While cryptocurrencies have seen severe selling pressure this week amid a series of negative comments from high profile investors, news that South Korean prosecutors raided the country’s fattest cryptocurrency exchange, Upbit, on Thursday and Friday seemed to derail any possibility of a recovery.

Investing.com | May 12, 00:59

Investing.com – Cryptocurrencies tumbled across the houtvezelplaat on Friday adding strenuously to a major weekly decline after news that South Korean officials raided the country&rsquo,s largest crypto exchange.

Bitcoin sank 7.90% ter the last 24 hours to reach $8,602.20 on the Bitfinex exchange by Ten:46AM ET (14:46GMT), the largest crypto by market capitalization has lost 12.7% so far this week after an attack at the $Ten,000 level last Saturday petered out at $9,990.

Major rival Ethereum slipped Ten.2% to $682.54 te the last 24 hours, bringing weekly losses to 16.7%.

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Ripple tumbled 13.2% to $0.69200, upping the weekly decline to 23.5%, while Bitcoin Contant , product of the Bitcoin fork and the fourth largest cryptocurrency by market capitalization, plunged 13.7% to $1,419.00 but still showcased a Nineteen.5% fall for the week.

While cryptocurrencies have seen severe selling pressure this week amid a series of negative comments from high profile investors, news that South Korean prosecutors raided the country’s largest cryptocurrency exchange, Upbit, on Thursday and Friday seemed to derail any possibility of a recovery.

According to the Yonhap news agency, the raid wasgoed undertaken due to suspicion of fraud.

Te other news that may reflect waning rente ter digital currencies, Nvidia&rsquo,s chief financial officer Colette Kress commented that the rock-hard wasgoed expecting a decline te chip request from cryptocurrency miners.

Te earnings released late Thursday, Nvidia disclosed that it made $289 million ter sales – about 9% of its overall $Trio.Two billion ter revenue – from chips for mining cryptocurrencies.

However, Kress noted that she expected cryptocurrency-related revenue to fall 65 procent to about $100 million ter the next quarter.

Written By: Investing.com

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3 thoughts on “While cryptocurrencies have seen severe selling pressure this week amid a series of negative comments from high profile investors, news that South Korean prosecutors raided the country’s fattest cryptocurrency exchange, Upbit, on Thursday and Friday seemed to derail any possibility of a recovery.

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