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Bitcoin notches two-month low in the wake of cryptocurrency exchange hack


Added 06-13-18 01:02:02am EST - “Bitcoin eased further following its initial drop after the weekend announcement that South Korean cryptocurrency exchange had been hacked.” - Cnbc.com

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Posted By TheNewsCommenter: From Cnbc.com: “Bitcoin notches two-month low in the wake of cryptocurrency exchange hack”. Below is an excerpt from the article.

Bitcoin eased further on Wednesday following its initial drop after the weekend announcement that South Korean cryptocurrency exchange had been hacked.

Bitcoin traded as low as $6,455.91 early on Wednesday Asia time, its lowest level since April. Bitcoin pared some of those losses to trade around $6,550.76 by 11:40 a.m. HK/SIN, according to CoinDesk.

Bitcoin had fallen around 10 percent over the weekend following news that South Korean exchange Coinrail had been hacked, with a number of lesser-known cryptocurrencies such as Pundi X counting among those affected. Bitcoin, however, was not mentioned by the exchange in its statements, according to Google translate.

Over the last 24 hours, bitcoin has seen a dip of more than 4 percent, according to CoinMarketCap. So far in 2018, the cryptocurrency is down more than 50 percent.

Chart analysts have indicated that bitcoin's move below the $7,000 mark suggested a speedy recovery was unlikely.

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