THE BITCOIN price tumbled by roughly nine percent after the cryptocurrency suffered another major blow with the recent attacks on South Korean exchanges Bithumb and CoinRail, two of South Asia’s biggest exchanges.
The digital currency fell to $6,081, breaking below $6,400 for the first time in about a week and reaching its lowest level since February 6, according to CoinDesk.
Japan’s largest crypto exchange, bitFlyer, was given an order by Japan's Financial Services Agency to suspend the creation of new accounts while it makes improvements, especially in its measures to stop money laundering and terrorist financing.
bitFlyer said in a statement: “Our management and all employees are united in our understanding of how serious these issues are, as well as how serious we are in responding to them going forward.
"In order to maximise our efforts towards building a suitable service and improving on the issues identified, we have temporarily suspended account creation for new customers of our own volition.”
The price tumble follows a warning by a rival cryptocurrency product designer who told investors to only put money into bitcoin that they would be willing to lose.
At the time of writing the price of bitcoin is $6,157.08 which equates to an 8.34 percent drop since yesterday.
Cassius Kiani, a Product Designer and Partner at AtlasNeue, said: “There are a lot of actors here who have bought huge amounts of Bitcoin and they do not know where they have got them from.
“If speculation is going up and people want to buy then there is no circulation, so what is in circulation is finite.
“People turn around and bid more and more and more.
“It is going to be really interesting to see where all the cryptocurrency markets are at around August, that seems to be when things really start to take off.
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