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Bitcoin Retreats as Security Concerns Weigh

Cryptocurrency NewsJun 11, 2018 04:02PM ET
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Investing.com – Bitcoin retreated Monday as security concerns flared-up weighing on sentiment following reports a South Korean exchanged was hacked.

Bitcoin fell 1.05% to $6,754.8 on the Bitfinex exchange but remained just above lows seen over the weekend of 6,633.9.

South Korean crypto exchange Coinrail confirmed in a tweet over the weekend cyber thieves had made off with over $30 million worth of lesser-known cryptocurrencies following a successful cyberattack.

That roiled sentiment on bitcoin as it fell sharply through $7,000, triggering fears the crypto could be set to test year-to-date lows of $6,000.

Some traders cited the $6,700 price level as key support – levels that trigger buying – warning that failure to hold this level could see the popular crypto come under significant pressure.

The sharp fall in bitcoin sent shockwaves through the crypto industry, prompting traders to cut their crypto holding, wiping off nearly $50 billion from the market since Friday.

The total market cap of cryptocurrencies fell to about $294 billion, at the time of writing, from $342 billion last week.

Ripple XRP fell 2.67% to $0.57700 on the Poloniex exchange, while Ethereum fell 3.10% to $518.88.

Bitcoin Cash fell 5.36% to $922.85, while Litecoin fell 1.99% to $106.00.

Bitcoin Retreats as Security Concerns Weigh
 

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