Bitcoin hits 4-month low after currency exchange theft

Bitcoin hits 4-month low after currency exchange theft

Bitcoin fell by 4.87% on Tuesday, more than reversing Monday's 1.54% gain, to end the day at $6,538.8.

So far in 2018, bitcoin is down almost 53 percent, after soaring more than 1,300 percent past year.

After a tweet from Coinrail confirmed the cyber-attack over the weekend, people bounced without hesitation, leading to a loss of nearly 30% of the coins traded on the exchange.

It did not give a value but Yonhap News agency cited unnamed industry sources saying coins worth about 40 billion won (USD 37 million) were lost.

Another Twitter used a particularly telling graphic that showcases a widespread decline in value throughout the cryptocurrency market, asking his followers "how is everyone's Sunday going?"

However, some believe that Bitcoin and other forms of digital currencies will be able to bounce back from these troubling times, locating fruitful sprawls amid a murky abyss.

Negative sentiment has plagued the cryptomarket since the weekend with news of U.S regulators deepening their investigations into price manipulation, coupled with lingering concerns over how South Korean regulators will address the constant threat from hackers doing the damage, one South Korea's smaller exchanges hacked over the weekend.

Cryptocurrencies are popular among young investors.

A move below $6,500 is a strong technical signal for a sell-off, FxPro said.

Since the beginning of the year, bitcoin has been trading in a "descending triangle", with important support at $6,500 analysts at online FX broker FxPro said.

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