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    Drupal\cryptocompare\TwigExtension\RemoveSpace::getcard('In the past 24 hours, the cryptocurrency market has plummeted with more than $50 bln in losses as Bitcoin price declined by more than eight percent to $8,628, taking down other cryptocurrencies with it.  
        Advertisement
        
            
        
        
            
                    
                
                                                
    
            
            
                    
                
                                                
    
            
        
    
    
    Factors for the precipitous decline include the sell-off by South Korean traders after a police raid of UPbit, a <a rel="nofollow" target="_blank" href="#-blows-out-below-9000-on-news-of-korean-exchanges-being-raided">South Korean exchange</a> yesterday, and the sale of more than 8,000 Bitcoin by Mt. Gox trustee, previously planned for late September.
    
    Allegations against UPbit include fraud and illicit movement of client funds to the accounts of the exchange’s executives, according to sources.
    
    South Korean Financial Authorities say:
    
    <blockquote>
    “We have secured hard disks and accounting books through confiscation. Analysis is expected to take days.”
    </blockquote>
    
    A final report on the case is expected on Monday next week.
    
    Despite the after-effects from the sudden sell-off by Mt. Gox and knee-jerk reaction by South Korean traders, adoption by Wall Street’s financial institutions, the <a rel="nofollow" target="_blank" href="https://cryptocomes.com/new-york-stock-exchange-to-offer-bitcoin-swap-contracts">New York Stock Exchange</a> (NYSE) and Goldman Sachs, should lead markets to surge in short- to mid-term, experts say.
    
    <a rel="nofollow" target="_blank" href="#-blows-out-below-9000-on-news-of-korean-exchanges-being-raided">card</a>
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    Drupal\cryptocompare\TwigExtension\RemoveSpace::getcard('In the past 24 hours, the cryptocurrency market has plummeted with more than $50 bln in losses as Bitcoin price declined by more than eight percent to $8,628, taking down other cryptocurrencies with it. &nbsp;
        Advertisement
        
            
        
        
            
                    
                
                                                
    
            
            
                    
                
                                                
    
            
        
    
    
    Factors for the precipitous decline include the sell-off by South Korean traders after a police raid of UPbit, a <a rel="nofollow" target="_blank" href="#-blows-out-below-9000-on-news-of-korean-exchanges-being-raided">South Korean exchange</a> yesterday, and the sale of more than 8,000 Bitcoin by Mt. Gox trustee, previously planned for late September.
    
    Allegations against UPbit include fraud and illicit movement of client funds to the accounts of the exchange’s executives, according to sources.
    
    South Korean Financial Authorities say:
    
    <blockquote>
    “We have secured hard disks and accounting books through confiscation. Analysis is expected to take days.”
    </blockquote>
    
    A final report on the case is expected on Monday next week.
    
    Despite the after-effects from the sudden sell-off by Mt. Gox and knee-jerk reaction by South Korean traders, adoption by Wall Street’s financial institutions, the <a rel="nofollow" target="_blank" href="https://cryptocomes.com/new-york-stock-exchange-to-offer-bitcoin-swap-contracts">New York Stock Exchange</a> (NYSE) and Goldman Sachs, should lead markets to surge in short- to mid-term, experts say.
    
    <a rel="nofollow" target="_blank" href="#-blows-out-below-9000-on-news-of-korean-exchanges-being-raided">card</a>
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Cryptomarket Loses $50 Bln Due to Mt Gox Sell-Off, UPbit Raid

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Fri, 11/05/2018 - 18:04
Cryptomarket Loses $50 Bln Due to Mt Gox Sell-Off, UPbit Raid
Cover image via U.Today
Read U.TODAY on
Google News

In the past 24 hours, the cryptocurrency market has plummeted with more than $50 bln in losses as Bitcoin price declined by more than eight percent to $8,628, taking down other cryptocurrencies with it.  

Advertisement

Factors for the precipitous decline include the sell-off by South Korean traders after a police raid of UPbit, a South Korean exchange yesterday, and the sale of more than 8,000 Bitcoin by Mt. Gox trustee, previously planned for late September.

Allegations against UPbit include fraud and illicit movement of client funds to the accounts of the exchange’s executives, according to sources.

South Korean Financial Authorities say:

“We have secured hard disks and accounting books through confiscation. Analysis is expected to take days.”

A final report on the case is expected on Monday next week.

Despite the after-effects from the sudden sell-off by Mt. Gox and knee-jerk reaction by South Korean traders, adoption by Wall Street’s financial institutions, the New York Stock Exchange (NYSE) and Goldman Sachs, should lead markets to surge in short- to mid-term, experts say.

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