Crypto money users hit their frustrations on June 11 after major media outlets reported that the decline in prices was due to a hacking attack on Coinrail, a small South Korean stock exchange.
Both Bitcoin and subcoins Bloomberg, the Wall Street Journal (WSJ), Reuters, Guardian and others, claimed that the Coinrail hack – causing local newspapers to cause $ 37 million in damages – has sparked markets. Bloomberg, June 10:
"The enthusiasm for cryptographic currencies is partly a result of a series of events, it was diminished by the effect of the cyber robbery. "
the Coinrail hack led to "panic" sales triggering a price drop.
The WSJ has confused the chaos that has arisen since the most recent events, with a mixed attitude towards the overall crypto money, as evidence of a Singapore Forex trader's claim.
On the contrary, both reports accepted the unimportant degree of Coinrail hacking. This stock market, according to trade volume, ranks only 99th in the world, and has performed $ 2.65 million in commercial transactions until the day of hacking.
Reporter and commentator Joseph Young summarized in social media, "WSJ, 11%
"Bitcoin fell, because people were not willing to buy people and buy as many people as possible."
"Bitcoin is down. The problem is not a hack. "
Among the theories of Sunday's collapse, US regulators launched an inquiry into four US-based stock exchanges, while some investors pointed to long-term grounds to explain Bitcoin's behavior.
Tone Vays, which foresees a significant decline in BTC / USD until 2018, produced a new analysis highlighting similarities between the second quarter of this year and Bitcoin in 2014. "Not just the prices, but some other measures point to a long period of bear market conditions."
According to Vays, Bitcoin will soon make such a move for the first time since October 2017 to fall below $ 5,000.
Bitcoin is now trading at about $ 6,750, down 6% from today
Source: Coin Telegraph