The Bitcoin price has fallen after the search in the South Korea's largest cryptocurrency stock Exchange

On Friday, cryptocurrency exchange rates fell in response to the statement that the South Korean authorities have carried out searches in the country's largest cryptocurrency stock exchange - Upbit.

bitcoin price value

As a result, the drop in Friday's prices strengthened the decline of weekly overall cryptocurrency exchange rates.

Bitcoin traded around $ 8602 at the Bitfinex Exchange on Friday, showing a decline of 7.9% per day. The Bitcoin prices hit $ 10,000 last week, reaching $ 9990, but BTC lost 12.7% this week after market capitalization.

After capitalization, the second largest cryptocurrency - Ethereum lost 10.2% on Friday and traded for around $ 682.5. During the week, Ethereum dropped by 16.7%. While, after the capitalization, the third cryptocurrency Ripple lost 13.2% on Friday and traded for around $ 0.692. During the week, it lost 23.5%. The fourth after capitalization is Bitcoin Cash, which fell by 13.7% to $ 1,419 on Friday, resulting in a total loss of 19.5% per week.

During the last week, the sale of cryptocurrencies took place, effected by a series of negative comments from the leading global investors. On Friday, all hopes of recovery were lost following the statement that the South Korean prosecutors had carried out searches in the country's largest cryptocurrency stock exchange Upbit.

According to the information provided by the news agency Yonhap, the searches are related to suspected fraud.

Of the other news informing about the decline in interest in cryptocurrencies, it is worth mentioning the statement of Nvidia's financial director Colette Kress, that her company is predicting a decline in demand for chips from the cryptocurrencies miners.

In the financial statement, published on Thursday, Nvidia announced that its quarterly revenue has reached the sum of $ 3.2 billion, while about 9% of this amount ($ 289 million) have come from the sale of video cards provided for mining.

While Kressa points out that the company predicts a drop in revenue by 65% - to around $ 100 million for the next quarter.

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