Bitcoin lost a lot of value last weekend. After it became clear that in South Korea had been broken at trading platform Coinrail, the price went down by more than 10 percent to 6800 dollars. At the hack, 40 million dollars worth of altcoins (everything except Bitcoin and Ethereum) was stolen, ironically enough. Coinrail traded in more than 50 different cryptocurrencies but was relatively only a small trading platform. But even those have millions in the ‘bank’, it turns out.
The response of Bitcoin owners was considerable: a lot of people started to dump their Bitcoins. It may seem like an exaggerated reaction, but this hack is of course the umpteenth in the last few months. More and more people are beginning to realize that their cryptocurrency is not as safe as they initially thought. The madness surrounding cryptocurrency seems to have diminished considerably anyway. The price is steadily declining and since the highest peak at the beginning of this year, Bitcoin has lost more than 65 percent of its value.
It does not help that the bad news continues to come when it concerns crypto currencies, and Bitcoin is not the only victim either: Ethereum, ripple and Bitcoin Cash also joined the big brother. If these messages continue to come, chances are that confidence in the security of all that alternative money keeps falling, and if you can not trust that the money you earned today is still in your purse tomorrow, then it’s tricky.