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UpBit Under Investigation, Crypto (BTC, ETH, XRP, BCH) Market Dips

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The crypto market is in the RED. Completely Red! ladies and gentlemen. The total market capitalization of the entire crypto verse has dropped from $440 Billion to current levels of $389 Billion at the moment of writing this. This is within a time frame that is less than 24 hours. The loss is a huge 11.6% decrease in market capitalization in such a short time period. The big coins of Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC) and EOS (EOS) have not been spared.

BTC is down 8.33% and trading at levels of $8,578. Ethereum is also under $700 and trading at $682 after a decline of 10.63% in the last 24 hours. XRP is at $0.68 and down 15.15%. Bitcoin Cash is down 16.42% and trading at $1,384. EOS is down 17.7% and trading at $15.14. Litecoin has also not been spared with an 11.33% drop and trading at $139. Basically, most coins and tokens are bleeding between the ranges of 7% and 25%: with the latter being the case for Bitcoin Diamond (BCD).

So what exactly is going on?

News reaching GlobalCoinReport.com indicate that popular South Korean exchange, Upbit, has been raided by Officials over suspicions of orchestrating fraud.

In the report, investigators from the S. Korean Prosecution office of the Southern District of Seoul searched Upbit’s head office due to accusations of selling cryptocurrency to customers that it does not actually hold. The authorities have confiscated books and hard disks for further auditing that is expected to take days. This has, in turn, caused traders using the popular exchange, to withdraw their funds en masse in fear of their funds being locked up or not actually existing on the platform.

Looking at Upbit’s current daily trading volume on coinmarketcap.com, the exchange is doing $2.157 Billion in trade at the moment of writing this. The question now lies as to whether these are actual figures or doctored numbers by the team at Upbit. Only the auditors via the South Korean regulators will be able to answer this for us.

The prosecutors were quoted as saying the following with respect to the investigation:

“After the digital forensics investigation on the seizures [seized items] and confirming the illegal charges, we will decide whether and in what direction we will investigate further.”

The South Korean regulators have been carrying out investigations on exchanges in the country since March. This was after the Cyrpo-verse was bombarded by news of Chinese banning crypto trading and the South Korean regulators planning on doing the same during the same time period. It has truly been a tumultuous time with many Crypto traders hoping for a bounce in the markets once this issue at Upbit is cleared up in a timely manner.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Marco Verch via Flickr

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin

Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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