Bitcoin price (BTC/USD) remains below $9,000 following Upbit news

South Korea’s financial regulators launch probe into the country’s leading crypto exchange

Bitcoin price (BTC/USD) remains below $9,000 following Upbit news

The Bitcoin price (BTC/USD) has stayed below the $9,000 mark in the past couple of session, as market sentiment has remained dampened following last week’s news that South Korea’s largest cryptocurrency exchange, Upbit, had been raided by local prosecutors.

The original cryptocurrency fell below the $9,000 level on Friday, after it was reported that prosecutors from the Seoul Southern District Prosecutors’ Office had raided the offices of the company, which is one of the world’s largest virtual coin exchanges in the world. Subsequent reports in the media state that South Korea’s financial regulators, including the Financial Supervisory Service (FSS), have launched an investigation into potential liquidity issues at Upbit.

According to Business Korea, prosecutors suspect that the company sold more cryptocurrencies than the amount it had reported. The FSS has previously warned that such a practice will be considered illegal for crypto exchanges.

The publication also said that the prosecutors had secured computer hard disks and accounting books of the company and planned to investigate whether Lee Suk-woo, representative of the company behind Upbit, was involved in the matter.

The cryptocurrency market experienced a sharp sell-off after the Friday news, wiping out tens of billions of dollars in market capitalisation. Bitcoin hit $8,223.50, on Saturday, its lowest price level since April 20. The digital coin saw some uptick on Sunday, finishing the day at $8,723.94, but it has tumbled again during today’s morning session.

In today’s trading, the Bitcoin price stood at $8,425.23, as of 11:04 BST. The digital currency has lost 1.5% of its value in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap. The coin’s total market cap currently stands at $143.5 billion, which represents 36.6% of the total value of all cryptocoins.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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