Money Bitcoin plunges to near $7,000 as its slide continues

23:35  05 february  2018
23:35  05 february  2018 Source:   businessinsider.com

Japanese cryptocurrency exchange loses more than $500 million to hackers

  Japanese cryptocurrency exchange loses more than $500 million to hackers Coincheck says it lost about 523 million of the cryptocurrency exchange's NEM coins, according to a Google translate of a Japanese transcript from Logmi.Hackers stole several hundred million dollar's worth of one lesser-known cryptocurrency from a major Japanese exchange Friday.

The price of bitcoin dropped back below ,000 a coin and closed in on $ 7 , 000 Monday amid persisting high volatility in the cryptocurrency markets. Bitcoin is now at less than half its December peak of over ,000.

Bitcoin is headed for its worst monthly slide since December 2013. Ethereum, the second-largest digital currency by market cap, traded about 6 percent lower, near ,104. Ripple plunged more than 9 percent to .15.

The price of bitcoin dropped back below $8,000 a coin and closed in on $7,000 Monday amid persisting high volatility in the cryptocurrency markets.

Quotes in the article

Lloyds Banking Group PLC

LYG

Coincheck loses $400 million in massive cryptocurrency heist

  Coincheck loses $400 million in massive cryptocurrency heist The exchange promises to reimburse all affected customers, though.Mt. Gox, which was also based in Shibuya like Coincheck, was the victim of another massive cryptocurrency theft back in 2014. It lost between $400 and $480 million from the heist, prompting Japan's legislators to pass a law to regulate bitcoin exchanges. Despite the comparable figures, Coincheck's hack didn't quite affect the market the way Mt. Gox did. Mt. Gox, after all, handled around 80 percent of Bitcoins back in the day when there weren't a lot of exchanges yet. Also, affected Mt. Gox users didn't get their money back.

Top digital currency bitcoin dropped more than 17 percent on Friday, losing over half of its value since January, representing more than billion. Bitcoin plunges below , 000 as cryptocurrency sell-off continues .

Bitcoin plunged by 11 percent, trading close to the , 000 mark at ,793. Governments want to take control over the cryptocurrency and deprive it of its main advantage,” Eldiyar Muratov, president of Singapore Castle Family Office, told RT.

3.77
-0.17
-4.31%
JPMorgan Chase & Co

JPM

108.80
-5.48
-4.80%
Bank of America Corporation

BAC

30.26
-1.69
-5.29%
Citigroup Inc

C

73.27
-3.75
-4.87%

Bitcoin initially dropped below $8,000 Friday during a wild day of trading that saw the cryptocurrency drop by as much as 15%, to a low of $7,700, before jumping and eventually ending the day in positive territory, close to $9,000.

After a reasonably stable weekend of trading, bitcoin's slump resumed Monday, falling as much as 12% during afternoon trade.

As of 10.30 a.m. ET, bitcoin was approaching $7,000 per coin, trading at $7,297, a drop of 11% from its opening price, as the chart below illustrates:

Screen Shot 2018 02 05 at 15.31.07© Provided by Business Insider Screen Shot 2018 02 05 at 15.31.07

The crypto market has been on the back foot since the start of the year, hit by fears of a regulatory crackdown and slipping Asian volumes. Bitcoin is now at less than half its December peak of over $19,000.

If You Bought $1,000 in Bitcoin a Month Ago, Here’s How Much You Would’ve Lost Now

  If You Bought $1,000 in Bitcoin a Month Ago, Here’s How Much You Would’ve Lost Now After an absolutely phenomenal 2017, Bitcoin is getting off to a brutal start in 2018. The leading cryptocurrency skyrocketed in value last year, increasing from $800 to nearly $20,000, making many Bitcoin billionaires along the way. After an absolutely phenomenal 2017, Bitcoin is getting off to a brutal start in 2018. The leading cryptocurrency skyrocketed in value last year, increasing from $800 to nearly $20,000, making many Bitcoin billionaires along the way.

After hitting , 000 six weeks ago, bitcoin plunged to ,100 on Monday to its lowest price since November. The cryptocurrency slide comes as Chinese authorities launch their latest crackdown on cryptos.

Bitcoin slid 14% on Monday, after a brief rebound Saturday. China said it would ban cryptocurrency trading entirely. The digital asset had found its way back above , 000 on Saturday but crumbled again on Sunday. Bitcoin Plunges Near 2018 Low After Cryptocurrency Exchange Is Hacked.

Monday's drop comes amid announcements from numerous major banks prohibiting the use of their credit cards to buy bitcoin and other cryptocurrencies. In the US, JPMorgan Chase, Bank of America, and Citigroup have announced bans, while Lloyds Banking Group is expected to do the same in the UK on Monday.

Confidence has also been dented after reports that China is planning a ban on websites related to ICOs and other forms of cryptocurrency trading.

"To prevent financial risks, China will step up measures to remove any onshore or offshore platforms related to virtual currency trading or ICOs," an article in Financial News, a publication affiliated to the People’s Bank of China (PBOC) said, according to a report in the South China Morning Post.

More concerns emerged about the sector last week as Facebook banned cryptocurrency advertisements and US regulators began investigating tether, a cryptocurrency that some fear has been used to inflate the value of bitcoin.

Last week, India's finance minister, Arun Jaitley, also said that the Indian government "does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto assets in financing illegitimate activities or as part of the payment system."

Elsewhere in the crypto markets on Monday, Ethereum was lower by 6% to trade at $778, while Ripple's XRP was also 6% lower at $0.76.


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