Bitcoin Price Plummets 64% from its All-Time High

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19/06/2018 17:22 WIB

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The volatility of Bitcoin is partly driven by the manipulation and hacking of mining systems prevalent in the futures market.

Bitcoin Exchange Rate (December 15, 2017 - June 18, 2018)

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Bitcoin Exchange Rate (December 15, 2017 - June 18, 2018)

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On Monday, June 18, the price of Bitcoin closed at US$6,727.55/coin (Rp 93.5 million/coin). This means the price of the cryptocurrency has fallen 51.7% from its year-end position of US$13,939.48/coin. Compared to its all-time high of US$18,674.48/coin on December 18, 2017, the price of Bitcoin has shrunk by 63.97%. Investors who bought Bitcoin at its highest price have lost more than half their investment.

The volatility of this digital currency is partly due to futures trading, which is susceptible to manipulation, and hacking of Bitcoin mining systems. Low trading volume makes Bitcoin transactions vulnerable to manipulation.

Furthermore, the hacking of the South Korean cryptocurrency exchange, Coinrail, also caused Bitcoin's price to continue its downward slide. The hack resulted in the disappearance of 30% of the digital currency tokens on Coinrail, causing an estimated loss of 40 billion won, or approximately US$37.28 million.

(Read Databoks: Bitcoin Market Cap Reaches Rp 2,250 Trillion)

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."