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The bitcoin drops below $ 3,500 due to security issues

Bitcoin, the digital currency n. 1, rebounded modestly after plunging below $ 3.500 on Sunday, marking the lowest level since December 18 and continuing to psychological support for $ 3,000.

In the Monday business, a single bitcoin

BTCUSD, + 0.63%

he was going to get $ 3,543.80, up 0.7% from Sunday's level to 5 pm. Eastern Time on the Kraken exchange.

The cryptocurrency has hit a weekend minimum of less than $ 3,480 and, according to an analyst, security concerns – or what is known as a "51% attack" on the Ethereum Classic network – are starting to weigh on the broader market .

"BTC's flagship cryptocurrency has taken a deep dive at 35, $ ​​3500 that is, coincidentally, on the back of the 51% attack on Ethererum Classic.These types of security breaches usually cause a decline in investor confidence, "wrote Stephen Innes, Asia-Pacific Trade Manager in Oanda.

"I do not have a particularly exciting opinion of why this happens as well as suggesting investors to start thinking If it can happen to A, it can happen to B and C, then people panic because someone is selling something to move the markets, "he said.

A 51% attack occurs when a party is able to take control of the mining hashrate or computing power. By controlling most of the network, the party can prevent the confirmation of other users' transactions and reverse transactions, allowing what is known as double spending.

To read: This graphic model represents a new danger for bitcoins, according to the analyst

What they are doing altcoin and futures

After stumbling over the weekend, altcoin – cryptocurrencies other than bitcoin – have stabilized. Ether rose 1.2% to $ 116.76, Litecoin

LTCUSD, + 1.37%

rose 0.9% to $ 30.24, Bitcoin Cash

BCHUSD, -0.32%

was down 0.1% to $ 123.50 and XRP,

XRPUSD, + 0.99%

it was 1.1% to 32 cents.

According to CoinMarketCap, the global crash over the weekend brought the total value of all digital currencies to under $ 120 billion to $ 118.6 billion.

Bitcoin futures fell on Monday. The February contract for Cboe Global Markets

XBTG9, -3.18%

it was down 3.2% to $ 3.505 and the CME group's February contract

BTCG9, -3.18%

decreased by 2.9% to $ 3.515.

To read: Almost 4 out of 5 investors are still bullish on bitcoins

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