• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Opinion

Bitcoin Took a Beating but Should be Bouncing Back

newsbtc by newsbtc
3 years ago
in Opinion
Reading Time: 2min read
Bitcoin Took a Beating but Should be Bouncing Back
Advertisement

Bitcoin has taken a serious beating in the last 48 hours with significant drops happening in two legs plunging the price from just above $7,600 to $6,784 at the time of writing according to livecoinwatch.com. That is a 7.9% loss in 24 hours for BTC but as coins have remained closely correlated in this market where Bitcoin goes the rest follow, every altcoin in the top 100 is showing red this morning on coinmarketcap.

As always the cryptomarket is a volatile space where trading trends are created by emotion as much as any actual outside force but in the case of this weekends carnage, there are at least two contributing factors to blame. First and foremost is the news that another South Korean exchange has been hacked.

Coinrail Hack

Coinrail, a relatively small exchange but still ranked among the worlds top 100 reported at first that it was reviewing its system due to a “cyber intrusion” and later revealed that $40 million in altcoins had been stolen from user accounts, similar to Japan’s Coincheck hack earlier this year.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

해킹공격시도로 인한 시스템 점검중입니다. 일부코인(펀디엑스,NPXS)이 확인되었으며 추가적인 코인피해가 있는지 여부를 확인중입니다. 추후 자세한 사항은 재공지하겠습니다 / There has been an cyber intrusion in our system. We're confirming it and some coins(Pundi X, NPXS) are confirmed.

— coinrail (@Coinrail_Korea) June 10, 2018

Though the exchange is small and even the $40 million is a low number compared with other hacks the carry on effect can be serious. South Korea has been the third largest market for Bitcoin trading in the world after Japan and the US and has also suffered several major exchange hacks resulting in both fear driven activity on the trading side and calls for more stringent regulation from the government.

This leads to the second factor of regulatory uncertainty which has had an overhanging effect on trading throughout the year but may be coming to a head soon. Since the unprecedented bull market of 2017 came to a crashing halt the threat and hand-wringing of government agencies around the world have caused dips and spikes in the market everytime an official makes a statement concerning the status of Bitcoin or the legality of ICO’s.

For many analysts, June has been a target month for US regulatory questions to be answered due to the movement of institutional money into the crypto space marked by Goldman Sachs launching Wall Streets first ever digital assets trading desk. However ongoing investigations by both the Securities Exchange Commision and the Commodity Futures Trading Commission continue to shake potential traders confidence in cryptocurrencies.

Coming Clarity May Boost Market Price

There is some good regulatory news on the horizon though as the Global Times, owned by China’s official communist party newspaper People’s Daily hinted China may be ready to overturn its February ban on Bitcoin as it ran an editorial which read “It’s time for China to lay the regulatory groundwork for its rise as a future digital currency trendsetter”

Whether Bitcoin can come bounding back from this weekend to reach the kinds of highs in June that bulls like Tom Lee have been predicting for months is unsure but with some clarity coming out of the US and the general push of institutional money especially flowing into the Bitcoin futures market there is every indication that recovery could be swift as the price of Bitcoin has already moved back into the green.

Tags: bitcoinbitcoin pricebitcoin tradingbtcCoinrail Hack
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

Meet the Influencers Bringing Blockchain To Mainstream Consumers

Meet the Influencers Bringing Blockchain To Mainstream Consumers

3 weeks ago
2021 Is Bitcoin’s Year: How to Get in on the Digital Gold Rush

2021 Is Bitcoin’s Year: How to Get in on the Digital Gold Rush

1 month ago
Bitcoin is Going Mainstream, Why The Doubters Will Be Kicking Themselves

Bitcoin is Going Mainstream, Why The Doubters Will Be Kicking Themselves

3 months ago
Why Mainstream Media is Going Hot For Bitcoin

Why Mainstream Media is Going Hot For Bitcoin

3 months ago
Why Growing Legitimacy Will Help to Sustain The Next Bitcoin Bull Run

Why Growing Legitimacy Will Help to Sustain The Next Bitcoin Bull Run

4 months ago
Big Banks Turning Bullish on Bitcoin Should Have You Worried

Big Banks Turning Bullish on Bitcoin Should Have You Worried

4 months ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Oxygen Protocol to List OXY Tokens on BitMax

February 24, 2021

HOPR Hosts Global Token Launch Event on February 24th after First-Of-Its-Kind DAO Experiment

February 24, 2021

Egoras- a Decentralized Finance Ecosystem for Growing Markets!

February 23, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.