Bitcoin price news: BTC price SLUMP after CipherTrace cybersecurity hacking report
Ethereum’s (ETH) price has fallen 1.5 percent to US$203.60 (£156), reducing ETH’s market capitalisation to $20.9billion (£15billion).
Meanwhile, Ripple’s price has tumbled 2.7 percent to 45.44 US cents, which leaves the altcoin with a market capitalisation of just under $18.2billion ($14billion).
And EOS is down 0.5 percent to US$5.37 (£4.12), leaving it with a market capitalisation of just under US$4.9 billion (£3.8billion).
The decline across the board can be partly explained by a Reuters report into crypto theft, which may have spooked traders.
The news story cited a report from US-based cyber security firm CipherTrace released last week.
It stated theft of cryptocurrencies through hacking of exchanges and trading platforms soared to $927million (£712million) in the first nine months of 2018.
A previous report from CipherTrace revealed digital currencies stolen from exchanges in 2017 totalled just $266million (£204million).
The alarming figures were up almost 250 percent from the levels seen in 2017 according to the report, which looked at criminal activity and money laundering in the digital currency space.
Bitcoin’s surge in popularity and the appearance of more than 1,600 other digital coins or token have attracted an abundance of hackers into the digital currency market, the report stated.
Dave Jevans, chief executive officer of CipherTrace, told Reuters: “The regulators are still a couple of years behind because there are only a few countries that have really applied strong anti-money laundering laws.”
Mr Jevans, who is also the chairman of the Anti-Phishing Working Group, a global organisation aimed at combatting cybercrime, said there were likely 50 percent more criminal transactions than those featured in his report.
The news raises questions over whether stricter regulation needs to be enforced in the cryptocurrency sphere.
Blockbid COO, David Sapper, told Express.co.uk: “Regulation will more than likely be beneficial to cryptocurrency prices because it creates the boundaries in which cryptocurrencies can operate and therefore flourish.
“I believe a big part of the ‘problem’ or major reason for market volatility is because of the cryptocurrency space being like the Wild West.
“Regulation might have a negative impact on cryptocurrency prices in the short-term but are necessary for sustainability and growth in the long-term.”
Mr Sapper also highlighted the typically precarious nature of crypto investment, due to the digital currencies being highly volatile and unpredictable.
The cryptocurrency expert said: “It is still too early on for Bitcoin to have properly reached the point of having a stable price.
“There will continue to be fluctuations until more widespread commercial adoption occurs – as well as further regulation and implementation by financial institutions.”
This content was originally published here.