At press time, bitcoin has recovered to $ 8,100 after trading between $ 7,900 and $ 8,000 24 hours ago.
One of the primary reasons for yesterday’s $ 400 drop may be Kraken’s recent announcement that it was pulling out of Japan. The San Francisco-based cryptocurrency exchange previously entered the country’s digital currency arena to assist Mt. Gox, the infamous trading platform that declared bankruptcy after losing nearly half-a-billion dollars in BTC. Kraken officials have stated that operations within Japan’s borders are too expensive, and are pulling the plug on its business ventures there.