Bitcoin price (BTC/USD) plunges following news of South Korea exchange hack

The original cryptocurrency falls below $7,000 amid crypto sell-off

Bitcoin price (BTC/USD) plunges following news of South Korea exchange hack

The Bitcoin price (BTC/USD) has fallen to a more than a two-month low amid a market-wide crypto sell-off that followed news that a South Korean exchange has been hacked, as well as a new report on US regulators’ investigation into possible price manipulation.

Over the weekend, Coinrail, a relatively small South Korean cryptocurrency exchange, tweeted that it had been hacked, noting that lesser-known digital coins such as Pundi X were among the affected. According to a CNBC report on the story, Pundi X/Bitcoin is the most-traded pair on Coinrail. However, the exchange’s public statements did not mention Bitcoin as one of coins affected by the hack, CNBC notes.

Nevertheless, the original cryptocurrency plunged on Sunday, along with the wider digital currency market. The coin experienced a steep drop in late trading, falling to a two-month low of $6,709.07. Bitcoin ultimately closed the session slightly higher at $6,786.02.

The market sentiment also took a hit on Friday, following a Wall Street Journal report stating that the US Commodity Futures Trading Commission had demanded that four cryptocurrency exchanges - Coinbase, Bitstamp, itBit and Kraken - hand over trading data to assist a probe into price manipulation. Citing unnamed people familiar with the matter, the WSJ said that the probe followed the launch of CME Group’s Bitcoin futures, which derive their final value from prices at those four exchanges. Manipulative trading in those markets could skew the price of Bitcoin futures, which are directly regulated by the CFTC, The Journal notes.

In today’s trading, the Bitcoin price stood at $6,813.90, as of 10:57 BST. The digital currency has lost 6% of its value in the past 24 hours, according to cryptocurrency tracker Coinmarketcap. The coin’s price currently stands at $116.4 billion, which represents 39.1% of the total value of all digital currencies.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

0 Brokers added for comparison:
Clear all