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.