Steem , Bitcoin and most Cryptocurrencies are in the red : Upbit Raided by Korean Authorities
South Korea is a top crypto country and their exchanges are among the biggest and most respected in the crypto space , therefore any bad news from South Korean affects the entire ecosystem.
Most recently, according to coinmarket cap https://coinmarketcap.com/ , cryptos are in the red due to South Korean authorities’ raid on UPBIT
In a recent article by Bloomberg news
South Korean prosecutors raided the offices of Upbit, one of the world’s largest cryptocurrency exchanges.
Authorities searched the exchange’s offices on Thursday and Friday, according to an official from the Seoul Southern District Prosecutors’ Office, who asked not to be identified citing office policy. She declined to provide further details of the raid, which was first reported by the Korea Economic Daily.
“Upbit is currently under investigation by prosecutors and is cooperating,” the exchange said in a notice to clients, adding that services such as transactions and withdrawals were unaffected and that client assets were safe. The exchange hosted about $1.6 billion of cryptocurrency trades in the past 24 hours, making it the biggest in Korea and the fourth-largest in the world among fee-charging venues tracked by Coinmarketcap.com.
This issue has affected many top coins including steem ( and steem dollars ) because it gets most of its trading volume from Korean exchanges and Upbit is its number one exchange in terms of volume –see below pic. On the other hand, however, we should see this issue in another viewpoint:
No Panic: There is no need to panic and be emotional because we have seen this issue before. The best thing to do is to take this issue as an opportunity to buy some undervalued tokens / coins before price bounce back even higher in the coming days. Crytocurrency market is volatile and that is what makes it interesting to many investors-buy low and sell high (buy low and HODL) ie opportunity to make profit.
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