By CCN.com: The valuation of the crypto market dropped by $8 billion in a matter of minutes after the office of New York Attorney General’s office filed a lawsuit against iFinex, alleging Bitfinex of mismanaging $850 million in Tether funds. Bitcoin fell by 7.5 percent at its day’s low point. Following the filing of the lawsuit by the Attorney General against iFinex, the bitcoin price dropped from $5,500 to $5,085 as many investors panic sold. But, the bitcoin price has recovered swiftly to $5,170, closing the day with a 5 percent loss. Why did bitcoin recover off of bad news?
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* First published on ccn.com
