This Cause, Bitcoin Prices Continue to Decline to the Lowest Level of the Year
Bitcoin (BTC) fell to a two-month low on Tuesday (11/6/2018), worried about regulation and security that deviated after the hacking of South Korea currency at the weekend, Coinrail. Referring to Reuters from Kontan.co.id, the original virtual currency is close to this year's lowest level to below $ 6,000 per BTC on the Bitstamp platform.
Its value has been landslide to the lowest point below 6,500 US dollars per BTC and last traded down 4.7 percent at 6,551.48 US dollars per BTC. Since the beginning of the year bitcoin has dropped nearly 53 percent, having soared more than 1,300 percent last year. On Sunday, Coinrail, a relatively small crypto eye in South Korea, was hit by cyber hacking. As a result, about 30 percent of exchange-traded coins are gone.
Should not reveal its value, South Korean media Yonhap estimates the value of crypto money lost to 40 billion won (37.28 million US dollars). The latest hacking news drove the decline of crypto money market capitalization to more than 40 billion dollars on Sunday. Bitcoin itself declined by almost 1,000 US dollars. "Bitcoin is in a vacuum at the current liquidity," said Mens Greenspan, senior Israeli market analyst at eToro, in exchange for $ 5 billion a day, the lowest level since November 2017.
"Because trading activity is very low, even a small amount of pressure can drive the price quite drastically, just like if you hit a baseball in space," he added.
Other digital currencies also declined, as if to sympathize with bitcoin. Ethereum, the second largest crypto buck by market value, fell 5 percent during the last 24 hours to 496.07 dollars. The third largest virtual money, Ripple, fell 4.3 percent to 0.55 US dollars. South Korea is one of the world's leading crypto trading centers and is home to one of the most heavily traded exchange of virtual coins, Bithumb.
This post has received a 19.23 % upvote from @sharkbank thanks to: @safriadi48.
Resteemed by @resteembot! Good Luck!
Check @resteembot's introduction post or the other great posts I already resteemed.
This post has received a 0.78 % upvote from @drotto thanks to: @safriadi48.
Great article! I found it very interesting.
Although I really hope it won't happen, there are people saying that we have concrete possibilities that bitcoin will fall below 6.000 dollars (maybe $ 5.000) before another bull run is going to start... but sooner or later for sure it will!
Talking about ICOs, there are many good crypto related projects that are developing now.
If I can give you guys my opinion, I discovered an exciting one: RAWG.
Just now the RAWG team won TWO blockchain contests in one day. Amazing! Have a look at this article explaining this great result:
https://medium.com/rawg/wizardry-product-transparency-5325fd85557a
Like they say: “This is RAWG’s promise to become one of the trustworthy projects in the sea of fraud and scam”.
If you want to have a look and get some information, the ICO will start in a short period and they are at the moment in pre-ICO phase.
The ICO site is this one: https://token.rawg.io/.
It's a video game discovery platform that converts your skills into goods and services.
You can earn tokens by playing your favorite games. The site is already working, with more than 50,000 games in the database and new games are getting added every day.
Have a look. I hope this information is helpful!
This post has received a 1.56 % upvote from @speedvoter thanks to: @safriadi48.