The world’s major cryptocurrencies prices plunged Friday, after the South Korean prosecutors raided UpBit, the largest South Korean cryptocurrency exchange. Bitcoin fell by 5.5%, reaching $8,511, its lowest level since April 20, according to the CoinDesk Index. The world’s first digital currency traded near $8,563 hours before the event.
Other major cryptocurrencies have fallen sharply over the past 24 hours, with Ethereum decreasing by 11% to close at $680. Ripple also fell about 17%, reaching 66.7 cents. Eos dropped 19%, to reach $14.85.
The Korean news agency quoted the Korean news agency as saying that the South Korean authorities raided the UpBit, the largest stock exchange in the country, on suspicion of fraud. The market management said they were cooperating well with the prosecution in terms of investigations. They added that its services operate normally in terms of all transactions and withdrawals. The South Korean based cryptocurrency exchange is the fourth largest, in terms of volumes.
It should also be noted that Bitcoin has suffered this year, mostly due to regulatory uncertainty. The famous cryptocurrency has lost more than half of its value since it peaked at $19,000 in December. However, many digital currency enthusiasts expect Bitcoin to recover with major conferences on digital currencies in New York over next week. Bitcoin’s gains have increased by more than $2,000 during May’s conferences last year.