Bitcoin shows resilience following major exchange raid

Following news of an exchange raid in South Korea, Bitcoin’s price is holding steady.

Despite most cryptocurrencies slipping in price after the police raid on Thursday, Bitcoin has held the majority of its value.

The widespread declines took place after reports that authorities raided South Korean UPbit.

News of the exchange raid rocked prices with UPbit being the nation’s largest digital assets trading platform.

Widespread Losses

Almost every one of the top 50 cryptos (ranked by total market value) was in the red on Friday, according to the Coin Thud live price charts.

While some have suffered more than others, Bitcoin is down around six percent in the last 24 hours.

However, Stellar, Cardano, and EOS, were all down by around 16%, CoinMarketCap data shows.

Bitcoin Cash and Ripple were both down between 12 and 14 percent also.

Several analysts agree that the UPBit exchange raid was behind the falling prices today.

Digital currency investor Marius Rupsys says a lot of traders are talking about it, saying:

“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.”

According to Joe DiPasquale, CEO of cryptocurrency hedge fund BitBull Capital, a South Korean exchange raid will typically affect values:

According to Joe DiPasquale, CEO of cryptocurrency hedge fund BitBull Capital, a South Korean exchange raid will typically affect values:

“The last time South Korea raided their ‘top exchanges’ was on January 10th, and Bitcoin’s spot price saw a -7% decline on intraday trading that day as well.

“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 thicker skin.”

Bitcoin shows resilience

Bitcoin was able to hold its value better than many other digital assets today.

Several analysts say Bitcoin is more established than its peers, making it more resilient.

Shone Anstey, co-Founder of Blockchain Intelligence Group, explains:

“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.”