The Bitcoin price has continued to sink over the past 24 hours. After touching the $10,000 gap at the beginning of this week, it suffered a decline that made the current price $8,250. The cryptocurrency market has been following this trend, seeing a decline of more than $40 billion on May 11th alone.
The tokens also recorded 20% losses and many analysts think that the entire situation has a lot to do with the raids and investigations at UPbit, South Korea’s biggest cryptocurrency exchange.
Some people even claim that the Mt. Gox trustee taking another 8,000 Bitcoins is the reason why the largest cryptocurrency has been sinking. Along with the UPbit case, this selloff led the market to $370 billion. This comes as a surprise to many – mostly because over the past few weeks, though, the crypto market combined was worth around $450 billion.
The good news is that Bitcoin is adopted by more and more institutions right now. After the NYSE decided to launch its own cryptocurrency exchange, the Bitcoin price surged – just like the situation with Goldman Sachs.
Currently, the cryptocurrency market is suffering a 20% decline. However, given the upcoming events such as the Blockchain Week in New York, it is likely that the market will recover in volume across all of the major exchanges.
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