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Offbeat Bitcoin hits 4-month low after currency exchange theft

18:05  13 june  2018
18:05  13 june  2018 Source:   msn.com

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The value of bitcoin and many other digital currencies fell to their lowest levels this year after South Korean exchange Coinrail said a hack over the weekend Simona Halep hits back to sink Angelique Kerber in quarter-finals. India's GDP grows 7.7 pc in Q 4 , retains fastest growing economy tag.

Bitcoin 's value has dropped to 2- month lows after news a cryptocurrency exchange was hacked. If true, that would make it the biggest cryptocurrency theft reported to date in South Korea. WATCH: Tips to avoid bitcoin scams.

The price of bitcoin has fallen to a four-month low of $6,370, days after South Korean virtual currency exchange Coinrail said hackers had stolen over $37 million, or almost a third of the virtual currency it had stored.

After Coinrail announced the theft, the price of bitcoin dropped $500 in an hour and it has continued to slide.

The decline also follows a Wall Street Journal report that U.S. regulators have asked virtual currency exchanges to provide trading data to aid an investigation into virtual currency manipulation. The reports raised concerns about the future of virtual currency markets.

David Jones, Capital.com's chief market strategist, says Bitcoin is "a classic case of an economic bubble." Last year, the virtual currency increased sixfold and hit a record high of $19,783 in December.

Bitcoin stumbles to end miserable week for cryptocurrencies .
<p>Bitcoin edged lower Friday and headed toward its worst week since March as investors shrugged off a regulatory victory for virtual currencies and focused on a string of negative news, including cyber heists.</p>The largest cryptocurrency fell 2.1 percent to $6,518 as of 8:38 a.m. in New York. Ether also slipped on Friday, giving back much of Thursday’s 10 percent jump following a statement by the top U.S. markets regulator that transactions involving the world’s second-biggest token aren’t subject to federal securities rules.

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