Crypto Commentary for the Week 7-11 May 2018

On Friday reports on one of the largest cryptocurrency exchanges UPbit—South Korea’s largest crypto platform has rippled through the digital-currency market.The exchange has been accused of selling cryptocurrency it doesn’t hold. UPbit also confirmed the news of a police raid, on its website.The report helped to send bitcoin prices tumbling to a three-week low.



Bitcoin on Friday broke below a short-term support line at $9,000, extending selloff in the previous session that took all major currencies into the red for the week. The price of bitcoin had spent the best part of the week consolidating after nearing the $10,000 mark late last week. A single bitcoin last traded at $8,593.01, down 5.5% since Thursday’s levels.

Altcoins extended losses throughout Friday. Ether has lost 7%, trading at $684.99.



Bitcoin Cash has shed 10.5% to $1,387.50.



Litecoin was down 8.3% at $138.8.



Ripple’s XRP was at 69 cents, down 9.8%.