Bitcoin Down 10 Percent Following Cryptocurrency Exchange Hack

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Bitcoin Down 10 Percent Following Cryptocurrency Exchange Hack

The price of bitcoin tumbled Sunday on news of a major hack at South Korea's Coinrail exchange.

While considered a relatively small exchange, news of the hack was enough to cause a significant selloff or around 10%.

Bitcoin hit a low of $6,647.33, its lowest since April 9.  Reports did not mention bitcoin,  indicating that only lesser-known cryptocurrencies like Pundi X-bitcoin pair were affected.

The decline followed a report on Friday from The Wall Street Journal that U.S. regulators are investigating potential price manipulation at four major cryptocurrency exchanges.

Other major cryptocurrencies also fell. Ethereum dropped 14 percent to near $514 and litecoin fell more than 11 percent to around $104, according to CoinDesk.

- Aaron Goldstein, Gambling911.com

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