Bitcoin price today: Crypto falls to lowest price since February – Why is BTC falling? | City & Business | Finance

In December, the crypto reached a record high of $19,511 (£14,588), the culmination of the hype over the alternatives to traditional currencies. 

Today, the price of BTC dropped as low as $6,498 (£4,858).

This brings the downward slide for the year to more than 50 percent already. 

Bitcoin’s all-time low came in February when it dropped to $5,900 (£4,411).

Why is BTC falling?

Experts are citing various reasons for the massive drop in BTC’s value this year. 

There are the issues of regulatory concerns, dwindling transactions, sky-high power consumption, and criticism from the world’s established financial industry.

However, bitcoin and other cryptocurrencies have seen a sharp drop since South Korean cryptocurrency exchange Coinrail was hacked over the weekend.

Coinrail, which is thought to have lost around £28m in the cyber attack, tweeted to confirm the hack on Sunday. 

Shortly after, bitcoin saw its value tumbling by 10%.

This latest attack highlights the lack of cybersecurity…