Bithumb Exchange Offices Raided In South Korean Probe – January 27

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$23,143

Bitcoin price is hanging around the $23,000 mark, as the market appears to have reached a decision point.

Top-20 altcoins have also levelled out, as Ether remains almost unchanged, BNB rises less than 1% and Polygon is the largest mover with a 9% gain.

Top Stories for January 27, 2022 🔥

👉 Bithumb Exchange Offices Raided In South Korean Probe

The offices of Bithumb, a South Korean crypto exchange, were raided by prosecutors as part of an investigation into price manipulation of an unidentified coin.

Prosecutors are investigating transactions related to a specific person or entity moving the price of the coin to make a profit and plan to examine transaction details at other exchanges where the coin is listed.

The raid took place at a time when Bithumb is also being investigated by South Korea’s tax authorities for tax evasion via domestic and international transactions on the exchange and its affiliates.

👉 SEC Rejects New ARK and 21Shares Bitcoin ETF Proposal

The US Securities and Exchange Commission (SEC) has rejected a spot bitcoin exchange-traded fund proposed by ARK Investment Management and 21Shares.

This marks the second time that the companies have attempted to get the Cboe BZX Exchange off the ground, only to be denied by the commission. The SEC has rejected all previous proposals for a bitcoin ETF, citing opacity in the underlying bitcoin market and concerns over possible price manipulation.

👉 US Institutions May Account For 85% Of Current Bitcoin Buying

Data suggests that as much as 85% of Bitcoin buying is being done by American institutional players, according to Matrixport chief strategist, Markus Thielen.

A report from Matrixport suggests that it is possible to distinguish whether a digital asset is more favorable among retail or institutional investors, based on whether the asset is performing well during US or Asian trading hours.

The report found that Bitcoin’s 40% increase this year was due in part to a 35% return during US trading hours, which they postulate is due to US-based institutions buying Bitcoin.