It’s not all bad news for Bitcoin (BTC)

Story by: Kiel Thompson

After the tweet by Coinrail, a South Korean based digital exchange platform, reporting a hack, the price of Bitcoin (BTC) dropped by more than 10%. Most other cryptocurrencies followed suit, which led to the crypto market losing over $42 Billion USD. Consequently, the value of the crypto market dropped below $300 Billion.

The massive impact of the selloff continues to ravage the crypto market, yesterday June 10, Bitcoin (BTC) hit a low of $6,647. Yesterday’s value was Bitcoin’s lowest since April 9. Since then, Bitcoin has moved up, as at the time of this writing, BTC is trading at $6,792.83 USD, but still showing a drop of 6.44% over the last 24 hours.

Bitcoin, the largest cryptocurrency currently has a market capitalization estimated at $116.07 billion USD, which is about 50% of its market cap when it hit its all-time trading high in mid-January. Bitcoin’s price drop is the reaction of BTC to the Asian selloff, and the news of the hack on the Korean Exchange; Coinrail which struck the internet last week.

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