Money Technology

Bitcoin price plummets while South Korean cryptocurrency exchange faces hack

The unpredictable Bitcoin market is continuing its downtrend after a bloodbath Sunday. The cryptocurrency reached its two-month-low Tuesday when the price dropped below $6,500 . This is quite close to the lowest price of the year at just below $6,000.

This drop comes after a fiasco occurred Sunday which left the markets dry of over $37 million worth of cryptocurrency. The South Korean cryptocurrency exchange, Coinrail, was hacked. This resulted in a loss of about 30% of the coins traded on this exchange. The price of Bitcoin has since fallen by almost $1000.

As usual the price of other cryptocurrencies fell with Bitcoin. According to analysts, “Bitcoin is trading in a descending triangle… A move below $6500 is a strong signal for a sell off.”

 

Some technical analysis heretics say, the market is too volatile and new to make decisions solely based on charting and triangles.

Leave a Reply