Bitcoin fell 5.5% to $8,511, its lowest since April 20, according to CoinDesk's price index. The cryptocurrency was trading around $8,563 as of 9 a.m. ET.
Other major cryptocurrencies are down more than 10 percent in the past 24 hours, according to CoinMarketCap. Ethereum is trading 11% lower at around $680, ripple is down nearly 17% at $66.7, and EOS is down nearly 19% at $14.85.
The South Korean Financial Supervisory Authority conducted a UpBitexchange was searched on suspicion of fraud, Reuters reports, citing the local Yonhap news agency.
The exchange ranks fourth in terms of trading volume, according to CoinMarketCap rankings, with the EOS/won pair representing the largest share of volume.
Bitcoin has suffered this year amid regulatory uncertainty and has lost more than half its value, although its price was above $19,000 back in December. However, many cryptocurrency enthusiasts expect the price of Bitcoin to recover as major cryptocurrency conferences take place in New York next week, and last year after such conferences, the price of Bitcoin exceeded $2,000.
The cryptocurrency market is very sensitive to panic, so bearish pools are actively taking advantage of this. On the eve of the Consensus 2018 conference, it is not surprising that large traders are looking for an opportunity to supplement their assets with “suddenly cheaper” digital currencies.
According to https://www.cnbc.com
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