Bitcoin price plunges

BITCOIN prices plunged about 15 per cent in Asian trade yesterday 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 $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.

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 1700 percent between the end of September and Monday evening before the Securities Exchange Commission intervened to halt trades until January 4.

Bitcoin has soared almost 20-fold since the start of the year.