Sunday Update: Bitcoin Sags Below $7K Mark – Korean Exchange Hack Blamed

Investing, News | June 8, 2018 By:

UPDATE:  An attack on the small South Korean Coinrail exchange has sent the cryptocurrency markets into a tailspin. Bitcoin is at the $6,700 mark, while other coins in the top ten are down double digits.

The Coinrail hack resulted in $19.5 million-worth of NPXS tokens that were issued by payment project Pundi X’s ICO disappearing. The attack also saw $13.8 million taken from Aston X, an ICO project building a platform to decentralize documents, plus $5.8 million in tokens for Dent, a mobile data ICO. The was also reportedly $1.1 million taken from Tron.

A wallet address has been identified as the source of the hack. It’s worth noting that the hackers obtained the coins from individual user wallets, not by hacking the exchange.

EARLIER: Remember the excitement of those golden days in the last half of 2017?  Cryptocurrency investors would awaken to massive price swings (usually upward) that propelled the market. The sky was the limit and each morning brought a new adventure.

Cut to mid-2018. The market is barely moving, with bitcoin mired in the $7,500 range. Each day brings new regulations or vows of crackdowns, real and imagined. True, there’s still a lot of initial coin offerings, but even the most exciting barely move the needle after the initial raise (we’re looking at you, EOS).

What will move the market out of its current torpor? Perhaps a black swan event is on the horizon, wherein a technological breakthrough seizes the imagination. It would also help if regulators would stop threatening and start working with the blockchain industry.

Bitcoin market highlights for the 24 hours ending June 8, 2018 at 1:00 pm US Eastern Time

The highest price seen was $7,959.00 on the Livecoin exchange at 4:13 pm yesterday. Livecoin saw $13,682,900 of bitcoin change hands.

The lowest price seen was $7,384.85 on Bibox’s exchange at 9:43 am today. Bibox’s 24 hour volume was $15,916,500.

The average price on the surveyed exchanges, as weighed by volume, was $7,636.79.

Volatility was a bit lower than average, with the BlockTribune Volatility Index coming in at 42.8. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 15 different exchanges. It includes only BTC/USD trades and only on those exchanges that had at least 1% of the total volume of BTC/USD trades during the measurement period.