South Korea, arguably the top crypto nation, has had exchange UpBit raided by authorities on allegations of fraud. There aren't many details, but the FUD has made the market dip down into the $390 billion area.
There are however, a slew of bullish headlines as crypto goes mainstream by the day. Huawei will have a bitcoin wallet downloadable for their clients. The Nasdaq CEO says crypto will be mainstream. Robinhood exchange wants to try and overtake Coinbase as the crypto leader in America. Things are very bullish fundamentally.
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We were so bullish, how dare they raid exchanges!
I was immersed in green the whole week. It felt so great! And now it is red :(
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coins going down fast
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Bitcoin prices fell to three-week lows of around $8,540 on May 11, as markets reacted to a flash investigation of South Korean exchange Upbit and a fresh Mt.Gox funds liquidation. Traders appeared to deliver a knee-jerk reaction to news that Upbit, Korea’s largest cryptocurrency exchange and a subsidiary of communications giant Kakao, had received a visit from the country’s Financial Supervisory Commission (FSC). At the same time, executives in charge of refunding users of former Japanese exchange Mt.Gox have evidently sold a new chunk of about 8,000 BTC (about $70 mln at press time) in four batches of 2,000 BTC. Such actions in the past had reportedly affected global prices several times since November...
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"The exchange hosted about $1.6 billion of cryptocurrency trades in the past 24 hours, making it the biggest in Korea and the fourth-largest in the world among fee-charging venues tracked by Coinmarketcap.com.
While this debacle is taking place behind the scenes, it will be interesting to see how long it takes all cryptocurrency markets to effectively recover.
For the time being, the cryptocurrency markets will continue to face a lot of bearish pressure. As long as Bitcoin can’t find stable support and bounce back strongly, the altcoins will continue to suffer
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coins are dropping, this isn't a good news at all...
current coin prices are :
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I feel it s good for bitcoin..Regulations will really help cut down these fraudulent activities. If they are selling what they do not own it means manipulating the volume of the supply to make it look swollen and give the impression that the market is having excessive supplied quantities and that will surely push down the market prices.
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This is an exponential fall
This is Btc, steem and SBD live price.
They're all taking a hit.
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Thanks you sharing for a great article and a good information, really u r wonderful person , I wish for you a good luck my dear friend @investing 👍👍👍😃
All the best for you my friend 😃😉
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Well exchange should be ashamed of what it has done!
Thiefting of others coins is illegal, government should took some. strong acton!
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Korea is a very advanced country
It supports state encryption
A very special article, my friend, I wish you all the best
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And as we speak it is below 380 bil
Almost 100 bil less just in 5 days...It can't just be the incident in Korea
I wonder if there is some kind on manipulation behind all this downfall....
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First of all congratulation to the winner Ann Juice! Great spin wheel.
We could be forming reversed H&S potentially. As you mentioned this selloff could be tight to potential fraud or a rumor of fraud in Korea. It’s not yet official as far as I know. However, in this kind of market only the patient once survive. I would definately forget about selloff, about fraud. This is Jeff st another distraction. Market cap at 390 bil. is still not that tragic. Just like you said, once institutional companies start to understand the bitcoin and crypto overall is going to stay here it will be panic buying instead of selling.
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Thank you @investing for sharing this.
The greens have been feeling really great. Now these reds just want to crash everything for me.
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UPbit is currently under investigation by the prosecution,
and they are working diligently. UPbit services such as all
transactions and withdrawals are operating normally.
Our assets are kept securely in our account, so we
can rest assured that you can use UPbit services...
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No wonder, thanks for the enlightenment
However this is the real enlightenment, thanks yes crypto is going mainstream
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Hello @investing, thank you for updating us in relation to cryptocurrencies, your posts and videos, they are always interesting and bring excellent content, thanks .
Happy day :)
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I know, right? If only all those combined disasters that took place the past few months never happened. We'd be flying.
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your all post very valuable.because always sharing valuable post in your blog..this is a high thought knowledge skills creativity of you. UPbit services such as alltransactions and withdrawals are operating normally.Our assets are kept securely in our account, so wecan rest assured that you can use UPbit servicecs..thanks to sharing for your great article.. my dear friend.. @investing very well done.. best of luck of your great work..The greens have been feeling really great.Now these reds just want to crash everything for me..
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Thanks for sharing cryptocurrency update providing news.
I appreciate your dtube video.
All the best @investing
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Korea is also beauty country,
Personally I love this country.
That's a great news sharing
of cryptocurrency. I like your
post my friend..... best of luck.
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The whole market is in red and as usual we will see green in few days. Cycle is a cycle right?
It's Upbit today, it'l be something else tomorrow but you are right because as crypto goes mainstream we will see the building bullish momentum.
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The past days of reds has been very discouraging and causing some unrest in the mind of everyone but consensus 2018 is near . We’d hope things fly up especially steem
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It's fun to read the latest information. You write very well. Thanks!
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UPbit is right now under scrutiny by the indictment, Furthermore, they are working constantly. UPbit administrations, for example, all Exchanges and withdrawals are working typically. Our advantages are kept safely in our record.
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I read the actual court order that stated the trusteee Kobayashi could do NOTHING until sept when the next court hearing will occur. This leads me to believe and wonder if this selloff is indeed really happening. I know that wallet address is somewhere around. Can we get verification that this sell off is actually happening? Another 8,000 sold which leaves how many? I’m so sick of hearing about this I honestly have blocked much of it out.....
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Invest in square inc!
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Korea is Great country.i appreciate this country
Thanks for sharing Valuable cryptocurrency news.
I love dtube video channel.
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(May 9), the NASDAQ’s short-term outlook shifted to bullish. Earlier, on Tuesday, the DJIA was on the verge of breaking above several key resistance levels – levels, which were all broken to the upside the following day (yellow and orange trendlines in Figure 1 and blue trendline in Figure 2). Today, the S&P 500 provided further indication that U.S. indices are headed higher in the short- to intermediate-term.
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Korea continually destroying the market, there's bits of gossip circumventing that everything happened on the grounds that the experts didn't see how trade pooling functioned and the asserted misrepresentation is them not seeing how trades function properly.
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“Investors have been so worried about inflation and higher rates, and it’s just not happening,” says Karyn Cavanaugh, senior market strategist at Voya Investment Management. “I’m looking for all of the miserable things I could think of, and most of it seems to have already been priced in."
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UPbit, South Korea’s largest cryptocurrency exchange, has been raided by local police.
The investigation into UPbit is still ongoing and the local police is yet to release its finalized report on the situation. But, as it did with Coinnest, if the South Korean authorities discover clear evidence in the movement of client funds to external accounts, it could result in the exchange either permanently or temporarily shutting down.
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South Korea is cracking down the cryptocurrency industry. It is affraying excessive conjecture and illegal activities such as money acquitting. It is parting to push up the government around the world to curb the digital currency markets. Over the past few months, Korean authorities are raiding several smaller crypto venus and are outlawing initial Coin Offerings and banned minors, foreigners and financial institutions from domestic exchanges.
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Robinhood App Valued at $5.6 Billion – Now Available in 10 US States Trading app Robinhood which started offering bitcoin and ether trading in February has attained a valuation
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Thank for another informative video!
Upvote and Resteemed
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Hello Sir, Thank you very much for this community to play a very important role. I am new to this committee, I have come here to acquire real knowledge about cryptocurrency.
I think if every member of each of us has a right knowledge about their exchange and completes each transaction properly then we do not have to wear such a frog because it is easily taking our cryptocurrency from us and we are getting very sad and pain.
I would like to thank you very much because you discussed important issues here. I think that every member should take appropriate steps because these steps are very important because every transaction here is completed through cryptocurrency.
I'm aware of binance myself I think your website, that binance really plays a very unusual role for cryptocurrency exchange.
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is there a list some where of the coins upbit will be offering? is there a list of coins koreans are dieing to buy (: ?
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ETCG has thus far been thinly-traded, which is unsurprising given that this is its first day on OTCQX. So far, less than 2,400 shares — worth approximately $64,000 — have changed hands. The Bitcoin Investment Trust, meanwhile, has seen approximately $12.5 million in trading volume.
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Cryptocurrency market exchange plays a major role. If there are members, if they use the right exchange websites then they really play a very important role. All the transactions related to the cryptocurrency here, by completing the entire exchange, there is a great job for the members of this group to be careful.
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We could be shaping turned around H&S possibly. As you specified this selloff could be tight to potential misrepresentation or talk of extortion in Korea. It's not yet official to the extent I know. Be that as it may, in this sort of market just the patient once survive. I would definately disregard selloff, about extortion. This is Jeff st another diversion. Market top at 390 bil. is as yet not that awful.
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Stocks edged higher to lock in big gains for the week, as hopes rise that the stock market finally may be regaining its footing following the recent volatility that had pulled major indexes down more than 10% from their all-time highs.
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Telecom services (+2.1%) was the only group to outperform health care, largely thanks to Verizon, which rallied 3% after J.P. Morgan upgraded the stock. The tech group (-0.3%) was among the day's worst performers; of note, Symantec plunged 33% after saying it had relayed concerns from an ex-employee to the SEC. Elsewhere, U.S. Treasury prices finished on a flattish note with the benchmark 10-year yield unchanged at 2.97%, WTI crude futures fell 0.9% to $70.70/bbl, and the U.S. Dollar Index (-0.2%) dropped for the third day in a row.
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The total market capitalization for all cryptocurrencies fell below $400 billion for the first time since April 26 on Friday, and has dropped 15.97 percent week-on-week. As of writing, the combined market value stands at $385 billion and could see a further decline as indicated by a head-and-shoulders breakdown pattern on the price charts.
Looking at notable individual cryptocurrencies, bitcoin (BTC) has depreciated by 12 percent week-on-week and has outperformed its closer rivals. For instance, ethereum (ETH) and EOS have dropped 15 percent each and Ripple (XRP) has declined by 34 percent.
Bitcoin's dominance rate, which represents its percentage of the total market capitalization, moved above 38 percent for the first time since late April. This likely indicates that money is possibly being rotated back into bitcoin from alternative cryptocurrencies, so BTC's relatively good performance this week is not surprising.
Names like NEM (XEM), stellar (XLM) and cardano (ADA) are ranked higher on the list of biggest losers among the top 25 cryptocurrencies by market capitalization.
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If everybody is aware of each transaction properly, then we should not face such problem. We should consider each exchange time properly.
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On the hour
S&P +0.35%.
10-yr -0.03%.
Euro +0.21% vs. dollar.
Crude -1.16% to $70.53.
Gold -0.31% to $1,318.20.
Bitcoin -7.34% to $8,440.
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How would you factor in the UpBit investigation? What dollar price do you see Tron falling to with this investigation under way? Would it be smart to not get back in until the investigation is closed?
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UPbit, South Korea’s biggest cryptocurrency exchange, was investigated by local police and 10 investigators after its headquarters in Seoul were raided. Chosun, the country’s biggest mainstream media outlet, reported that the South Korean authorities are suspecting UPbit of illicitly moving customer funds to the account of its executives. On May 10, the Seoul local police and 10 investigators from the Korean Financial Intelligence Unit (KIU) and Korean Financial Services Commission (FSC) raided the headquarters of UPbit and seized their offices to conduct an official investigation into the suspicious movement of funds from the UPbit cryptocurrency exchange to the personal accounts of UPbit executives. Chosun along with other mainstream news networks including Hani reported that the South Korean police is extensively investigating allegations of fraud and the illicit movement of funds from client wallets. The general reaction from the cryptocurrency community in South Korea and the global cryptocurrency space has been that UPBit executives should not have had the motivation to commit such crimes given that cryptocurrency exchanges have generated hundreds of millions of dollars in profits on a quarterly basis since early 2017.
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Be careful with our fault for the exchange, because many people are losing their cryptocurrency through the code. I think everyone should be careful and if there are members of their locality, if their exchange is conducted in exchange for transactions and transactions, then there will be no problem, everyone should use the websites. And to protect them from these miscreants.
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Sir very special video
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The Chinese government announced it will publish a monthly “independent analysis” of cryptocurrencies and blockchain projects at a Beijing conference May 11. According to two press releases accompanying the announcement.
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Be watchful with our blame for the trade, on the grounds that numerous individuals are losing their digital currency through the code. I figure everybody ought to be cautious and if there are individuals from their territory, if their trade is led in return for exchanges and exchanges, at that point there will be no issue, everybody should utilize the sites. Furthermore, to shield them from these knaves.
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Great informative post @ investing
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It's really a bad news , always news run the market , it's really risk to trad now.
Happy investing.
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A very bad news for crypto market!
Liked and commented on YouTube!!
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Korea always ruining the market, there's rumors going around that everything happened because the authorities didn't understand how exchange pooling worked and the alleged fraud is them not understanding how exchanges work properly....
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Be watchful with our blame for the trade, on the grounds that numerous individuals are losing their digital currency through the code. I figure everybody ought to be cautious and if there are individuals from their territory, if their trade is led in return for exchanges and exchanges, at that point there will be no issue, everybody should utilize the sites. Furthermore, to shield them from these knaves.
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Bytecoin
Weekly performance: +32.70 percent
All-time high: $0.0186
Closing price on May 4: $0.006733
Current market price: $0.010005
Rank as per market capitalization: 17
Bytecoin (BCN) picked up a bid on Tuesday and rose to a fresh record high of $0.01862, according to CoinMarketCap, seemingly due to cryptocurrency exchange Binance's decision to list the cryptocurrency.
As of writing, BCN is changing hands at $0.010 - down 46 percent from record highs, but still reporting a 35 percent week-on-week rise.
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So we dont want to keep all eggs in one exchange this is highly risk and reward game.
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This is what we dont want to hear,such a shame.
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That's the worst selloff i have ever seen till now
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This has created virtual panic and virtual crash.
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very very educative you have helped me, thanks @markjackson @muhasib @investing
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Thank you dear friend..i have been know that right naw.I think that is a great post.wish you best of luck friend.
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