All the cryptocurrencies te the market suffered from superb decline following the Upbit raid which took place recently. Thesis widespread declines have taken place after it wasgoed reported that South Korean authorities raided Upbit, nation’s largest digital currency exchange. Widespread losses were experienced by the entire market and all the top 25 digital currencies were te crimson at the time of writing.
While Bitcoin had fallen 8.2% overheen the last 24 hours, several major cryptocurrencies had suffered losses close to twice that high. Stellar [XLM], Cardano [ADA] and EOS, for example, were all down at least 16%. Ripple’s XRP token and Bitcoin Contant [BCH], had dropped by 12.8% and 13.8%, respectively.
Several analysts confirmed that the Upbit raid wasgoed the driving force behind today’s crypto losses.
Digital currency investor Marius Rupsys says:
“The main reason seems to be Upbit news. Most are talking about it and if you look at prices ter Korean exchanges, they are leading the druppel.”
This isn’t the very first time that South Korean raids have caused crypto prices to fall, emphasized Joe DiPasquale, CEO of cryptocurrency fund of hedge funds, BitBull Renta.
“The last time South Korea raided their ‘top exchanges’ wasgoed on January 10th, and Bitcoin’s spot price eyed a -7% decline on intraday trading that day spil well.”
Further, he added:
“As is so often the case, an event that should rightfully cause turbulence ter a specific region seems to be creating shockwaves globally. The Upbit raid is not the very first of its kleintje, and the markets overreacted te past similar instances spil well. Spil the market proceeds to mature, thesis events should grow fewer and further inbetween, and investors will grow a thicker skin.”
Bitcoin wasgoed able to hold up better than many other digital currencies because it is more established than its peers, claimed several analysts.
Shone Anstey, voorzitter, and co-founder of Blockchain Intelligence Group stated:
“BTC is the anchor crypto that all other cryptos are tied to te terms of price. Bitcoin is the most stable and vooraanstaande cryptocurrency with the largest network effect. Bitcoin is the one to see, since if it fails they all fail.”
Time will tell if this negative deep-throat will further decline the prices of BTC and other cryptocurrencies, or if the ongoing Blockchain Week te Fresh York will bring back a bull market.