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Following a good start to the second quarter of this year, bitcoin and other cryptocurrencies began plunging once again this week.
The price of bitcoin had fallen to $8,250 by Saturday morning with a decline of more than $40 billion over the past 24 hours and a 20% dropoff over the past week.
Many experts believe this is a direct result of a raid on UPbit, South Korea’s biggest cryptocurrency exchange. Local police, the Korean Financial Intelligence Unit (KIU) and Financial Services Commission (FSC) were all said to have been part of the investigation.
The two-day raid at the UPbit headquarters led local investors in the South Korean cryptocurrency exchange market to panic sell, CCN reports.
- Aaron Goldstein, Gambling911.com
