Bitcoin price crashes after being searched in stock market!

Search in one of the largest crypto exchanges in the world has caused Bitcoin to loose heavily. Other digital currencies are also in negative territory.

Bitcoin and many other digital currencies came under considerable pressure on Friday. Several reasons were mentioned in the stock exchange, including reports of searches in a huge crypto exchange in South Korea.

Since Thursday afternoon, Bitcoin, the world’s oldest and best-known cryptocurrency, has lost about nine percent to around $ 8,500. Other digital currencies such as Ethereum, Ripple or Bitcoin Cash were also under considerable pressure.

Losses were partly due to news that Upbit, the largest crypto exchange in South Korea and one of the largest in the world, had been searched by investigators.

Deposits are safe

The background of the searches remained initially unclear. Upbit confirmed the search in a statement and said that they are cooperating with the authorities. Transactions and withdrawals are not affected, all deposits are safe.

The market was also referred to comments from the ranks of the graphics card manufacturer Nvidia, who had expressed more pessimistic opinion about future revenues in connection with cryptocurrencies. Such statements from manufacturers of high-end graphics cards such as Nvidia are often given high attention in the crypto market because their graphics chips are of great benefit for the production (digging) of digital currencies.

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Categories: Crypto Currency

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