druppel. At the same time, potential buyers are still on the lookout for the right time to purchase coins at their cheapest.
A slight ease bounce failed to salvage cryptos’ spectacle this week spil prices continued to descend. Regulations and investigations have funked investors into withdrawing their coins for the meantime, causing cryptocurrency prices to druppel. At the same time, potential buyers are still on the lookout for the right time to purchase coins at their cheapest.
Cristiano Ronaldo is leaving Actual Madrid for Juventus ter blockbuster $110M transfer
Bitcoin slipped 6.71% on Friday, following Thursday’s Trio.3% fall, to end the day at $8,412.6, the very first sub-$9,000 close since 27 th April.
An attempt at an early trend bucking stir back through to $9,000 levels after an initial dip, eyed Bitcoin face strong selling pressure at the 23.6% FIB Retracement Level of $8,980, leading to a mid-morning sell-off that spotted Bitcoin fall through the day’s very first major support level at $8,877.9 and 2nd major support level at $8,745 to morning low $8,510, before hitting an intraday low $8,333.8 ter the late afternoon to call on support at the day’s third major support level at $8.354.1.
The cryptocurrency market has declined by more than $50 billion overheen the past 24 hours, spil the bitcoin price declined by more than 8 procent and other major cryptocurrencies along with tokens experienced an intensified movement on the downside.
Bitcoin Price at $8,500
Overheen the past 24 hours, the bitcoin price has dropped by more than 8 procent mainly due to two major factors: police raid into the headquarters of major South Korean exchange UPbit and the selloff of 8,000 bitcoin by the Mt.
The cryptocurrency market faced a significant decline on Friday, losing more than $50 billion ter value. The price of the major digital currencies also plummeted during the day.
Bitcoin, which had remained above the $9,000 level this month, dropped below $8,500 yesterday, hitting a three-week low.
UPbit and Bithumb, two of the thickest cryptocurrency exchanges ter South Korea and the total cryptocurrency market, have faced backlash and criticism from the nave cryptocurrency market for the scandalous behavior since early May .
UPbit Investigation Found No Irregularities
On May 13, , BTCManager reported that the official investigation by the South Korean police, Korea Financial Intelligence Unit (KoFIU), and Financial Services Commission ( FSC ) into UPbit led the mundial cryptocurrency market to bear a correction, causing a domino effect across all major cryptocurrency exchanges.