All cryptographic currencies on the market have suffered a sharp decline after the recent uptick in the Upbit stock market. These widespread declines came after South Korean officials reportedly raided Upbit, the country's biggest cryptographic currency exchange.
The driving force behind crypto losses on the Upbit Stock Exchange
While Bitcoin has fallen by 8.2% in the last 24 hours, some major crypto currencies have been nearing two-fold she was exposed to loss. For example, Stellar (XLM), Cardano (ADA) and EOS lost at least 16%. Ripple's XRP token and Bitcoin Cash (BCH) fell 12.8% and 13.8%, respectively. Many analysts have confirmed that the Upbit raid is the driving force behind today's cryptographic losses. Crypto money investor Marius Rupsys commented on the subject:
The main reason on the market seems to be Upbeat news. Most talk about it, and if you look at the prices on the Korean stock exchanges, they are leading the fall.
That's not the first time South Korean raids have caused crypto prices to fall. Joe DiPasquale, CEO of Crypto money hedge fund BitBull Capital, said on the issue:
South Korea's latest biggest bourse was the latest on January 10, and Bitcoin's spot price was 7% declined. It seems that an event that should justify turbulence in a particular region creates shock waves globally. The Upbit was not the first example of a raid, and the market was overreacting to events in the past.
Bitcoin could perform better than other crypto
Bitcoin could perform better today than many other crypto currencies. Shone Anstey, the president and founder of the Blockchain Intelligence Group, said:
Bitcoin performed better than all other crypto parallels. Bitcoin is the most stable and dominant crypto currency with the biggest network impact.
If this negative darben would reduce the price of Bitcoin and other crypto money further, or whether Blockchain Week in New York would bring back a bull market
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