Bitcoin price plummets while South Korean cryptocurrency exchange faces hack



Bitcoin reaches two month low after South Korean Crypto exchange was hacked

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

In the news
Load More


%d bloggers like this: