Cryptocurrency, Featured

Speedy Recovery Unlikely For Bitcoin, Price Drops To Two-Month Low [News Update]

Bitcoin’s price has dropped to $6,455.91 on Wednesday, the lowest in the last two months. According to experts, it is unlikely that the most popular cryptocurrency in the market will recover any time soon.

Bitcoin is not the only cryptocurrency to have suffered a setback after Coinrail, a South Korean cryptocurrency exchange, was hacked during the weekend. The news of the hacking had a negative impact on the crypto market. Within an hour, Bitcoin lost $500. The other cryptocurrencies also suffered heavy loss during the process.

Coinrail acknowledged that there had been a “cyber intrusion” over the weekend. The exchange apparently lost around 30 percent of the cryptocurrencies. At the same time, Coinrail did not specify how much it exactly lost. According to estimates, the loss is worth around $37 million.

“Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies,” The Guardian quoted Coinrail as stating. “For the rest, we are looking into it with an investigative agency, related exchanges and coin developers.”

Meanwhile, Bitcoin’s price continues to fall. In the last 24 hours, it has dropped 4 percent. The second-largest crypto coin in the market, Ethereum, dropped almost 6 percent during the same period. Ripple also suffered a 6 percent drop in the last 24 hours. If we review Bitcoin’s performance in 2018, it has dropped over 50 percent so far.

According to CNBC, chart analysts believe a speedy recovery for Bitcoin is unlikely, as it went below $7000.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Sounak has years of experience in online news publication. He has previously worked for IBTimes, The Inquisitr and Free Press Journal.

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