The reaction cryptocurrency market on the investigation of Upbit

The reaction cryptocurrency market on the investigation of Upbit

The price of bitcoin fell to three-week low in the area around 8.270$. So the market reacted to the investigation of the largest South Korean cryptocurrency exchange Upbit and the next sale of the assets of Mt.Gox.

According to Cointelegraph trackers and Coin360 that BTC/USD has fallen sharply in the last 24 hours, top altcoins also show a negative trend, some of them fell by nearly 17 percent.

Most analysts attribute the fall to the fact that the representatives of the Financial Supervisory Commission (FSC) called for Upbit, the world’s largest cryptocurrency exchange and a subsidiary of the communications giant Kakao.

According to local media, the authorities suspect that Upbit “introduced clients to confusion” by providing false information about their balance sheets.

At the same time responsible for the bankruptcy of the former Japanese exchange Mt.Gox, appears to have sold another batch of BTC in the amount of about 8000 (about $ 70 million) . Such actions in the past, many associated with the fall in the price of bitcoin.

As of today, the price of bitcoin fell by about $ 1,000, and a fall in the last 24 hours was 7.5%.

The price of Ethereum (ETH) fell 11 percent, while Ripple (XRP) fell 12 percent and the Bitcoin Cash (BCH) – 15% percent over the same period.

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