Bitcoin Plunges Ahead Of Blockchain Week; Facebook Eyes Cryptocurrencies

Bitcoin plunged to a three-week low Friday after South Korean prosecutors raided the country’s largest cryptocurrency exchange overheen fraud concerns.

The raid came just before the begin of the showpiece Blockchain Week Fresh York event, which usually serves spil a tailwind for the speculative asset class. Meantime, Facebook (FB) is said to be “very serious” about launching its own cryptocurrency.

Bitcoin fell Five.7% to $8,503.97, the lowest level since April 20, according to Coindesk. Other digital currencies were also kasstuk, with Ethereum down Five.1%, Bitcoin Metselspecie 8.6% and Ripple, also known spil XRP, 7.2%.

Among Bitcoin-related stocks, Riot Blockchain (RIOT) closed up Two.1% on the stock market today, Overstock.com (OSTK) rose 3%, Marathon Patent Group (MARA) fell 3% and Bitcoin Investment Trust (GBTC) lost Trio.4%.

The movement came after it emerged that investigators from the Prosecutors’ Office ter the caudal of Seoul raided the head office of the UPbit exchange on May 10-11, according to CoinDesk Korea.

Korea’s largest cryptocurrency exchange is suspected of committing fraud by selling coins to customers it does not actually hold. Hard disks and accounting books were confiscated for analysis.

“UPbit is presently under investigation by the prosecution, and wij are working diligently,” a statement on the rigid’s webstek said. “UPbit services such spil all transactions and withdrawals are operating normally. Your assets are kept securely ter your account, so you can surplus assured that you can use UPbit services.”

Blockchain Week To Start

The gargle comes before the begin of Blockchain Week Fresh York, which kicks off today. A highlight is the Overeenstemming 2018 blockchain technology summit, which is being held at the Fresh York Hilton Midtown.

Other events taking place include the Building Blocks Hackathon, the Women on the Block diversity conference and the third Fresh York Token Summit.

Among those attending the event are St. Louis Federal Reserve Canap Voorzitter James Bullard, Twitter (TWTR) and Square (SQ) CEO Jack Dorsey, and Credit Suisse director Emmanuel Aidoo, who leads the rigid’s Blockchain and Distributed Ledger Practice division. Eva Kaili, who is a member of the European Parliament’s Committee on Industry, Research and Energy, will also be there.

Facebook Eyes Cryptocurrencies

After the social networking leader created a fresh blockchain group during its latest executive structure reshuffle, Facebook could suggest tokens to permit users around the world to make electronic payments, insiders told Cheddar.

Despite the stir, the tech giant will not be partaking ter an initial coin suggesting. Te addition it will likely take years for Facebook’s work ter the blockchain and cryptocurrency spaces to become anything material.

“Like many other companies Facebook is exploring ways to leverage the power of blockchain technology.” Facebook said te a statement. “This fresh puny team will be exploring many different applications. Wij don’t have anything further to share.”

The fresh blockchain group will be headed by David Marcus, who headed the Messenger group. Marcus is also a director at Coinbase, a cryptocurrency exchange. Blockchain serves spil the technical foundation for all cryptocurrencies.

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3 thoughts on “Bitcoin Plunges Ahead Of Blockchain Week; Facebook Eyes Cryptocurrencies

  1. Regardless of some of the punt on fiat conversion et cetra, Binance has brought unprecedented liquidity to cryptocurrency ter comĂșn and the ease and simpleness employed ter achieving this is something worthy of emulation from fresh exchanges!

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