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Bitcoin Falls below $9,000 after a raid at Upbit

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Up until now, bitcoin was on course to take a two row above the $9000 mark.

On 11th May 2018, Bitcoin broke its streak after South Korean prosecutors raided Upbit’s office, one of the largest crypto exchanges in the world. This could raise a lot of concerns in the cryptocurrency community and dampen enthusiasm for Cryptocurrency community.    

Bitcoin, the largest cryptocurrency fell as low as 6.4 {7ac5c3bf57b95c89d20da1c585f68f2fe47644be0187dccece42864a092023b1} to $8,508 on Coinmarketcap.com, a popular cryptocurrency analytics firm and Bitcoin fell to its lowest in three weeks.

Mt.Gox trustee was selling his Bitcoins to pay back his creditors which could be the cause of the downfall and its drop is part if the broader selloff in the crypto markets.

Bitcoin current market capitalization is worth around $380 billion which is $100 billion less than it was last week, according to coinmarketcap.com and in April Bitcoin was up by about 33{7ac5c3bf57b95c89d20da1c585f68f2fe47644be0187dccece42864a092023b1}. 

This decline comes on the eve of the Blockchain Week which is taking place in New York, where thousands of guest would be gathering for the conferences and events.

 

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