• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Price & Market
Cap Data from
Nomics Logo Nomics Logo
Bitcoinist.com
Join Student Coin ICO
No Result
View All Result
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining
Bitcoinist.com
No Result
View All Result
Bitcoin's Correction Continues - Is the Floor in Sight?
Nexo

Bitcoin Shows Some Resilience in the Midst of Widespread Crypto Price Decline

Osato Avan-Nomayo by Osato Avan-Nomayo
3 years ago
in Altcoin News, Altcoin Price, Bitcoin, Bitcoin Price, Markets and Prices, News, News teaser
0

Crypto prices have dipped within the last 24 hours as the market reacts to a series of events over the previous few days. A look at CMC’s rankings shows only a couple of coins posting positive 24-hour price changes. However, in the midst of the general cratering, Bitcoin appears to be the least affected of the lot.


South Korea: The Epicenter of Events

UPbit, the largest cryptocurrency exchange platform in South Korea, is currently under investigation. A joint task force of local police and financial regulators raided its Gangnam headquarters on May 10th. The platform is accused of diverting client funds into the wallets of its executives and forging its accounting records to cover up the malfeasance.

The reaction from the crypto community to the news followed the established script – panic. At some point on May 11th, the top 25 cryptos, according to market capitalization, were all in the red. Prices were declining by as much as 16 percent for tokens like Stellar, EOS, and Cardano.

Cryptocurrency prices

According to Marius Rupsys, a digital currency investor:

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The main reason seems to be UPbit news. Most are talking about it, and if you look at prices in Korean exchanges, they are leading the drop.

Crypto prices in South Korea are usually at a premium (KimChi premium) to the rest of the market. For the most of 2018, this premium was non-existent as the market recovered from a slow start to 2018. By the last week of April, market observers reported that the premiums were back. This return coincided with a considerable increase in average prices and total market capitalization values. As a result, any blip in the country’s local crypto market causes shockwaves in the global arena.

However, some analysts believe that the present situation is an exaggerated reaction. According to Joe DiPasquale, the CEO of the crypto hedge fund firm, BitBull Capital:

As is so often the case, an event that should rightfully cause turbulence in a specific region seems to be creating shockwaves globally. The UPbit raid is not the first of its kind, and the markets overreacted in past similar instances as well. As the market continues to mature, these events should grow fewer and farther between, and investors will grow a thicker skin.

Bitcoin Resilience

Bitcoin has so far suffered less of a decline than most other cryptos. The number one crypto fell below $9,000, but regarding percentage movement, its fall was much lower than the other top ten cryptocurrencies. Some analysts are attributing this to the stability of Bitcoin compared to other cryptos. Commenting on the stability of Bitcoin, Shone Antsey of Blockchain Intelligence Group said:

BTC is the anchor crypto that all other cryptos are tied to in terms of price. Bitcoin is the most stable and dominant cryptocurrency with the largest network effect. Bitcoin is the one to watch, since if it fails they all fail.

Bitcoin price

Crypto enthusiasts expect Bitcoin to make a full recovery beginning from the upcoming Blockchain Week in New York.

Is the market reaction to the UPbit saga exaggerated? Let us know in the comments below.


Image courtesy of Coinmarketcap and Shutterstock.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Osato Avan-Nomayo

Osato Avan-Nomayo

When I am not knee-deep in cryptocurrency-related news, I am either attempting to beat my scrabble high score or internally debating an existential dilemma.

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2021 Bitcoinist.com. All Rights Reserved.
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.