Steem , Bitcoin and most Cryptocurrencies are in the red : Upbit Raided by Korean Authorities

in #cryptocurrencies3 years ago (edited)

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


Pic Source

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:

Source

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.

Do you agree? send in your comments, resteem and upvote in order to send in your support.

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S.Korean crypto market is indeed one of the biggest in the crypto space and thus any bad news from there affects all especially steem which is dependent on S.Korean exchanges for most of its daily volume. Time to work hard and diversify its listings...good post indeed..I agree...time to buy some cheap coins and HODL (take some profits too) because price will surely bounce back soon

Very good point Ronja1 .I wish you more success

Posted a very beautiful one Cause they definitely will which cryptocurrency do you think is the best to buy now dear

Good point, I am not an investment adviser however look at ethereum lyte white list via www.elyte.tech and join their bounty-see last part of this post

Hey I am one Steemian from S.Korea (and currently live in S.Korea). And most of ppl are not really scared of what the government find out from Upbit. We are not sure what really happened in Upbit exchange. As i know, the result will be released to the public on Monday (Korean time).
Most whales and crypto holders i know still hold their portfolio, and think about when they will buy more. You guys do not have to panic. Think positive, this is actually really good time to buy and increase the amount of your portfolio

Very good point....I agree with you. I was wondering if you are on steemit chat? I want to build my contacts with Koreans in the crypto space due to a coin a head.

If you can teach me how to go on steemit chat, I can try doe

On the right hand side of your steemit page...ie before your profile pic, click and you will see many options including steemit shop...steemit chat is there ..you can type members user name to reach them

Everything that seem to affect cryptocurrency never stays forever, I guess it's just a matter of time, panic isn't required though. Nevertheless I will tend to ask for your advise, which cryptocurrency do you think is the best to buy now?

You analysed it well

FK

South korea is most important for crypto world . When there is any issue in south korea then crypto will fall down . May I hope that will be able to take its place I like your post about crypto but its time to invest in crypto specially steem and litecoin

Good point, S.Korean is important to the crypto world

I bought some cheap cryptos when their price were declining but their price declined to such an extent that the money value of my cryptos have become almost half of the previous price in USD term. I have no other option but to hodl them till their price go up. I am still hoping their price to drop so that I may buy more. However, this is a risky business which is flourishing just because we are being able to transfer our loss to someone others. Hence, in crypto market once's profit is equivalent to some others loss. It will not change till crypto becomes substitute of fiat money.

Good point, best strategy is ...do not buy high and sell low rather HODL till price bounce back and then take some profit. Diversification is the key too

I've never been surfing but I like to assume it feels like being in the cryptoverse. And well, I'm just waiting for the next wave 😎

There is indeed always wave ..in the crypto space...hopefully it will benefit steem ecosystem and all of us

I did get some more Steem yesterday during the dip, but the dip has since deepened, oh well :)

I agree...am sure that it will recover when the dust settles

Just keep calm and dont look that often at your portfolio during thos bad times! Go outside do other stuff better times will come!

Good point, I agree

I totally agree. Now is the time to invest and get rich when the prices bounce back... Cause they definitely will

Point, you analysed it well

One of the problems of centralized systems.

Buy the dips, sell the rips. Just that blanket statement has been pretty successful this year.

Good point, that is a winning strategy

No wonder everything was going down I pray to God they put harmony back to his stiff and let everything rise back

There is always ups and downs in crypto hence the ability to make huge profits

domino effect that is happening again in the crypto , also Mt.Gox is gearing up another round in Bitcoin selloffs , expected some market fall again.

Everything is possibe in Crypto space

Agreed , Crypto whales can do everything in crypto space

In what aspect?

Because they are the number one in the crypto space.

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thats a great post, very interesting!

what is good about the post?

the fact that korea is so important for the coin market. I see comments like mine looks like bot work but i'm just a guy interested in cryptocurrencies.

Good point, S.Korea is indeed a big player in the Crypto space

You got a 1.61% upvote from @postpromoter courtesy of @charles1!

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I wish i knew where to safely invest in cryptocurrency but im really new to all this. Interesting read tbh though i wish everyone who decides to take advantage and invest good luck

Wow, very cool

What is cool about the post....bot?

Sorry, Can I ask you a question? I am new in steemit. Upbit is illegal or legal in Korea? and why the prosecutor want to investigate this company. what did this company do something illegal? thank you