Over the past day or so, Bitcoin is not beautiful at all.
The three hits in succession caused bitcoin to tumble by nearly 10% in 24 hours, hitting a new low in three weeks and is now reported at US$8,546.80.
The first heavy crit came from Mt. Gox, who was once the largest bitcoin exchange in the world but is currently bankrupt. Its watchman shipped large quantities yesterday. According to Mt.Gox's cold wallet monitoring website, about 138,000 Bitcoin remains in the Mt.Gox wallet. When news broke, bitcoin prices fell.
The second heavy crit came from Nvidia. On May 11, Nvidia released its financial report for the first quarter of fiscal year 2018 showing that revenue from mining-related businesses was stronger than expected, reaching US$289 million.
However, the CFO Colette Kress said that the company expects its business-related revenue to decline by 65% in the second quarter to around US$100 million. This triggered the second pressure to sell the cryptocurrency.
The third heavy crit came from the Korean government. According to Bloomberg News reported on the 11th, according to an anonymous official from the Seoul South District Attorney's Office, South Korean prosecutors raided the office of Upbit, one of the world's largest cryptocurrency exchanges, on Thursday and Friday. It is reported that Upbit is suspected of transferring customer account funds to company accounts.
The Exchange today announced to customers that "Upbit is currently under investigation by the prosecutor and is cooperating", and services such as transactions and withdrawals are safe.
Upbit has been in charge of about 1.6 billion U.S. dollars worth of bitcoin in the past 24 hours and is the largest and fourth largest Bitcoin exchange in the world.