It appears Bitcoin’s troubles are far from the over. The number one cryptocurrency has been enduring a difficult few days. BTC has so far declined by almost 18 percent in the last seven days.
Bitcoin Falls Below $6,500
BTC slipped further on June 13, falling below the $6,500 mark. This latest pullback follows the significant drop over the weekend that saw it lose 10 percent in a matter of hours on June 10. Bitcoin is currently at its lowest price level since April is trading at $6,450 according to CoinMarketCap. The number cryptocurrency has experienced four sharp price drops within mere hours since June 10. This bear run has seen BTC dip by more than 50 percent since the start of 2018
Reasons for the Decline
In the immediate aftermath of the initial price drop on June 10, mainstream media sources claimed the dip was due to the Coinraill hack. The coincidental timing between the price decline and the announcement of the hack on the South Korea-based exchange platform likely led to those conclusions. However, such notions have since been debunked. To begin with, BTC wasn’t stolen in the Coinrail hack. Secondly, the platform doesn’t rank among one of the top exchanges in the market. Thus, it is unlikely that the $42 million hack had much to do with the recent price drop.