Bitcoin tanks 10% on news of South Korea crypto exchange hack

Published By : 11 Jun 2018 | Published By : QYRESEARCH

The most popular cryptocurrency bitcoin is no stranger to price volatility. After having risen by almost 300%, it has plumbed almost 50% this year. Very recently, it plunged 10% again on Sunday on news of a comparatively South Korean exchange being hacked. This widened the losses suffered by Bitcoin this year to 52%.

The crypto currency exchange called Coinrail revealed in a tweet on Sunday that it was hacked. It added that relatively unknown crypto currency, namely Pundi X are among those that were affected. The pair called Pundi X-bitcoin is mainly traded on Coinrail.

Bitcoin plunged to its lowest level since April 9

In its public statement, however, Coinrail refrained from mentioning bitcoin, as per Google Translate. Bitcoin, however, still plunged to $6,647.33. This was its lowest level attained since April 9 and coincided with a broader crypto sell-off.

Bitcoin is the largest cryptocurrency by market capitalization and it reached an all-time high of about $20,000 per bitcoin on December last year.

Meanwhile, other cryptocurrencies across the world fell too. Take for instance Ethereum. It plummeted almost 14% to hover around $514. Similarly, litecoin plummeted almost 11% to around $104, as per CoinDesk. Another peer cryptocurrency Ripple tanked 10% too.

The declining prices of the cryptocurrencies was a result of a report published in The Wall Street Journal which states that the U.S. regulators are examining if there has been a price manipulation at the prominent cryptocurrency exchanges, namely Coinbase, Bitstamp, Kraken, and itBit.

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