{"id":59435,"date":"2018-06-10T18:47:19","date_gmt":"2018-06-11T01:47:19","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=59435"},"modified":"2026-04-20T07:56:44","modified_gmt":"2026-04-20T06:56:44","slug":"bitcoin-dives-below-7000-support-level-following-korean-exchange-hack","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-dives-below-7000-support-level-following-korean-exchange-hack\/","title":{"rendered":"Bitcoin Dives Below $7,000 Support Level Following Korean Exchange Hack"},"content":{"rendered":"

Bitcoin<\/a> plummetted<\/a> below $7,000 USD for the first time since April 2018. The drop occurred\u00a0shortly after South Korean exchange Coinrail\u00a0announced<\/a> a “cyber intrusion” in their system.<\/p>\n

Coinrail claims to have frozen exposed NPER, ATX, and NPXS coins, and that other cryptocurrencies are now safely secured in cold storage. However, their website\u00a0provides\u00a0no additional information.<\/p>\n

Other major cryptocurrencies followed Bitcoin's drop including Ethereum<\/a>, Litecoin<\/a>, Ripple<\/a>, Bitcoin Cash<\/a>, EOS<\/a>, and Monero<\/a>.\u00a0Additionally, the top\u00a0100 tokens are down as of June 10th, 2018, sending the entire crypto market cap below $300 billion for the first time since April 12th.<\/p>\n

The seemingly widespread panic following the Coinrail exchange hack is unexpected since\u00a0Coinrail is the 98th most popular exchange, with a 24-hour volume of around $2.65 million. Although, this is relatively insignificant compared to other prominent exchanges.<\/p>\n

The Coinrail hack is not the only news influencing market prices. According to WSJ,\u00a0the US Commodity Futures Trading Commission (CFTC) launched a probe<\/a> into four major crypto exchanges.\u00a0Investigators requested data to uncover price manipulation and the associated news may also be responsible\u00a0for the market volatility.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin plummetted below $7,000 USD for the first time since April 2018. The drop occurred\u00a0shortly after South Korean exchange Coinrail\u00a0announced a “cyber intrusion” in their system. Coinrail claims to have frozen exposed NPER, ATX, and NPXS coins, and that other cryptocurrencies are now safely secured in cold storage. However, their website\u00a0provides\u00a0no additional information. Other major […]<\/p>\n","protected":false},"author":17,"featured_media":59478,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,15323],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nBitcoin Dives Below $7,000 Support Level Following Korean Exchange Hack<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-dives-below-7000-support-level-following-korean-exchange-hack\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Dives Below $7,000 Support Level Following Korean Exchange Hack\" \/>\n<meta property=\"og:description\" content=\"Bitcoin plummetted below $7,000 USD for the first time since April 2018. The drop occurred\u00a0shortly after South Korean exchange Coinrail\u00a0announced a “cyber intrusion” in their system. Coinrail claims to have frozen exposed NPER, ATX, and NPXS coins, and that other cryptocurrencies are now safely secured in cold storage. However, their website\u00a0provides\u00a0no additional information. 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