Bitcoin has reached a two-month low after an exchange hack hit the currency. Bitcoin have continued to pull back and this is even the case after the 10% drop that it faced over the weekend. Other cryptocurrencies such as ETH also saw big declines. Bitcoin have eased even further after their initial drop and this came after an announcement that the exchange in South Korea had been hacked. A lot of other cryptocurrencies also showed a ton of weakness as well and this came right after this news came to light. Bitcoin was trading as low as $6,455.91. This happened on Wednesday and this is the lowest that it has been since April. Of course, Bitcoin has also pared some of these losses and it continued to trade around $6,455.91. This ultimately meant that it had fallen by around 10% in total and this isn’t good at all. The downward spiral was probably the result of the hack as well and this saw a very small amount of damage. The narrative of this hack causing such a huge reaction has certainly been overplayed and some people are even saying that the whole thing has been caused by a technical correction.
Over the last day or so, Bitcoin has seen a huge dip and this is around 4% so far. This is according to Coin Market Cap and it is down by more than 50% as of yet. When you look at other cryptocurrency assets however, you will see that the last 24 hours or so has been very challenging. ETH is the second-largest currency when you look at the market capitalisation that it has to offer. Even that is down by around 7% in the last day and this is not good news at all. Ripple has even dropped by 6% and it traded at around 56 cents yesterday.