Bitcoin prices plunged dramatic price in Asian trade

Vastavam web: Bitcoin prices plunged about 15 per cent in Asian trade today before recouping some of the losses as investors apparently took fright at news that a South Korean exchange had been hacked.The unit, which hit a record USD 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, according to Bloomberg News.”Both the news of South Korea’s exchange having been hacked and position adjustment following recent rallies affected the market today,” Raita Yamaguchi, senior consultant at Nomura Research Institute, told AFP.

However, “the weight of South Korea as a Bitcoin market is not that big,” he added.The crypto currency recovered to around USD 16,000 in early afternoon trade in Tokyo.