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In December, the crypto reached a record high of $19,511 (£14,588), the culmination of the hype over the alternatives to traditional currencies. Today, the price of BTC dropped as low as $6,498 (£4,858). This brings the downward slide for the year to more than 50 percent already. Bitcoin’s all-time low came in February when it dropped to $5,900 (£4,411).

Why is BTC falling? Experts are citing various reasons for the massive drop in BTC’s value this year. There are the issues of regulatory concerns, dwindling transactions, sky-high power consumption, and criticism from the world's established financial industry. However, bitcoin and other cryptocurrencies have seen a sharp drop since South Korean cryptocurrency exchange Coinrail was hacked over the weekend. Coinrail, which is thought to have lost around £28m in the cyber attack, tweeted to confirm the hack on Sunday.

Today, the price of BTC dropped as low as $6,498 (£4,858).

Shortly after, bitcoin saw its value tumbling by 10%. This latest attack highlights the lack of cybersecurity and weak global regulations of crypto markets. Coinrail said in a statement that its system was hit by “cyber intrusion” on Sunday, causing a loss for about 30 percent of the coins traded on the exchange. The statement added: “Seventy percent of total coin and token reserves have been confirmed to be safely stored and moved to a cold wallet [not connected to the internet]."

Coinrail, which is thought to have lost around £28m in the cyber attack, tweeted to confirm the hack

“Two-thirds of stolen cryptocurrencies were withdrawn or frozen in partnership with related exchanges and coin companies," the statement continues.

“For the rest, we are looking into it with an investigative agency, related exchanges and coin developers.” Korean police have begun an investigation into the incident. Bitcoin has been further hurt by damning reviews from industry leaders.

Bitcoin’s all-time low came in February when it dropped to $5,900 (£4,411).