The Bitcoin (BTC) price tumbled more than 10 pct, while ripple (XRP) dropped more than 15 pct and so is ether ETH), dipped to the current $527.65 levels ever since the underlying news boiling up that drives the bearish price behavior (refer above technical charts).

Firstly, when South Korea's Coinrail announced that it had been targeted by cyber-thieves. In a statement Monday, the exchange further revealed a security breach in which hackers stole about 30 pct of its virtual currencies.

Secondarily, the probing procedure on potential manipulation in cryptocurrency markets, the CFTC has summoned these predominant American cryptocurrency exchanges to produce volumes of trade data, Bitstamp, Coinbase, itBit and Kraken, 4 exchanges that provide Bitcoin spot prices used to settle futures contracts at the Chicago Mercantile Exchange (CME) and have got summonses from the Commodity Futures Trading Commission (CFTC) after allegedly failing to voluntarily provide trade data.

The 2018 selloff in cryptocurrencies deepened, wiping out $42 billion of market value over the weekend and extending this year’s slump in Bitcoin to more than 50 pct.

Now Coinrail clarified that trading in digital currencies has been momentarily suspended and was entirely liaising with investigators for effective probing to trace-out the missing funds. The exchange did not divulge the value of tokens stolen. However, the hacking incident has been reportedly of unknown cryptocurrencies rather than bitcoin in its entirety.

South Korea has emerged as a hub for mining and trading in digital currencies over the past year. And Coinrail is one of its unknown trading platforms. The news sent shock waves through virtual currency markets. As well as bitcoin, prices for other commonly traded digital currencies like ethereum also plunged. Nearly $30 billion in cryptocurrency wealth was wiped in about seven hours of trading, according to data provider Coinmarketcap.com.

Lai said the Coinrail hack intensified an already negative mood in cryptocurrency markets.

BTCUSD is currently trading below $6,700 (while articulating), which's its lowest level since two months.

Currency Strength Index: FxWirePro's hourly BTC spot index has shown -177 (which is highly bearish), while hourly USD spot index was at -2 (neutral) while articulating at 08:05 GMT. For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex.

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