Bitcoin Plunges To Two-Month Low Amid Cryptocurrency Exchange Hack

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On Wednesday, Bitcoin,  the world’s largest cryptocurrency in terms of market capitalization, eased lower after its initial drop after the announcement that was made last weekend that a cryptocurrency exchange that is based in South Korea had been hacked.

The other major cryptocurrencies also weakened significantly.

Early on Wednesday Asia time, bitcoin was trading for as low as $6,455.91. It is considered to be at its lowest level since April. According to CoinDesk, Bitcoin stripped some of those losses to trade at approximately  $6,550.76 by 11:40 a.m. HK/SIN.

Bitcoin had dropped by approximately 10 percent over the weekend after the news that Coinrail, a South Korean exchange, had been hacked, with some of the lesser-known cryptocurrencies such as Pundi X included among those that were affected. However, according to Google translate, bitcoin was not mentioned by the exchange in the statements that it has released.

According to CoinMarketCap, bitcoin has experienced a drop of more than 4 percent over the past 24 hours. The cryptocurrency is down more than 50 percent so far this year.

Chart analysts have mentioned that the move of bitcoin below the $7,000 mark implied that a speedy recovery was not likely.

As for the other crypto assets, the past day has proven to be very challenging.

According to the information from the CoinMarketCap revealed that the second-largest cryptocurrency in terms of market capitalization, Ethereum, was down by nearly 6 percent during the past 24 hours. According to CoinDesk, Ethereum stood at $499.54 at 11:40 a.m. HK/SIN.

According to CoinMarketCap, Ripple was also noted be lower by almost 6 percent during the past 24 hours. It was trading at 56 cents at 12:15 p.m. HK/SIN.