Bitcoin’s price has recently been affected by the hacking of South Korean exchange Coinrail, where up to US$40 million may have been stolen
The price of Bitcoin fell to its lowest point since April 1 on Tuesday.
Based on its Bitcoin Price Index, CoinDesk reported that Bitcoin’s value slid down to US$6,455 during the afternoon trading session. The value dropped more than US$280 in the span of two hours.
The report also said that the charts suggest a support of US$6,436.
“If current levels are broken, the next major support is US$6,000, borne from the lows from early February of this year,” it wrote.
The decrease marks the lowest figure for Bitcoin since early April when it was registered for as low as US$6,443.
By the time this article was published, the price of Bitcoin fluctuated around US$6,511. Trading opens today at US$6,548 with the lowest point being US$6,488.
Dubbed as the world’s largest cryptocurrency by market capitalisation, Bitcoin’s prices rose to record-breaking high of US$19,783 in December 2017.
A New York Times report stated that a “concentrated campaign of price manipulation may have accounted for at least half of the increase in the price of Bitcoin and other big cryptocurrencies last year.”
Citing a paper by University of Texas finance professor John Griffin and graduate student Amin Shams, the idea is in line with concerns raised by industry players that the rise of Bitcoin’s price is being pushed up “at least partly” by activities by cryptocurrency exchange Bitfinex. The exchange is considered one of the largest yet least regulated in the industry.
Bitcoin’s price has recently been affected by the hacking of South Korean exchange Coinrail, where up to US$40 million may have been stolen.
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