Bitcoin Forum

Korean virtual currency was ransacked, Bitcoin price dropped $ 9,000
According to data from Coinmarketcap, at 22:00 GMT on May 11, Vietnam Bitcoin traded at $ 8,648, down more than 7% from the previous 24 hours, the lowest level in three weeks.
What is your thought?

I am very worried. South Korea is taking strong moves to control the virtual currency market to combat speculative activity and illegal practices such as money laundering. Over the past few months, authorities have ransacked some virtual forecaster offices, audited ICO operations, and banned financial institutions from co-operating with the forecaster. virtual.

Yesterday I was not happy when I thought I would lose money. Bitcoin rebounds are in the offing on the virtual currency market - currently capitalized at $ 380 billion, down about $ 100 billion from a week ago. The Bloomberg Galaxy Crypto Index, tracking the evolution of the largest virtual currency market, also fell 14%.

If you are not ready and prepared for this type of market then you better pull yourself out of the market.
Market cap was down to $334B that's so quick, billionaires took profit.These media aren't really helping, when bitcoin drops they are taking a full coverage on it but when it pumps, there's no noise being heard from them.

Korean's are pretty positive on the digital currency judging their action in here, Possibly trying to get higher percentage of share in the market to be able to control it.,well, this surely has a major effect on the world wide price hoping for some positive effects.

Too bad for those who lost their bitcoins when korean exchange was ransacked, that's why experienced users stronly advices newbies to not store cryptocurrencies on exchanges even if it is convenient. My thought here is that the dump we are seeing now is merely a correction, so I wouldn't call it a drop because IMO btc is a little overpriced before the drop. Now, I am seeing a healthier market despite it being priced at 7403$ according to coinmarketcap (https://coinmarketcap.com/currencies/bitcoin/#markets).
This might be an interesting read regarding this bit of news from OP: https://www.express.co.uk/news/world/914506/Bitcoin-price-cryptocurrency-value-2018-North-Korea-South-Korea-Kim-Jong-un-Ripple

I really do not know why newbies do not listen to our advice, one of the most common advices is that you should never store your coins in an exchange there are many things that can happen, the exchange may disappear, the exchange may get hacked, maybe a worker in the exchange steals the funds or a government may intervene and seize the exchange, I know it is a lot more convenient to keep your coins there but then people that do that should not cry about losing their coins, if they care so much about their coins they should have taken measures to protect them.

Whenever there is a news like this, usually the market price react negatively so we can experience a further drop in value in the next couple of days because of this news but this will be resolve very soon and everything will be back to normal.