Bitcoin drops below the $ 7000 level after the South Korean Exchange Coinrail was stolen

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Introduction

The market of cryptocurrencies is well known for its unpredictable and unstable state, but if you are one of the traders or even interested in the cryptocurrency business you need to know the latest information, updates and market analysis of the leading cryptocurrency the Bitcoin.

 

What is the current value of the Bitcoin?

The value of the Bitcoin currency has dropped more than 10% on Tuesday, hitting its lowest level since last April, according to Coin Market Cap. Since the beginning of 2018, Bitcoin has recorded around $ 6877, with a market capitalization of about $ 117.5 billion, according to the website. The market value of cryptocurrencies dropped to about $ 301 billion in the morning trading compared to about 735 billion dollars at the end of January, with losses exceeding 59% or about 434 billion dollars. The total lost by the cryptocurrency since it reached its highest level in its history at the end of last year has become almost 63% of its total market value.

 

The importance of Bitcoin

Bitcoin has become a means of payment for some retailers, and a way to transfer money without the need for a third party, which is just electronic pulses and digital accounts are transferred and transmitted. The majority of cryptocurrencies dropped sharply on Tuesday, with Bitcoin falling below $ 7000, its lowest level in two months, Due to increased open sales of cryptocurrencies following news of a hack and theft of the South Korean-based Coinrail exchange. Which renewed concerns about security in the cryptocurrency markets as global policy makers fought to regulate the circulation of digital assets.

The chart above shows that Bitcoin has lost about 8.0% over the last 24 hours to trade at $ 6800.8 on the Bitfinex Exchange. Ethereum, the second largest currency by market value, dropped 8.6% to trade at $ 530.1 on Bitfinex, and Ripple fell 10.0% to trade at $ 0.58395 on the Poloniex Stock Exchange. Meanwhile, Litecoin lost 5.5% to trade at $ 108.23.

Over the last week trades, Bitcoin lost 12.1% for the fourth week in a row as selling pressures on cryptocurrencies increased during that period. As for the total market capitalization, the market value declined significantly to fall below $ 300 billion, after hitting $ 290 billion on Sunday, the lowest since April 12.

 

The statement of Coinrail Exchange

Korea-based Coinrail Exchange posted a statement on its website that some cryptocurrencies on the stock exchange had been stolen by hackers and the company did not specify the value of the stolen coins yet. The stock exchange is currently cooperating with investigators in an attempt to recover the assets. The stock exchange has stopped its service to transfer and store the remaining assets, which account for 70 percent of the stock’s total assets, as it continues to investigate the incident, but in a non-source report, Yonhap local news agency estimated that nearly $ 37.28 million of digital currency had been stolen.

 

Following the news, Bitcoin dropped down more than 11%, bringing its annual loss to 63%, while other cryptocurrencies declined too. In January, the Japanese-based Coincheck Crypto Exchange announced it has been hacked and nearly $ 530 million was stolen, causing traders to panic and prices of cryptocurrency dropped sharply.

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