Related: A Near-Term View on Bitcoin at $9.3K

“Bitcoin’s drop is part of a broader selloff in the cryptocurrency market, which is currently worth around $380 billion, according to Coinmarketcap.com. That’s almost $100 billion less than it was worth a week ago. The Bloomberg Galaxy Crypto Index, which measures the performance of the largest digital tokens, fell as much as 14 percent,” according to Bloomberg.

Upbit allegedly deceived customers by falsifying data about its financial balance sheets, according to some local media reports in South Korea.

For more information on the cryptocurrency market, visit our Bitcoin category.