Internet cryptocurrency Bitcoin prices plunged about 15 percent in Asian trade Wednesday before recouping some of the losses as investors apparently took fright at the news that a South Korean exchange had been hacked.
According to latest reports, Bitcoin which hit a record $19,500 at the start of the week, took a hit as it emerged that South Korean exchange Youbit had been hacked, leading the firm to say it will close and start bankruptcy proceedings.
Separately, US authorities on Tuesday suspended trading in a popular Bitcoin-related stock, citing concerns about market manipulation
The Crypto Company’s share price had risen 1,700 percent between the end of September and Monday evening before the Securities Exchange Commission intervened to halt trades until January 4.
Bitcoin dropped to $15,815.78 in early Tokyo trade from $18,000 Tuesday evening, according to data compiled by Bloomberg. The cryptocurrency recovered to around $16,000 in early afternoon trade in Tokyo.
Bitcoin has soared almost 20-fold since the start of the year and this month saw it move into the mainstream as two major US exchanges began trading futures in the unit.
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