Bitcoin Dives Below $7K as Upbit Confirms $50M 'Abnormal Withdrawal'

Bitcoin fell below $7,000 once again on Nov. 27 as fresh selling pressure suddenly impacted already fragile markets.

At press time, a low of $6,860 saw a subsequent modest bounce higher, with Bitcoin still remaining below the $7,000 barrier.

The performance coincided with emerging rumors of suspicious activity at major South Korean cryptocurrency exchange Upbit.

Upbit released a statement that appeared to admit funds had been stolen, confirming it had shut down deposits and withdrawals while it investigated.

Reacting, not everyone was convinced that Upbit in and of itself was moving markets.

"I actually do not think the UPbit incident is moving down the price of bitcoin because it shouldn't really. UPbit is covering for all losses. If it is related, it would be that the 'hacker' is selling it, which is difficult to do it so quickly after the incident," South Korea-based Cointelegraph contributor Joseph Young commented.

Bitcoin markets were already trading precariously this week after similar negative sentiment from China weighed heavily on traders.

Altcoins were slower to react to Bitcoin's downward trajectory.

Out of the top twenty cryptocurrencies by market cap, most had yet to move significantly at press time.

Others fared worse, with Bitcoin SV down 5.3% and Tezos 6.3%. Conversely, Tron delivered modest gains of 1.8%. The overall cryptocurrency market cap was $191.4 billion, with Bitcoin's share at 66.2%.Keep track of top crypto markets in real time here.