Bitcoin and Ethereum Price Falls more than 10 percent in last 24 hrs

Bitcoin and Ethereum, the poster boys of cryptocurrency industry tumbled more than 10 percent over the last 24 hrs, to its lowest in two months, after a relatively small South Korean exchange reported it’s hack.

Over the weekend, Coinrail crypto exchange tweeted that it was hacked, and noted that lesser-known cryptocurrencies such as Pundi X were among those affected, according to Google Translate. The Pundi X-bitcoin pair is the most-traded on Coinrail, as per CoinMarketCap data.

Nevertheless, Bitcoin hit as low as $6,647.33 on Sunday, its lowest since April 9, according to CoinDesk’s bitcoin price index, and coincided with a broader crypto sell-off. The digital currency traded off those lows Monday morning, near $6,774.

Reason for Fall in Bitcoin/Ethereum Price ?

Bitcoin, The largest cryptocurrency by market capitalization currently trades at 50 percent lower for the year so far.
Ethereum dropped more than 11 percent to near $530, as per CoinDesk.
The declines followed a report on Friday from The Wall Street Journal, citing sources, that U.S. regulators are currently investigating the potential price manipulation at four major cryptocurrency exchanges: Bitstamp, Coinbase, itBit, and Kraken.
The companies are yet to provide an official statement regarding the investigation.

Previous ArticleNext Article