Bitcoin dive below $ 7,000 an anomalous $ 50 million withdrawal

Bitcoin dive below $ 7,000 an anomalous $ 50 million withdrawal

Bitcoin (BTC) again dipped below $ 7,000 on November 27 as recent sell-offs pushed into the volatile currency markets. Statistics from Coin360 website show that the BTC / USD suddenly plummeted again to $ 6,000 on Wednesday after trying hard to maintain the $ 7,200 support line. At the start of the day, bitcoin was priced at about $ 6,800 and was able to raise itself to above $ 7,000 in half a day. But the current situation shows that the price remains below $ 7,200.

Impact of Upbit hacking news

The move coincides with rumors of suspected Upbit Korean cryptocurrency exchange activity. As Cointelegraph reports, funds worth more than $ 50 million suddenly fell off the currency exchange platform today, fearing the system might be hacked.

Upbit also released a statement admitting that the assets were stolen. It further confirmed that it had closed all deposits and withdrawals for investigation. Lee Seok Woo the CEO of the parent company Dunamu wrote: “To prevent damage to your assets, 342,000 Ether transferred to unknown wallets through the hacking system will be covered by Upbit.” He added that the process of resuming access to the remains would continue at least two weeks before users could reuse their accounts.

Some have speculated that the Upbit itself was involved in the hacking case. But not everyone believed that this celebrated exchange was going to shake the market itself. Joseph Young the contributor of South Korea’s Cointelegraph said:

“I don’t think the hacking incident was going to have any effect on the bitcoin price drop, because it really shouldn’t be. Because the Upbit covers all the losses. Selling it makes it difficult to do so soon after the accident.”


Bitcoin markets have been cautious this week after similar negative sentiment from China was heavily impacted on traders. Analysts believe that Beijing’s pledge to not supporting the exchange rate has led to a sell-off of assets around the world, and investors are eager to quit trading at a lower price. Other factors, such as tax maneuvers and liquidity shortages, have reportedly contributed to the decline.

The Altcoin is still fixed

The Altcoins were slower in response to the downward trend of bitcoin. Of the twenty major market cryptocurrencies, most have not made a significant move at the time of this news release. Ether (ETH), the biggest altcoins decreased in the past 24 hours at about $ 146, is still down 0.2 percent. Others have been worse off, bitcoin SV (BSV) down 5.3% and Tezos (XTZ) down 6.3%. Conversely, Tron (TRX) grew 1.8%. The total size of the cryptocurrency market was $ 191.4 billion, with Bitcoin’s share of 66.2%.


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