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.
(
)https://twitter.com/binance/status/1301118068689481728
- binance
https://twitter.com/binance/status/1301118068689481728
- binance
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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