The reason for the Bitcoin decline is allegedly due to a system error at the South Korea–based cryptocurrency exchange Bithumb, involving Bitcoin worth 40 billion dollars.
The crypto market’s downturn is said to be caused by the South Korean crypto exchange Bithumb.
The exchange mistakenly sent 2,000 BTC to customers instead of a KRW (Korean Won) airdrop. Due to a system error, approximately 40 billion dollars’ worth of Bitcoin was reportedly distributed to users.
The accounts that received the transfers were suspended for withdrawals and transfers, and 99% of the Bitcoin worth 40 billion dollars was recovered.
After this situation caused panic across exchanges, Bitcoin is expected to move upward.