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Bitcoin hits 4-month low after currency exchange theft

SeattlePI.com Wednesday, 13 June 2018
Bitcoin hits 4-month low after currency exchange theftLONDON (AP) — The price of bitcoin has fallen to a four-month low of $6,370, days after South Korean virtual currency exchange Coinrail said hackers had stolen over $37 million, or almost a third of the virtual currency it had stored. After Coinrail announced the theft, the price of bitcoin dropped $500 in an hour and it has continued to slide. The decline also follows a Wall Street Journal report that U.S. regulators have asked virtual currency exchanges to provide trading data to aid an investigation into virtual currency manipulation. The reports raised concerns about the future of virtual currency markets. David Jones, Capital.com's chief market strategist, says Bitcoin is "a classic case of an economic bubble.
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News video: Bitcoin Down 53 Percent Since December

▶ Bitcoin Down 53 Percent Since December 00:44

It’s hard out there for people who play with imaginary money. Bitcoin and other cryptocurrencies plunged over the weekend after it was revealed that a South Korean exchange, Coinrail, was hacked. Roughly $42 billion of market value was destroyed in the sell-off, and Bitcoin has lost over 50 percent...

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