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Crypto market plunges after US recovered ransom paid in bitcoin by Colonial Pipeline

Crypto market plunges after US recovered ransom paid in bitcoin by Colonial Pipeline
June 08
20:41 2021

The cryptocurrency market plunged on Tuesday as Bitcoin tumbled by more than eight percent.

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Bitcoin price fell from nearly $40,000 it recorded last week to $32,779 as of time of filing this report, according to CoinDesk data.

The digital currency plunged on Monday following reports that the US Department of Justice (DOJ) recovered 63.7 bitcoins valued at approximately $2.3 million from ransomware hackers.

The funds allegedly represent the proceeds of a May 8 ransom payment to individuals in a group known as DarkSide, which had targeted Colonial Pipeline, resulting in critical infrastructure being taken out of operation.

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According to a report by Independent UK, the latest dip in the value of Bitcoin took the overall market cap of all cryptocurrencies combined below $1.5 trillion for the first time since May.

Ethereum plummeted by 12 percent, Binance dipped by 14 percent, while Cardano also suffered a decline of 10 percent.

During the week, mixed feelings characterised the crypto market as Weibo, a Chinese microblogging platform similar to Twitter, blocked various accounts linked to cryptocurrency and El Salvador’s plans to adopt bitcoin as legal tender, alongside the U.S. dollar.

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In May, the Chinese government pledged to crack down on Bitcoin mining and trading.

In Nigeria, the Central Bank of Nigeria (CBN) had consistently warned over trading in crypto and issued a directive to banks to close accounts of persons or entities involved in cryptocurrency transactions.

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