Why Are Cryptocurrency Prices Falling Today?

The price of all top 50 coins has dropped in last 24 hour according to CoinMarketCap.

The cryptocurrency market is in red today. Major cryptocurrencies like Bitcoin, Ethereum, Ripple, BitcoinCash are down. According to data from CoinMarketCap, the prices of all top 50 cryptocurrencies have fallen.

The total cryptocurrency market capitalization now USD 300 billion, dropped almost USD 36 billion.

What is the reason of this sudden price tumbling?

The major for reason for this price drop seems to be hack report of South Korean exchange Coinrail. The hack appears to have involved the theft of over 2.6 billion NPXS ( almost USD 20 million) and a few other Ethereum tokens. NPXS is the cryptoasset enabling Pundi X; the Indonesian startup disseminating retail-friendly devices designed to make cryptocurrencies more usable and accessible.

At the time of writing, Bitcoin was trading at $6,861.11, down 9.94%.

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