Hackers Pushing Bitcoin Down Once More

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Updated: Jun 11, 2018, 07:58 UTC

Cryptocurrency exchange Conrail was hacked during last weekend and bitcoin slid down once again. It fell to a two-month low and now worries about the security of the small virtual currency exchanges are growing fast.

This once more created a great uncertainty in the Crypto market that has nothing to do with the actual value of the coin but more because of the infrastructure been incomplete.

The rapid growth of the popular coins came with a big disadvantage – the fact that we don’t have a solid security against external threats. Now investors have to face a real threat besides the fact that the cryptos are still premature and are riskier than other assets.

Recently, hacks are more frequent and destabilize the market by creating panic. Investors do not have the safety pillow as some promised before.

According to Conrail, their system was under “cyber intrusion,” caused a loss of about 30% of the cryptos traded on the exchange.

According to investing.com “On the Luxembourg-based Bitstamp, bitcoin was trading at $6,763.96, down a sharp 11.2%from Friday, having slide down roughly 65%from its all-time peak hit around mid-December 2017.”

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Bitcoin was about at $6,689.0 by 08:00 GMT on the Bitfinex exchange and went down about 8.0% over the previous 24 hours.

Ethereum was about 8.6% at $530.1 on the Bitfinex exchange.

This article was written by Marios Athinodorou, TeleTrade’s market analyst, and commentator. Among others, Marios is delivering weekly trading webinars. Sign up for upcoming webinars here.