Home Cryptocurrency Bitcoin Bitcoin notches two-month low in the wake of cryptocurrency exchange hack

Bitcoin notches two-month low in the wake of cryptocurrency exchange hack

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Bitcoin eased further on Wednesday following its initial drop after the weekend announcement that South Korean cryptocurrency exchange had been hacked.

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Other major cryptocurrencies also weakened markedly.

Bitcoin traded as low as $6,455.91 early on Wednesday Asia time, its lowest level since April. Bitcoin pared some of those losses to trade around $6,550.76 by 11:40 a.m. HK/SIN, according to CoinDesk.

Bitcoin had fallen around 10 percent over the weekend following news that South Korean exchange Coinrail had been hacked, with a number of lesser-known cryptocurrencies such as Pundi X counting among those affected. Bitcoin, however, was not mentioned by the exchange in its statements, according to Google translate.

Over the last 24 hours, bitcoin has seen a dip of more than 4 percent, according to CoinMarketCap. So far in 2018, the cryptocurrency is down more than 50 percent.

Chart analysts have indicated that bitcoin’s move below the $7,000 mark suggested a speedy recovery was unlikely.

As for other crypto assets, the last day has proven challenging.

Ethereum, the second-largest cryptocurrency by market capitalization, was down almost 6 percent in the last 24 hours, CoinMarketCap data showed. Ethereum stood at $499.54 at 11:40 a.m. HK/SIN, according to CoinDesk.

Ripple was also lower by nearly 6 percent in the last 24 hours, according to CoinMarketCap. It traded at 56 cents at 12:15 p.m. HK/SIN.

— CNBC’s Evelyn Cheng contributed to this report.

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