The price of bitcoin has made headlines in the past for its volatility, and this trend has continued despite the cryptocurrency’s rising mainstream appeal. Over the weekend, bitcoin fell from a Saturday high of $7,671.28 to a low of $6,760.05 over the course of less than 48 hours. All told, the cryptocurrency market shed more than $40 billion on what industry analysts have minted ‘Bloody Sunday’, with many media outlets attributing the decline to a security breach at South Korean cryptocurrency exchange Coinrail. A post published Monday morning by Coinrail indicates that hackers obtained roughly 30 percent of the exchange’s coin and token reserves, with an estimated value of as much as $37 million. Forbes contributor Billy Bambrough, in a newly published article, attributed bitcoin’s weekend freefall to the Coinrail hack, but he provided four additional driving factors that have played a role in the price of bitcoin falling by more than 50 percent from early January 2018 highs. Regulatory crackdowns, slumping transaction volumes, crippling electricity demand and sustained vocal skepticism from reputed financial minds are all highlighted as drivers of bitcoin’s recent woes.
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Bitcoin is an innovative payment network and a new kind of money. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls bitcoin and everyone can take part. Through many of its unique properties, bitcoin allows exciting uses that could not be covered by any previous payment system. For more information, visit www.Bitcoin.org
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