Crypto Prices Drop, S Korean Market Takes a Hit

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The prices of most important cryptocurrencies have nosedived — hours later Bitcoin climbed above the USD 5,400 mark.

As April 11 brought to a conclusion in North America — also April 12 got going in East Asia — prices which had earlier been displaying noticeable signs of weakness continued to fall apace. BTC had tumbled below the key USD 5,000 markers before rebounding later (03:18 UTC).

Altcoins were hit hard, with the likes of Ethereum and Ripple suffering — though some tokens have earned slight rebounds in their initial drops.

Top 10 coins from market capitalization:
(03:18 UTC)
Crypto Prices Drop, S Korean Market Takes a Hit 102Source: coinpaprika.com
Analysts had previously been enthusing about the marketplace, with one pointing out that BTC and Ethereum trading volumes were reaching levels unseen since the bubble 2017.

Crypto quantity in that newest leg upward was as high as in summit 2017 bubble https://t.co/atpFX8CLqF

— Camila Russo (@CamiRusso)

However, many believe that selling strain became too high for most investors when BTC hit the USD 5,400 point, leading to rapid price drops.

Meanwhile, as reported, according to Vinny Lingham, general partner at crypto finance Multicoin Capital and co-founder & CEO of Civic, an identity protection and direction startup, the recent rally might very well be another rebound before the next dip.

There was bad news to finish the week for the South Korean crypto-community. Cryptonews.com earlier this week reported the reversal of the so-called kimchi premium — a happening in 2017 where South Korean traders were paying to 50percent more than the international average to their tokens. In recent months, optimism has returned the marketplace as South Korean prices dropped — meaning most were paying 1-3percent less than international averages.

But per information compiled by Hanguk Kyungjae, the “kimchi bonus” might have been quite shortlived indeed. South Koreans are currently paying an average of 1.8 percent greater for cryptocurrencies than consumers of international trades like Binance and Bitfinex. The same media outlet was positive concerning the prognosis, however, stating, “The domestic market has been revitalized.” However, Chinese will also be paying premium these days.

Elsewhere in South Korea, Bithumb — among the country’s biggest exchanges — has published the outcomes of an audit following an alleged “insider job” hack value some USD 13 million, said to have been carried out by disgruntled former employees. The firm states an outside auditor confirmed that no client funds were dropped in the raid. The auditor also appears to be convinced that Bithumb’s use of chilly pockets for client capital is satisfactory.

However, the firm has obtained a significant financial hit. Earlier in the week, a financial audit of the firm’s operator BTCKorea demonstrated that Bithumb experienced a net loss of a USD 180 million in 2018 — a enormous drop from net gains of nearly USD 470 million in 2017. There has been a silver lining, however, with Bithumb earnings really climbing by 18%.

The firm is now downsizing in South Korea, cutting its employees out of over 300 to almost half that sum, though it seems keen to continue expansion efforts into foreign markets.

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