The value of Bitcoin experienced a staggering fall of 20% after $60 million got stolen during a security breach. Bitcoin, no stranger to extreme value fluctuations, has been gradually declining over the last few years. Valued yesterday at $480, Bitcoin’s value hasn’t been this low since June, 2016.
This drop occurred when the largest digital currency had been hacked and nearly 120,000 BTC was stolen in Bitcoin. This amounts to roughly $60,000,000.
Hong Kong-based exchange Bitifinex immediately took its website offline after discovering a security breach in their system. Consequently, all withdrawals and deposits were stopped.
Today, the price of Bitcoin has recovered from the drop below the $500 mark. As of the 3rd of August, it’s roughly valued at $550. Jacob Eliosoff, who is a bitcoin trader, says that such events bring uncertainty to the stable future of Bitcoin.
To read more about the possible causes of this decline, read the full article over at Coindesk.