Bitcoin Dives Below $7,000 Support Level Following Korean Exchange Hack 🚨 This article is 6 years old...
Bitcoin Dives Below $7,000 Support Level Following Korean Exchange Hack
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Updated: Nov. 7, 2019 at 2:55 am UTC
Photo by Kekai AhSam on Unsplash
Bitcoin plummetted below $7,000 USD for the first time since April 2018. The drop occurred shortly after South Korean exchange Coinrail announced a “cyber intrusion” in their system.
Coinrail claims to have frozen exposed NPER, ATX, and NPXS coins, and that other cryptocurrencies are now safely secured in cold storage. However, their website provides no additional information.
Other major cryptocurrencies followed Bitcoin’s drop including Ethereum, Litecoin, Ripple, Bitcoin Cash, EOS, and Monero. Additionally, the top 100 tokens are down as of June 10th, 2018, sending the entire crypto market cap below $300 billion for the first time since April 12th.
The seemingly widespread panic following the Coinrail exchange hack is unexpected since Coinrail is the 98th most popular exchange, with a 24-hour volume of around $2.65 million. Although, this is relatively insignificant compared to other prominent exchanges.
The Coinrail hack is not the only news influencing market prices. According to WSJ, the US Commodity Futures Trading Commission (CFTC) launched a probe into four major crypto exchanges. Investigators requested data to uncover price manipulation and the associated news may also be responsible for the market volatility.
Bitcoin Market Data
At the time of press 2:55 am UTC on Nov. 7, 2019, Bitcoin is ranked #1 by market cap and the price is down 7.93% over the past 24 hours. Bitcoin has a market capitalization of $115.68 billion with a 24-hour trading volume of $5.65 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 2:55 am UTC on Nov. 7, 2019, the total crypto market is valued at at $298.34 billion with a 24-hour volume of $19.66 billion. Bitcoin dominance is currently at 39.00%. Learn more about the crypto market ›
