Why Bitcoin Price Drops Again? 50% Fall this Year Alone


Bitcoin, Cryptocurrency, Fall, Drop,Bitcoin is kept on falling and falling this year. Many people who have invested in it have no clue why it is happening? It again dropped by 12% today. If we take a look at its performance it fell 50% all alone this year. This fall happened when Korean Bitcoin Exchange Coinrail warned their investors of the hack attempt. People who are not looking at Bitcoin may be smiling or grinning after a while. From its all-time high $19,000 bitcoin is now floating around $6,785 as by ‘Coindesk’.

Meanwhile, Ethereum and Ripple are falling down. Today they are 10% down too. Crypto-marketers are happy this year as major Cryptocurrency as falling. This same time last year when Bitcoin was hanging near $3000, were not founding the ground. It is a time for hope for those who were holding coins when it was up. Coinrail has its name in the top 100 bitcoin exchanges in the world. It exchanges some 50 cryptocurrencies. This hack is another big heist in the Bitcoin history. This raises the fear of people regarding Cryptocurrency’s security and investment.

Bitcoin Current Price Status

Bitcoin, Cryptocurrency, Fall, Drop,
Image Credit: Coindesk

The Coinrail in a statement, “Their system was hit with a ‘cyber-intrusion’ on Sunday. This caused the loss of 30% of coins in the exchange.” The value is quantified but a local news channel made some calculation. According to that stolen coins are worth of $32.77M. This heist took place in just an hour. Due to this heist Bitcoin made a fall of $500 and currently wondering at $6,627.

South Korea has been the biggest market of the cryptocurrency market. Bithumb, World’s Fifth Crpyto-exchange, was hacked in July last year. This was also a big event that questioned the safety of the investment. But still, numbers of the investors is not stopping. Still, some of the buyers have enough money to play around but a little low. In a recent event, Coindesk generated a graph that showcased danger of investing into the cryptocurrency into this stretched time of risk.

Bitcoin Trading Volume

Bitcoin, Cryptocurrency, Fall, Drop,
Image Credit: BitCoinity

Coinrail shared some words. “70% of the total coin and token reserves have been confirmed to be safely stored and moved to a cold wallet [not connected to the internet]. Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies. For the rest, we are looking into it with an investigative agency, related exchanges and coin developers.”