Saturday, May 12, 2018

Upbit case crashes Bitcoin price

The price of Bitcoin crashed down recently.

Recently, the price is fluctuating. Its range was between 8000 and 9000 USD. Some media reported the trend had been changed to optimistic beyond the bottom of 6000 USD line.

However, it never broke the line of 9000 USD. One of the reasons was said to the custodian of Mt Gox which was bankrupted a few years ago. A large amount of Bitcoins is sold every ten days, according to some experts examining the blockchain.

In addition, Upbit, one of the largest crypto coin exchanges, which is located in South Korea, was investigated by the prosecutor. Upbit is suspected to have been dealing with too many coins to be permitted based on its capital.

Fortune: Bitcoin Slips Below $9,000 Following Korean Exchange Raid

Cryptocurrency exchanges have been hardly investigated so far because their radical and innovative structure is not applicable to the conventional protocol of investigation for financial institutions. If Upbit sells Bitcoins more than they possess without any compensating safeguards, it is no other than a fraud.

But, similar cases will happen whenever a new technology rises. The uniqueness of blockchain is recognized by many people. We should consider what it can do for the better future.

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