Ever since the Coinrail which is a small Korean exchange hack came to light where $40 Million was stolen on June 10th, the price of Bitcoin has dropped from $7599 to $6509 which is a decrease of 4.5% in the past day and over 14% after the hack. Ethereum has dropped significantly from the 600’s on June 10th to as low as $467 on Bitfinex losing over 20% of its value. Litecoin also went below the $100 mark.

Source: TradingView

The entire Crypto market cap has dropped from $349 Billion to $275 Billion, $74 Billion vanishing from the market. But to say that it is just because of the hack might be incorrect as a lot goes into the market apart from some bad news. But most of the mainstream media have been reporting that Cryptocurrencies area tanking because of the hack.

Joseph Young Tweeted:

WSJ thinks bitcoin price fell 11% because a small cryptocurrency exchange in South Korea which a very small portion of local users utilize was hacked. Bitcoin fell because people sold and not enough people were willing to buy, not because of a small hackhttps://t.co/mSqdXhjs4q — Joseph Young (@iamjosephyoung) June 11, 2018

And of course, the bears who believe that Bitcoin has to go to $3000 for some reason are back screaming that it is about to go down.

Bitcoin Dominance

Bitcoin Dominance has again increased slightly reaching the 40% level as prices tank. This is a fairly common theme when prices start to drop big brother Bitcoin dominance goes up in the short term, although in the long term it is notable that the Bitcoin dominance has halved since February 2017 even going as low as 33% in January.

Source: Coinmarketcap

Also recently a report on research about Tether being used to manipulate Bitcoin prices back in the peak days is being spread across the media. Bloomberg reported that according to a research from the University of Texas, Tether was used to manipulate the price of Bitcoin in 2017 to drive it as high as $20000. I am sure that this does not come as a surprise to many of the Crypto OG’s but maybe to the people who bought the peak.

Fercan Yalinkilic Tweeted:

“Tether seems to be used both to stabilize and manipulate #Bitcoin prices” https://t.co/NmmpjQfRdg pic.twitter.com/rREwrjSyef — Fercan Yalinkilic (@FercanY) June 13, 2018

WhalePanda Tweeted:

"Bitcoin’s Price Was Artificially Inflated Last Year, Researchers Say" – The tldr; when the price was dipping people bought bitcoin with Tether. Damn manipulation! https://t.co/M2Zf9svIzj pic.twitter.com/wcQTy81Sdk — WhalePanda (@WhalePanda) June 13, 2018

ArminVan Bitcoin Tweeted:

The battle of buyers vs. sellers has begun as volumes on @bitfinex see massive spikes first time in months. #bitcoin pic.twitter.com/chYf1GUnwT — A v B ⚡ (@ArminVanBitcoin) June 13, 2018

Amongst the chaos, a conspiracy also came into light according to which the Korean dictator Kim Jong Un might be involved in the current price manipulation of Bitcoin.

Mark Constantine Tweeted:

Also Read:

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Get the latest news on Blockchain only on Blockmanity.com. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better