Bitcoin's Price Is Below $7K And (Some) Hodlers Aren't Happy

Bitcoin (BTC) Nosedives Amid South Korea Exchange Heist

Bitcoin tumbles most in two weeks amid South Korea hack

The world's best-known cryptocurrency lost $500 (£372) in an hour, dropping to $6,627 on the Luxembourg exchange Bitstamp, while most other digital currencies also recorded large losses.

The hack understandably sent shivers running through owners of cryptocurrencies, as their coins are only as safe as the security a crypto exchange has in place.

The news sent cryptocurrencies tumbling, with bitcoin losing about 13 per cent, ethereum down 12 per cent and ripple nearly 20 per cent lower as traders fret over the safety of their investments.

The world's most valuable digital currency is now trading at $7,229 per coin, widening losses for the year to 48%.

The price of bitcoin slumped more than 7% after South Korea's Coinrail announced that it had been targeted by cyberthieves. While the latest hacking target - a South Korean venue called Coinrail - is much smaller, the news triggered knee-jerk selling, according to Stephen Innes, head of Asia Pacific trading at Oanda Corp.in Singapore.

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WSJ thinks bitcoin price fell 11% because a small cryptocurrency exchange in South Korea which a very small portion of local users utilize was hacked.

Coinrail noted that two-thirds of the stolen Bitcoins were withdrawn or frozen through partnerships with related cryptocurrency exchanges and coin companies.

"For now, the big money will most likely remain on the sidelines and wait for emerging markets to build momentum, as they did in late 2016", he concluded. The venue added that 70 per cent of the cryptocurrencies it holds are being kept safely in a cold wallet, which isn't connected to the Internet and is less vulnerable to theft.

The largest cryptocurrency declined 5% to $7 247 as of noon in NY, the biggest drop since May 23, according to data compiled by Bloomberg from Bitstamp pricing.

The Korean National Police Agency didn't immediately reply to a request for comment.

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