Crypto markets fell sharply on Wednesday following reports of police raiding Bithumb office, and Binance and Coinbase suffering outages.
From Bitcoin to Yearn Finance to Sushi, all the titans sank!
South Korean authorities raided Bithumb which is one of the country’s biggest cryptocurrency exchanges by trading volume, coindesk is reporting.
The police action seems to have been linked to a $25 million token sale hosted on Bithumb and a proposed acquisition by a Singapore platform, BTHMB, that never materialized.
Bithumb is one of Korea's largest cryptocurrency exchanges. The 24 hour trading volume at the exchange stood at over $365 million, according to CoinGecko.
Also Binance suffered technical issues that prevented some traders from accessing its exchange website. Here is tweet from Binance acknowledging the issue.
(~~~ embed:1301118068689481728) twitter metadata:YmluYW5jZXx8aHR0cHM6Ly90d2l0dGVyLmNvbS9iaW5hbmNlL3N0YXR1cy8xMzAxMTE4MDY4Njg5NDgxNzI4KXw= ~~~
Even Coinbase faced technical issues today. The coincidence seems a bit strange though. Here is the link to Coinbase outage which seems to be resolved https://status.coinbase.com/incidents/0ptq247r8wrm
This triple whammy has soured the crypto market sentiment.
Bitcoin is down 5.80% on this and is currently trading at $11307 and even the market's latest outperformer that overtook Bitcoin i.e Yearn Finance or $YFII has not been left behind. Yearn Finance suffered a mammoth drop of $8000 per coin and is currently trading at $27,600
Cryptos are a sea of red with most coins in the top 100 CoinMarketCap list falling sharply.
Even Sushi $SUSHI that rose about 10x in a matter of days is down 40% at $6.20.
Yearn Finance's fork Yearn Finance II that re-branded itself as DFI $DFI https://www.DFI.money is still surprisingly up a few percentage points but it's intra-day gains got massively trimmed.
Price Oracle protocols like Chainlink and Band Protocol have also taken a beating. $Link is down 11% on the day while $BAND is -ve 4%
Also TRON is up, but most market participants did not expect such a move.
Other tokens such as AAVE, ZRX, OMG, Compound, and CURVE are also weak.
It remains to be be seen how long would this correction last.
Ideally, in a bull market(if this is one) the reversals are quick and the corrections deep and pull-backs fairly swift.
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Hello dear @yellowdoodle !
Thank you for posting in our HODL Community, we truly appreciate the quality of your post and can only hope that you can help us increase the adoption even with the current scary events 😰!
I do not know if you are aware but we support some social initiatives and to grow we ask some of our members to set @hodl-fund as a 15% beneficiary. This will make you eligible for bigger upvote from us and the trail.
This helps us to pay delegators and to increase the community's HP in order to continue to curate our great writers. We also have an initiative to give some HBD to emerging countries great content creators.
We upvoted your post at 70%. Be fully a part of the community to get bigger votes 😃
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Thank you for the upvote. Also can you tell me how communities work? I thought posting in a community gives a cut by default to that community?
Is that correct? and setting HODL as default beneficiary is over and above that?
I would appreciate if you could guide me to an article on how community earnings and how to set default beneficiaries.
I will dig further
Thank you!
Hello there,
I would love it to be the case so I would not have to beg and "annoy' our new members.
There is not cut at all when you post in a community. Therefore the 15% are the only thing we would receive.
Note that these 15% are on your part not the total Payout. Meaning if the post it valued at 10$
I hope this helped you out !
Cheers, 😜
oh thanks
got it
I thought the community creators get a cut like chirp dapp - this was the initial chatter I head on Telegram MemeMyCoin lol
Anyways thanks for the clarification.
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That is a lot @yellowdoodle! Here you get another one 😉
ha ha
gazillion thanks!
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