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Crypto Carnage Continues: Bitcoin Plunges Below $7,000 After Korean Exchange Hack

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After earlier weak point driven by headings of South Korean exchange hack, Bitcoin (and the rest of the crypto area) simply took another more severe leg lower, crashing listed below $7000 for the very first time considering that April with the greatest drop considering that mid-January …

As we detailed earlier,  the drop follows South Korean cryptocurrency exchange Coinrail stated there was a “cyber invasion” in its system.

This triggered selling throughout the whole crypto area (Coinrail trades around 50 currencies) …

Coinrail stated in a declaration on its website that it’s evaluating its system due to hacking efforts. The exchange states it has actually handled to freeze all exposed NPXS, NPER and ATX coins, which other cryptocurrencies are now being kept in a cold wallet. The declaration is the only material offered on the exchange’s homepage, and contact info might not instantly lie.

Today’s drop in the cryptospace presses Bitcoin back to being down over 50% this year …

While the truth of a ‘hack’ is significant, we do warn any panic as Coinrail is just the 98 th biggest crypto-exchange, with a 24- hour volume average of about $2.65 million, inning accordance with information from Coinmarketcap.com.

The crypto market is also under pressure, in the wake of the news that the United States Product Futures Trading Commission (CFTC) has launched a probe into 4 significant crypto exchanges.

Source: Coin360.io

All the top-100cryptocurrencies by market capitalization remain in the red over the 24 hours to push time, while overall market capitalization is down by over $30 bln over the exact same duration, inning accordance with Coinmarketcap

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