The crypto market has again turned bearish over the past couple of days with Bitcoin dropping from over $7,600 on Saturday 9 June to its current price of just over $6,700 – a drop of almost $1000 in 48 hours. There were similar drops for all top crypto currencies.
Reports all over social media are putting the latest drop down to the South Korean exchange Coin Rail being hacked. Whilst this may have had an impact, we believe that this is not the sole reason; the drop is too big to be put down to a hack on a relatively small exchange. Low trading volume is likely to have played a significant part.
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We are not investment or financial advisors and are here to provide news and our opinions. Please be fully informed regarding the risks and costs associated with trading the financial markets and the Cryptocurrency market, it is one of the riskiest investment forms possible.