Bitcoin traded as low as $6,455.91 early on Wednesday Asia time, its lowest level since April. Bitcoin pared some of those losses to trade around $6,581.88 by 3:15 p.m. HK/SIN, according to CoinDesk.
Bitcoin had fallen around 10 percent over the weekend following news that South Korean exchange Coinrail had been hacked, with a number of lesser-known cryptocurrencies such as Pundi X counting among those affected. Bitcoin, however, was not mentioned by the exchange in its statements, according to Google translate.
The continued downward move was unlikely a result of last week’s hack, which saw a limited level of damage caused, said Mati Greenspan, senior market analyst at eToro.
The narrative that such a small hack caused such a large price reaction has definitely been overplayed over the last 24 hours, bitcoin has seen a dip of around 4 percent, according to CoinMarketCap. So far in 2018, the cryptocurrency is down more than 50 percent.
Chart analysts have indicated that bitcoin’s move below the $7,000 mark suggested a speedy recovery was unlikely.
Satoshi Nakamnoto‘s brain child wasn’t the only cryptocurrency to plunge. Other major cryptocurrencies also weakened markedly.
Ethereum, the second-largest cryptocurrency by market capitalization, was down almost 7 percent in the last 24 hours, CoinMarketCap data showed. Ethereum stood at $496.47 at 3:15 p.m. HK/SIN, according to CoinDesk.
Ripple was lower by nearly 6 percent in the last 24 hours, according to CoinMarketCap. It traded at 56 cents at 3:15 p.m. HK/SIN.