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Mr Bomb

Bitcoin Loses $9K Support As Markets React To S. Korea Investigation, Mt.Gox Sell-Off

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Bitcoin prices fell to three-week lows of around

$8,540 on May 11, as markets reacted to a flash investigation of South Korean exchange Upbit and a fresh Mt.Gox funds liquidation.

Data from

Cointelegraph’s price tracker and Coin360 shows BTC/USD dipping sharply over the past 24 hours, with major altcoin assets posting considerably higher losses of up to 18 percent.

Traders appeared to deliver a knee-jerk reaction to

news that Upbit, Korea’s largest cryptocurrency exchange and a subsidiary of communications giant Kakao, had received a visit from the country’s Financial Supervisory Commission (FSC).

According to local media, authorities suspect Upbit had “deceived customers” by providing false information about its balance sheets.

At the same time, executives in charge of refunding users of former Japanese exchange

Mt.Goxhave evidently sold a new chunk of about 8,000 BTC (about $70 mln at press time) in four batches of 2,000 BTC. Such actions in the past had reportedly affected global prices several times since November.

As of press time Friday, Bitcoin had lost around $800, or 8.5 percent, in the past 24 hours, hitting the lowest price the coin has seen since

April 20.

Across altcoin markets, Ethereum (ETH) posted near

12 percent losses, while Ripple (XRP) and Bitcoin Cash (BCH) fared worse, both losing about 17 percent over the same period.

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