Bitcoin has been on a downward trend for nearly a year. The currency traded below the $6,000 mark for the first time this year this week. Bitcoin's price has been extremely volatile since it reached its all-time high of around $20,000 in mid-December 2017, but many analysts say that it will not go back up any time soon. Ethereum has also dropped to a low of $239 over the last few days. Some analysts claim that these drops are due to a combination of factors including a weakening demand from investors and traders as well as problems with South Korean cryptocurrency exchanges.



Bitcoin Price Update

Bitcoin has been on a downward trend for nearly a year. The currency traded below the $6,000 mark for the first time this year this week. Bitcoin's price has been extremely volatile since it reached its all-time high of around $20,000 in mid-December 2017, but many analysts say that it will not go back up any time soon.

Ethereum has also dropped to a low of $239 over the last few days. Some analysts claim that these drops are due to a combination of factors including a weakening demand from investors and traders as well as problems with South Korean cryptocurrency exchanges.

 

Bitcoin Drop to $5,500; Ethereum Dropped to $239

The value of Bitcoin has been on a downward trend for nearly a year and reached its lowest point this week. Bitcoin traded below the $6,000 mark for the first time this year. Bitcoin's price has been extremely volatile since it reached its all-time high of around $20,000 in mid-December 2017, but many analysts say that it will not go back up any time soon. Ethereum has also dropped to a low of $239 over the last few days. Some analysts claim that these drops are due to a combination of factors including a weakening demand from investors and traders as well as problems with South Korean cryptocurrency exchanges.

 

Bitcoin's price has been extremely volatile since it reached its all-time high of around $20,000 in mid-December 2017

Bitcoin has been on a downward trend for nearly a year. The currency traded below the $6,000 mark for the first time this year this week. Bitcoin's price has been extremely volatile since it reached its all-time high of around $20,000 in mid-December 2017, but many analysts say that it will not go back up any time soon.

 

South Korean cryptocurrency exchanges were hacked and lost millions of dollars

South Korean cryptocurrency exchanges were hacked and lost millions of dollars. While the exchanges were not named, it caused a panic of sorts among investors. It was reported that one of these exchanges had an estimated $30 million in cryptocurrency stolen from them. The exchange's systems were compromised and the hackers made off with 500 million won, which is worth about $5.5 million at today’s prices. The incident caused investors to panic and sell their cryptocurrencies in order to avoid further losses. This in turn drove the price down even lower.

 

Conclusion

The cryptocurrency market has seen a significant drop in the past few days. More specifically, bitcoin price has dropped below $5,000 and it has never been this low since 2017. Ethereum's price has also dropped to $239. There have been many different factors that have contributed to the significant drop in cryptocurrency prices. One of these factors is the hacking of South Korean cryptocurrency exchanges. Hackers stole millions of dollars, which caused many investors to panic sell their assets. Another factor is the regulatory scrutiny in South Korea and other countries.