Bitcoin's price plunged more than 5 percent on May 11, ending a two-week rally for the largest cryptocurrency by market cap. Ironically, the dip came just as crypto bulls have been outdoing each other in setting outsized bitcoin price targets for both the short-term and the long run.
The price of one bitcoin hovered at $8,565 as of this writing, down 5.29 percent from 24 hours earlier, according to WorldCoinIndex (see chart below). BTC prices tumbled on rising trading volume, suggesting a sell-off is underway.
During the past two days, South Korean authorities raided the offices of Upbit, one of the world's largest crypto exchanges. An official at the Seoul Southern District Prosecutors' Office did not provide the reason behind the raid, Bloomberg reported.
"Upbit is currently under investigation by prosecutors and is cooperating," the exchange said in a note to clients. South Korea is a huge cryptocurrency market, and Upbit traded $1.6 billion in virtual currencies during the past 24 hours.
As the Inquisitr previously reported, the New York Attorney General's Office launched a fact-finding inquiry in April 2018 and sent a questionnaire to 13 top crypto exchanges.
The Winklevoss twins, Tyler and Cameron, were the first CEOs to publicly announce their support for the NYAG investigation, saying they believe greater transparency will boost mainstream adoption of bitcoin and rid the space of scam artists.
The Winklevoss twins recently partnered with Nasdaq to crack down on fraudulent bitcoin and ether trading on their cryptocurrency exchange, the Gemini Trust Company.