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Bitcoin Collapses as South Korean Exchange is Raided

South Korea Rules that Bitcoin is an Asset

Before we go into the details of this event, only announced 12 hours ago on May 11, 2018, we at Classiarius view these `shocks` as opportunities. In line with our view and previous presentations on our platform, we strongly believe that, being a new industry, the cryptoworld as we know it is suffering from growing pains. This is natural.

The previous audiovisual presentations on G20 coordination at a global level combined with US, European and Japanese regulators` intervention to set up a framework, all have short-term negative impact but from a long-term point of view, ensure a safe and profitable investment platform for the future.

Overnight a South Korean cryptocurrency exchange was raided and UpBit, this exchange is now cooperating with the investigation – according to their website. Again, this a short-term shock, a sell-off globally in Bitcoin and other digital currencies including Ripple, Litecoin, Ethereum, comes as a shock but for long-term investors, this could be an opportunity to buy and for the global crypto-market, brings calm. Regulators, in the end, build confidence when they do their job.

This South Korean exchange in the fourth largest cryptocurrency exchange by trading volume, according to CoinMarketCap`s rankings of markets measured in fees. And note that this sell-off – a buying opportunity for many – could find a base and reverse trading higher as their is a conference held in New York next week for this industry.

Although we at Classiarius do not give trading and investment advice (we ask everyone to do his and her homework, study research and make personal decisions on investing), we do believe for the long-term investor, that these types of sell-offs on this South Korean exchange news on Friday, is a buying opportunity. Note that Bitcoin fell 5.5 percent, its lowest level since April 20, while EOS dropped 19 percent and Ripple dropped 17 percent.

We have been focused on a March to June 2018 period of volatility as this market moves from a Cowboy or Wild Wild West market to a trusted investment platform for investors.

More ideas from Classiarius in the coming days

Team Classiarius

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Classarius is the only data driven news for blockchain, cryptocurrencies and technology from investment professionals.

Disclaimer: We do not provide investment advice or strategies, this article is not intended as such but only to provide you the reader with information. Please conduct your own research before any investment of any kind.

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