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15 December 2017 – Seoul, South Korea – A screen shows bitcoin prices in a virtual currency exchange shop in Seoul, South Korea. South Korea is studying ways to regulate speculative trade in crypto currencies since 39; last wave of prices feeds a mania for bitcoins. (Photo by Seung-il Ryu / NurPhoto via Getty Images)
The price of Bitcoin has fallen today by 12%, after the losses from the beginning of the year to an incredible 50% The South Korean exchange has warned Coinrail users are reviewing their system due to a hacking attempt.
Meanwhile, rival cryptocurrencies Ethereum and Ripple are both declining by more than 10% today.
The latest blow comes when the price of Bitcoin struggles to find a plan between regulatory concerns, declining operations, very high energy consumption and criticism from the global financial industry.
However, Bitcoin owners are still not broke – on the whole, the price of Bitcoin has increased by over 100% during this period last year when it was trading at less than $ 3,000.
Here are the five biggest concerns for Bitcoin and cryptocurrency at this time.
The price of Bitcoin has taken a dip today, expanding losses since the beginning of the year.CoinDesk
Bitcoin woe number one …
The potential hack of Coinrail – which trades around 50 cryptocurrencies and is, only, in the 100 best stock exchanges in the world – is the latest high-profile bitcoin hit in recent months and will renew the fears that many have about Bitcoin's security as investment and exchange goods.
South Korea has emerged as a key market for cryptocurrencies, and at the start of this year was the third largest market in the world for Bitcoin operations, behind Japan and the United States, according to the Coinhills digital coin site.
Some of the biggest hacks of Bitcoin in recent years have happened in the country, with Bithumb, who at the time was the largest exchange of cryptocurrencies in South Korea and the fifth largest in the world at the time, was violated in July last year. & Nbsp;
Data of almost 32,000 user data were & nbsp; compromises that allowed hackers to access and transfer coins.
A few months later, in December, another stock exchange, Youbit, lost around 4,000 Bitcoins – about 17% of its assets.
Although Coinrail's potential engraver is unlikely to be on the same scale as one of last year's violations, it will shake the trust of many potential Bitcoin investors at a time of crisis for cryptocurrencies.
Coinrail said it represented 70% of its cryptocurrency reserves in a statement published on his website. & nbsp; The exchange moves around $ 2.6 million every 24 hours, according to & nbsp;CoinMarketCap& Nbsp; the data.
Coinrail& nbsp; he said he had frozen all the coins exposed NPXS, NPER and ATX and other cryptocurrencies that are now stored in a cold wallet.
The Coinrail website suspended its services and issued a notice today.Coinrail
Bitcoin woe number two …
Governments around the world are beginning to act on Bitcoin and cryptocurrency regulations – something the Bitcoin market and evangelists are watching with caution.
Regulatory repressions and the US-based Securities and Exchange Commission bitcoin price-testing survey put the trust of Bitcoin investors this year.
The SEC investigation, which Bloomberg& Nbsp;Last month, & nbsp; It is the United States' last attempt to crack down on the bitcoin and cryptocurrency industry boom and look at illegal practices that can affect prices.
Friday the Wall Street newspaper reported that US government investigators demanded that several bitcoin exchanges deliver trading data, putting the price on the back foot before today's sale.
Federal prosecutors collaborate with the US financial regulator that controls derivatives linked to Bitcoin, the Commodity Futures Trading Commission.
In March, the Japanese financial services agency ordered two exchanges to stop operations for a month and penalized four more.
Elsewhere, the Philippine Securities and Exchange Commission announced that in January it is developing rules to regulate cryptocurrency transactions to protect investors and reduce the risk of fraud.
Not all the bad news though. Just today, the Global Times, owned by the official newspaper of the Chinese Communist Party People's Daily, published an editorial that read: "It is time for China to lay the normative foundations for its rise as a future trendsetter for the digital currency", potentially signaling that the country will overturn the February Bitcoin ban. & nbsp;
Bitcoin woe number three …
In the midst of the slide in Bitcoin prices this year, transaction volumes have also plummeted.
The data show Bitcoin transactions in line with downward price trends compared to the historical highs of December 2017.
The number of transactions has only hit 135,000 & nbsp; on April 1st, down from 425,000 on December 14th, according to data from Blockchain.info.
Bitcoin woe number four …
Bitcoin is still hungry for power and people get tired of giving it electricity.
The demand for electricity in a Canadian province is so high that the region's utility regulator said it would "temporarily" stop accepting energy requests from cryptocurrent mining companies "so that the company can continue to fulfill its obligations to supply electricity to the entire Qu & eacute; bec. "
The move comes three months after the neighboring state of New York announced it would increase rates for Bitcoin mining companies.
Bitcoin woe number five …
The biggest detractors of Bitcoin from the established financial world have also affected the price of Bitcoin this year.
Warren Buffett of Berkshire Hathaway and the CEO of JP Morgan, Jamie Dimon, expressed their deep skepticism about Bitcoin and cryptocurrencies last week.
While some, including Twitter Jack Dorsey e Apple co-founder Steve Wozniak, threw their weight behind cryptography, supporters of the world of finance are few and far between – suggesting that Bitcoin still faces a tough battle for acceptance.
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15 December 2017 – Seoul, South Korea – A screen shows bitcoin prices in a virtual currency exchange shop in Seoul, South Korea. South Korea is studying ways to regulate speculative trade in crypto currencies since 39; last wave of prices feeds a mania for bitcoins. (Photo by Seung-il Ryu / NurPhoto via Getty Images)
The price of Bitcoin fell 12%, bringing losses from the start of the year to an incredible 50%, after the South Korean exchange Coinrail warned users that it is reviewing its system due to a hacking attempt.
Meanwhile, rival cryptocurrencies Ethereum and Ripple are both declining by more than 10% today.
The latest blow comes when the price of Bitcoin struggles to find a plan between regulatory concerns, declining operations, very high energy consumption and criticism from the global financial industry.
However, Bitcoin owners are still not broke – on the whole, the price of Bitcoin has increased by over 100% during this period last year when it was trading at less than $ 3,000.
Here are the five biggest concerns for Bitcoin and cryptocurrency at this time.
The price of Bitcoin has taken a dip today, expanding losses since the beginning of the year.CoinDesk
Bitcoin woe number one …
The potential hack of Coinrail – which trades around 50 cryptocurrencies and is, only, in the 100 best stock exchanges in the world – is the latest high-profile bitcoin hit in recent months and will renew the fears that many have about Bitcoin's security as investment and exchange goods.
South Korea has emerged as a key market for cryptocurrencies, and at the start of this year it was the third largest market in the world for Bitcoin operations, behind Japan and the United States, according to the Coinhills digital coin site.
Some of the biggest hacks of Bitcoin in recent years have happened in the country, with Bithumb, who at the time was the largest exchange of cryptocurrencies in South Korea and the fifth largest in the world at the time, was violated in July last year.
Data from nearly 32,000 user data has been compromised, allowing hackers to access and transfer coins.
A few months later, in December, another stock exchange, Youbit, lost around 4,000 Bitcoins – about 17% of its assets.
Although Coinrail's potential engraver is unlikely to be on the same scale as one of last year's violations, it will shake the trust of many potential Bitcoin investors at a time of crisis for cryptocurrencies.
Coinrail said it represented 70% of its cryptocurrency reserves in a statement posted on its website. The exchange moves around $ 2.6 million every 24 hours, according to CoinMarketCap data.
Coinrail he said that he has frozen all the coins exposed NPXS, NPER and ATX and other cryptocurrencies that are now stored in a cold wallet.
The Coinrail website suspended its services and issued a notice today.Coinrail
Bitcoin woe number two …
Governments around the world are beginning to act on Bitcoin and cryptocurrency regulations – something the Bitcoin market and evangelists are watching with caution.
The regulatory repressions and the Bitcoin price manipulation probe of the US Securities and Exchange Commission have put a strain on the trust of Bitcoin investors this year.
The SEC investigation, which Bloomberg Last month, it was reported that the United States had last attempt to repress the bitcoin and cryptocurrency industry boom and examine illegal practices that can affect prices.
Friday the Wall Street newspaper reported that US government investigators demanded that several bitcoin exchanges deliver trading data, putting the price on the back foot before today's sale.
Federal prosecutors collaborate with the US financial regulator that controls derivatives linked to Bitcoin, the Commodity Futures Trading Commission.
In March, the Japanese financial services agency ordered two exchanges to stop operations for a month and penalized four more.
Elsewhere, the Philippine Securities and Exchange Commission announced that in January it is developing rules to regulate cryptocurrency transactions to protect investors and reduce the risk of fraud.
Not all the bad news though. Just today, the Global Times, owned by the official newspaper of the Chinese Communist Party People's Daily, published an editorial in which it reads: "It is time for China to lay the normative foundations for its rise as a future trendsetter for the digital currency", potentially signaling that the country overturns the Bitcoin ban in February.
Bitcoin woe number three …
In the midst of the slide in Bitcoin prices this year, transaction volumes have also plummeted.
The data show Bitcoin transactions in line with downward price trends compared to the historical highs of December 2017.
The number of transactions hit only 135,000 on April 1, down from 425,000 on December 14, according to data from Blockchain.info.
Bitcoin woe number four …
Bitcoin is still hungry for power and people get tired of giving it electricity.
The demand for electricity in a Canadian province is so high that the region's utility regulator said that it will "temporarily" stop accepting energy requests from cryptocurrency mining companies "so that the company can continue to meet obligations to supply electricity throughout Québec ".
The move comes three months after the neighboring state of New York announced it would increase rates for Bitcoin mining companies.
Bitcoin woe number five …
The biggest detractors of Bitcoin from the established financial world have also affected the price of Bitcoin this year.
Warren Buffett of Berkshire Hathaway and the CEO of JP Morgan Jamie Dimon, last week again expressed their deep skepticism about Bitcoin and cryptocurrencies.
While some, including Twitter's Jack Dorsey and Apple co-founder Steve Wozniak, threw their weight behind cryptography, supporters of the financial world are few and far between – suggesting that Bitcoin still faces a tough battle for # 39; acceptance.
