Dec 15, 2017-Seoul, South Korea-A Screen shows the prices of bitcoin at a virtual currency exchange store in Seoul, South Korea. South Korean is studying ways to regulate speculative trading in crypto currencies as the latest surge in prices stokes a craze over bitcoins.
(Photo by Seung-il Ryu/NurPhoto via Getty Images) The Bitcoin price has today dropped 12%, taking its year-to-date losses to an eye-watering 50%, after South Korean exchange Coinrail warned users it’s reviewing its system due to a hacking attempt. Meanwhile, rival cryptocurrencies Ethereum and Ripple are both down over 10% today.
The latest blow comes as the Bitcoin price struggles to find a floor amid regulatory concerns, dwindling transactions, sky-high power consumption, and criticism from the world’s established financial industry. However, Bitcoin holders aren’t broke yet — overall, the Bitcoin price is up over 100% on this time last year when it was trading for less than $3,000.
Here are the five biggest concerns for Bitcoin and cryptocurrencies right now. The Bitcoin price took a dive today, widening its year-to-date losses.
The potential hack of Coinrail — which trades some 50 cryptocurrencies and is, just, in the world’s top 100 exchanges — is the latest high profile Bitcoin heist in recent months and will renew fears many have over Bitcoin’s safety as an investment and trading commodity. South Korea has emerged as a key market for cryptocurrencies, and earlier this year was the third-biggest market in the world for Bitcoin trades, behind Japan and the US, according to the digital currency website Coinhills. Read more from forbes.com…
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