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Cryptocurrency prices plummeted over the weekend after the South Korean exchange Coinrail said it was the victim of a hack.
Coinrail, which is the 99th largest exchange with a 24-hour volume of $ 2.66 million, has frozen its Web site with a statement stating: "A system check was performed on June 10th because of the hacking attempt at dawn At present, 70% of your total tokens / tokens reserves have been confirmed to be stored securely and transferred to a cold and conserved wallet ".
A single bitcoin
BTCUSD, + 0.23%
the last time a change of hands at $ 6,717.73, unchanged from Sunday 17:00. Eastern Time on the Kraken crypts exchange, but down 12.2% from Friday's close.
The fall on Sunday brought the bitcoin to its lowest level since April 12 and, in doing so, violated an important trend line that was closely watched by technical analysts. In addition, it was traded below the $ 7,000 psychological, one, which analyst Jani Ziedins said, if violated, would open another wave of sales.
To read: Most major cryptocurrency exchanges lack sufficient background checks, says the research report
The $ 7,000 support level had divided analysts, with many bulls claiming that it was acting as a support level and bitcoin would have started to recover the 2018 losses.
Apple prohibits mining on devices
Tech-giant Apple
AAPL, -0.50%
has banned iPhone and iPad owners from extracting digital currency from their devices. On its development website, the company states that "apps can not be used for cryptocurrencies unless processing is performed by the device (such as cloud-based mining)."
The news follows those of Google
GOOG, -1.22%
In April, the decision to ban browser mining, often called cryptography, claimed that 90% of the extensions that were extracting the cryptocurrency did not comply with corporate policies.
To read: Thanks to hackers, you could discover the cryptocurrency without realizing it
Unable to support the rallies, the fall was coming
Despite the news of the hack that triggered the selloff, one analyst believes the decline is imminent after a number of failed rallies.
"You have a combination of uphill movement that is simply running out of traction and will not capture further upside gains," said David Reich, head of trading at Element Group. "Add to that the consistent supply that had been sold on the market aether during the previous week between $ 605 and $ 610 and there were probably some weaker long positions in the market."
Altcoin and futures open well outside Friday levels
Altcoins, or digital currencies other than bitcoin, have not been spared, losing more than 10% since Friday's close. However, the sale eased off on Monday, with most of them settling around Sunday levels.
Ether
ETHUSD, -1.10%
is down 1.8% to $ 513.65, Bitcoin Cash
BCHUSD, -2.99%
lost 3.8% to $ 908.50, Litecoin
LTCUSD, -1.82%
fell 1.2% to $ 103.84 and Ripple's XRP currency
XRPUSD, + 0.83%
the last changed hands to 57 cents, down by 1.2%.
Futures have recorded heavy losses. The Cboe June contract
United States: XBTM8
it is down 12.3% to $ 6,710, while CME's June contract
United States: BTCM8
it lost 12.5%, the last trade at $ 6.695.
The total value of all cryptocurrencies fell below $ 300 billion for the first time in two months, according to CoinMarketCap, and is down more than $ 300 billion from the start of 2018.
CryptoWatch: Check bitcoins and other cryptocurrency prices, performance and market capitalization, all in one
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