Bitcoin (BTC) fails to show resistance; stoops down to $6,710
Bitcoin (BTC) had put the crypto community in panic yesterday after suddenly reducing to $7,300. Today, Bitcoin has stooped down even further to $6,710, succumbing to the bearish trends!
Yesterday, BC Focus had reported about the sudden fall of Bitcoin price which occurred at 5:15 UTC on June 10th. This had caused a huge turmoil in the crypto community. Well, Bitcoin says ‘I’m not done yet’, and has crashed down to $6,710 at 22:30 UTC.
Yesterday, when Bitcoin price was reduced to $7,300, it started changing hands pretty quickly. Most exchanges were flooded by Bitcoin buyers, which increased the trading volume up to $4.5 billion. Now that the price has gone down even further, the trading volumes have spiked to record volumes. Currently, it is $5.77 billion per 24-hour span!
Korean exchange Coinrail hacked!
For all the crypto investors and enthusiasts wondering what has caused the unexpected fall of Bitcoin, a South Korean exchange called Coinrail has been hacked! Allegedly, tokens worth $40 million have been lost to hackers, which constitute for one-third of the exchange’s total crypto volume.
However, despite the crash, Bitcoin showed signs of springing back at 1:30 UTC today, only to fall back a few hours later. Despite trading volumes exceeding $5.74 billion, Bitcoin still remains at $6,800 at the moment.
With Bitcoin’s crash, every other cryptocurrency, except for Veritaseum (enjoying a hike of 12.6%), has suffered huge losses. All cryptos which are on the list of the top 10 coins by market cap have losses in excess of 5%. EOS, particularly, has lost 15.3% of its value over the past 24 hours.
The cryptocurrency market cap has reduced by a whopping $49 billion, now standing at $299.9 billion.
Many crypto enthusiasts say that Bitcoin will be back stronger than ever and that it would reach $25,000 at the end of this year. However, the trends don’t look so as it has failed to find traction time and again. Will the exchange’s hack cause its price to stoop further down? Let’s wait and watch.
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