Excluding Doge Coin on the 18th, cryptocurrency (virtual currency) is plunging around 10% at once. The news that executives have sold out a lot of stocks, Bloomberg News reported on the day that it was due to the outbreak of a massive blackout in the Uighur Autonomous Region in Xinjiang, China, a sacred place for bitcoin mining.
First, unconfirmed rumors are hitting the market that the U.S. Treasury Department has undertaken an investigation under suspicion of some cryptocurrency companies laundering illegal funds.
Bloomberg said the US Treasury Department only stated that “there is no comment on these rumors.”
Second, it is news that the executives of Coinbase, the largest cryptocurrency exchange in the United States, which successfully listed on the NASDAQ on the 14th, sold a lot of stocks on the day of listing.
According to data submitted by Coinbase to the Securities and Exchange Commission (SEC), the US securities authority, the executives of Coinbase sold 5 billion dollars (5.6 trillion won) worth of stocks on the day of listing.
In particular, Chief Executive Officer Brian Armstrong (CEO) sold $291.8 million worth of shares. This is 1.5% of the company’s total stake.
Cryptocurrencies such as bitcoin have hit an all-time high before listing on Coinbase. This is because it is a symbol that cryptocurrency has been incorporated into the mainstream market.
However, the news that Coinbase executives realized profits by disposing of their stocks on the day of listing was enough to disappoint investors.
In addition, it is interpreted that the power outage in the Uighur Autonomous Region in Xinjiang, China’s Xinjiang, which is a sacred place for bitcoin mining due to cheap labor and electricity, contributed to the decline in cryptocurrency.
It is reported that more than half of the world’s bitcoins are mined in China, where electricity is cheap, and more than half of them are mined in Xinjiang. Recently, a massive blackout in Xinjiang, Bloomberg said.
Meanwhile, as of 11 p.m. on the 18th (Korean time) in the US coin market cap, Bitcoin fell 9.71% to $55,166, Ethereum plunged 11.83% to $2122, and Binance Coin fell 12.71% to $454. , Ripple plunged 19.44% to $1.30 each.
On the other hand, Doji Coin is the only one to record 30.68 cents, a 22.33% rise.
