Bitcoin price drops by 15%

  Today, January, 15, 2016, the price of Bitcoin fell dramatically by 15% which is a huge decline for the first month of 2016. According to Coindesk's Bitcoin Price Index, the price dropped below $400 USD between 13:15-13:19 and finally slowing down. As a result of the negative trend, the price of one Bitcoin is now $371.84 USD as of 10:21PM ET.

  According to Coindesk, "The declines came amid a frenzied media response to the much-discussed exit of BitcoinJ developer Mike Hearn from the bitcoin project in which 30 media outlets seized on his claims the still-operating network had 'failed'."

Another reason for the negative trend might be due to Cryptsy's announcement that they are filing for bankruptcy after being practically drained of it's exchange balance. After releasing an announcement on the official Cryptsy Blog, the post says that, "After a period of time of investigation it was found that the developer of Lucky7Coin had placed an IRC backdoor into the code of wallet, which allowed it to act as a sort of a Trojan, or command and control unit.   This Trojan had likely been there for months before it was able to collect enough information to perform the attack.".

Cryptsy has even posted the approximate number of coins lost which are:

Bitcoin:  13,000 BTC
Litecoin:  300,000 LTC

Along with the blog post, Cryptsy is offering a large sum of Bitcoin for any information which could lead to the recovery of the lost coins, 
"As you can see,  2014-07-29 13:17:36 is when the event occurred.   A very interesting fact here, however, is that those Bitcoins have not moved once since this happened.    This gives rise to the possibility they can be recovered.   In fact, I’m offering a bounty of 1000 BTC for information which leads to the recovery of the stolen coins.".

Today's announcement by Cryptsy has been depressing and they as well officiallly suspended trading on the website and the withdrawal of any currency from the site. On top of that, with the recent phishing attacks, all users are required to change their passwords upon their next login.

I was eating lunch when the price dropped a total of 10%. I received a notification on ZeroBlock and was shocked. Only Coindesk had a good explanation for the drop and Mike Hearn's recent comment about Bitcoin might be the reasons. 

Bitcoin: 17BSYcFedo7P5EgkHpYz9VfK3Aa6X4d8LL


Bitcoin price drops by 15% Bitcoin price drops by 15% Reviewed by Angus Leung on 19:51:00 Rating: 5

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