Bitcoin today hit a new bottom of $6.404 since the month of February. At the time of writing, Bitcoin had a market cap of $110 billion. The reasons behind the steep drop in BTC prices are speculated to be the crypto market crash of last week amalgamated with the negative publicity of cryptocurrencies in recent news reports.
Investors appear to be concerned with the rapid fluctuation of the coin’s prices. Cyber security of wallets gives air to more insecurity and doubts among the crypto community by questioning its reliability. One such incident that is believed to have lead to these issues is the Coinrail hack that impacted a South Korean exchange.BTC price analysis on June 13 | Source: CoinMarketCap
During the past month, BTC prices went as high as $8852 and then took a sudden drop to $7487 in a fortnight. According to Investopedia, some analysts have speculated toward a further drop in BTC prices to move below $5000.
But unpredictably fluctuating prices are not the only factor troubling the crypto community. Several cyber threats associated with Bitcoin and other cryptocurrencies have surfaced that shook investors’ confidence. Namely, malware miners, wallet hackers, among others.
According to experts, blockchain technology in itself is built keeping security at high priority. However, cryptocurrencies are vulnerable to cyber crimes as a result of additional privacy measures taken to ensure anonymity within the community.
Despite the red storm on crypto prices, Bitcoin remains on top in rankings. Ethereum, Ripple, Bitcoin Cash, Ripple follow Bitcoin’s lead.