Bitcoin’s droped below $9,000 when the 50-day moving average breaks below its 200-day counterpart on a closing basis. In addition to some side-effects after prosecutors raid largest Korean exchange.
Major cryptocurrencies tumbled Friday after news prosecutors raided UpBit, the largest cryptocurrency exchange in South Korea.
Bitcoin fell 5.5 percent to $8,511, its lowest since April 20, according to CoinDesk’s bitcoin price index. The cryptocurrency traded near $8,563 as of 9:12 a.m. ET.
Other major cryptocurrencies fell double-digits over the last 24 hours, according to CoinMarketCap. Ethereum traded 11 percent lower near $680, ripple fell nearly 17 percent to around 66.7 cents and eos dropped almost 19 percent to $14.85.
To be sure, there are some countervailing technical signals suggesting this event might not be so crippling. The 200-day moving average is still rising and served as intraday support Friday. In addition, Bitcoin is setting higher lows, with April’s trough higher than February’s.
South Korean authorities raided UpBit on suspicion of fraud, Reuters reported Friday, citing local news agency Yonhap. The South Korean Financial Supervisory Service did not immediately respond to CNBC requests for comment after local business hours.
Sources: Bloomberg, CNBC, Coinebase and others
