Bitcoin drops in price

• Prices dropped by nearly $400 in just minutes, but have bounced slightly at the time of writing.
• The sell-off has coincided with a report that South Korean authorities have seized Bithumb, one of the country's biggest cryptocurrency exchanges by trading volume.
• "We are seeing a significant unwinding of leverage positions in bitcoin and major alternative cryptocurrencies on Bithumb news," Matthew Dibb, co-founder of Stack, a provider of cryptocurrency trackers and index funds, told CoinDesk in a WhatsApp chat.

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