Bitcoin's Sunday Slump Sparked by Hack

Bitcoin (BTC) Nosedives Amid South Korea Exchange Heist

Bitcoin's price has fallen to $6,627 (on the Bitstamp exchange) on the news of a hack of a major cryptocurrency exchange in South Korea - Coinrail. While the latest hacking target - a South Korean venue called Coinrail - is much smaller, the news triggered knee-jerk selling by investors, according to Stephen Innes, head of Asia Pacific trading at Oanda Corp.in Singapore.

The Bitcoin price has now dropped almost 60 per cent in 2018. NY time on Friday and was trading at $6,781.19 as of 11:43 a.m.in Hong Kong on Monday, bringing its year-to-date loss to 53 percent.

Japan in February carried out raids on a number of exchanges following the Coinbase hack, which exceeded the US$480 million in virtually currency stolen in 2014 from another Japanese exchange, MtGox.

The statement also said the exchange is fully cooperating with a police investigation into the hacking, and that trading has been suspended for now.

"This is 'If it can happen to A, it can happen to B and it can happen to C, ' then people panic because someone is selling", Innes said. "It actually doesn't take a lot of money to move the market significantly".

There has been a sharp drop in the price of bitcoin and other virtual currencies after South Korean cryptocurrency exchange Coinrail was hacked over the weekend.

The largest cryptocurrency declined to US$6,840 as of 4pm in NY, the biggest drop since March 14, according to data compiled by Bloomberg from Bitstamp pricing. During the early morning hours, the father of cryptocurrencies was trading for as low as $7,200, though at the time of writing, bitcoin has dropped even further down to $6,700 - approximately $900 less than where it stood just 24 hours ago. The nation's cleanup of initial coin offerings and Bitcoin exchanges has nearly been completed, the newspaper said, citing Sun Hui, an official at the Shanghai branch of the central bank.

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