Second price drop and $40 bln market value loss for Bitcoin this month

The cryptocurrency exchange market went through a number of concussions this month, including the second decrease in Bitcoin’s price, which is a continuous process due to administrative and security drawbacks following Coinrail’s hacking attack.

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The cryptocurrency exchange market watchers recorded the first $6,000 price drop per BTC on the Bitstamp platform. It moved to a low of under $6,500, with its latest exchange rate at $6,551.48. This year Bitcoin is down almost 53% after its spike up of 1,300% recorded last year.

On June 10, Coinrail, a South Korea-based cryptocurrency exchange market, admitted a cyber hacking attack incident with significant effect - a loss of approximately 30% of the trading coins on the exchange platform. The attack resulted in $37.28 million worth of virtual coins being stolen. That erased more than $40 billion market value on the cryptocurrency exchange market on the 10th of June.

South Korea is a global leader in cryptocurrency trading centers and such attacks cause significant market changes. Bitcoin itself confirmed a decline of almost $1,000. Other cryptocurrencies also show a steady decline, following Bitcoin’s trend. Ethereum, the second-biggest by market cap, was down 5% over 24 hours to June 13 - $496.07, while the third-biggest, Ripple, lost 4.3 percent to $0.55.

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