Bitcoin Crashes Even Lower in a Rocky Market

Bitcoin has hit its lowest point since November on Monday, falling below $6,200 according to CoinDesk.

Last week many watched the digital currency hit below $9,000 and thought that was a key point.

With concerns over increasing regulation on the cryptocurrency as well as price manipulation on a major cryptocurrency exchange, Bitcoin has been shedding a lot of its price.

Bitcoin hit almost $20,000 last year so for it to drop this low in just several weeks is rather alarming.

According to CoinDesk, it hit as low as $6,197.98 on Monday, dragging the cryptocurrency down 55% so far this year. Over $60 billion in value has been lost.

Over the weekend it was reported on China’s Financial News that authorities will be increasing efforts to restrict virtual currency trading platforms.

Despite the significant losses, the digital currency is also still significantly still higher than where it was trading one year ago.

It was also reported this week that according to South Korea’s national spy agency, North Korean hackers may have broken into a cryptocurrency exchange in Japan to steal $520 million worth of digital coins.

“It’s a possibility that North Korea be behind the theft,” said the source with knowledge on Intelligence Committee proceedings, speaking to Reuters.

Sofia Vida

Sofia has been writing for major news outlets for over 15 years. In her spare time she enjoys hiking, walking her dogs, and going to concerts.

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