SKorean ‘Hack’ Hammers Bitcoin for 3rd Day Running

SKorean ‘Hack’ Hammers Bitcoin for 3rd Day Running

SKorean ‘Hack’ Hammers Bitcoin for 3rd Day Running

$BTCUSD

Bitcoin extended losses for a 3rd day running, falling 12% Sunday as SKorean cryptocurrency exchange Coinrail said there was a “cyber intrusion” aka hack in its system.

The world’s largest cryptocurrency declined to 6,749 as of 2:00p EDT in New York, the biggest drop since 14 March.

That widens Bitcoin’s losses for the year to 53%.

Peer cryptocurrencies Ethereum and Ripple fell 11% and 12%, respectively on Bearish the action.

Coinrail said in a statement on its website that it is reviewing its system due to hacking attempts.

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According to CoinMarketCap, since an all-time high of near $20,000 per bitcoin on December 17, 2017, the cryptocurrency has lost more than half of its value, currently trading at around $7,200.

The exchange says it has managed to freeze all exposed NPXS, NPER and ATX coins, and that other cryptocurrencies are now being kept in a cold wallet.

The statement is the only content available on the exchange’s homepage, and contact information could not immediately be located.

The hacked exchange trades more than 50 different cryptocurrencies and was the 98th largest, with a 24-hour volume of about $2.65-M, according to the available data.

Apple Co-Founder Very Bullish On Bitcoin As The Only “Pure” Cryptocurrency

Steve Wozniak said this week that he sees “only Bitcoin [as] pure digital gold,” echoing previous comments by Twitter CEO Jack Dorsey about Bitcoin becoming the “single” currency of both the internet and the world. According to Wozniak, all other cryptocurrencies give up some aspects of Bitcoin that makes Bitcoin a unique asset class.

SEC Chairman Jay Clayton Believes Bitcoin Is Not A Security

After months of uncertainty coming from the SEC over cryptocurrency and ICO regulation, the SEC chairman Jay Clayton said during a CNBC interview that Bitcoin is not a security because it acts as a sovereign currency able to replace the dollar, euro, yen, etc. However, Clayton strongly implied that digital assets and their offerings will be regulated as trading of securities.

Currently, Bitcoin is trading at: 6,714.9951, -604.82, or -8.26%, as of 12:42a BST, the market is open

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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