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What was the reason for Bitcoin falling from $ 9,000?

Bitcoin loses $ 9,000 support due to South Korean police interrogations and Mt. Gox exchange auction

Bitcoin prices fell from three weeks ago to around $ 8,300 on May 22, analysts say. have been.

Check the current price data of the digital currency site and Coin360 it shows; The price of bitcoin has fallen sharply, while some altcoins have fallen more by as much as 18 percent.

Many traders react unconsciously to investigations by the Financial Supervision Commission (FSC), South Korea’s largest exchange under Kakao; Showed.

According to local media, officials have suspected the exchange of “deceiving its customers” by providing false information about its assets and liabilities.

Meanwhile, executives at the former Japan Mt.Gox exchange have apparently sold four batches of 2,000 bitcoins, or about 8,000 bitcoins (about $ 70 million at the time of writing). Such measures have reportedly affected the global price of market currencies more than once since November.

At the time of writing, the price of Bitcoin has dropped by about $ 1,000, or 10 percent from its previous days; And until April 20 of the previous month, it has recorded the lowest price.

The Altcoin market also saw a drop in prices, with Ethereum falling about 12 percent, while BitcoinCash and Ripple were worse off than Bitcoin and Ethereum, each with a 17 percent drop.

What was the reason for Bitcoin falling from $ 9,000?

Market overview of the site Coin360

One of the users of this exchange wrote on his Twitter page:

What was the reason for Bitcoin falling from $ 9,000?

Upbit exchange traders seem to have pulled a lot of currencies out of the exchange, causing the market to plummet.

“Overreaction”, given that police have not yet released their official reports.

It should be noted that in the past, Coinmarketcap removed the exchange from its list of average prices due to “excessive price deviation” with exchanges in other countries.

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