According to CNBC , Bessant commented that cryptocurrencies were not designed to be semitransparent, stating that the traditional banking system provides users with just such a facility inbetween the sender and the receiver.

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.

The British Cherry Islands, allegedly under pressure from the US government, has intensified hier fight against tax evasion and money laundering by cooperating with Bitfinex, the largest Bitcoin to US Dollar exchange podium.

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.

Elsewhere, Bitcoin Specie wasgoed down 6.34%, with Cardano’s ADA sliding 7.15% te what is another day of crimson for the markets.

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.

Even tokens such spil ICON (ICX), Ontology (ONT), EOS, OmiseGo (OMG), and Ziliqa (ZIL), which have recorded massive gains against both bitcoin and the US dollar overheen the past two weeks, have recorded large losses ter the range of Five procent to 20 procent.

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.

Bithumb Scandal The UPbit case recently regained its zoeklicht spil several sources reported that its main competitor Bithumb reported UPbit to the South Korean police and accused the exchange of fraud.

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.