As of today, there’s been a lot of red in the crypto world as Bitcoin and other cryptocurrencies experienced a major loss in prices for the first time in days. This is coming after the sudden shut down of a minor cryptocurrency exchange in Canada yesterday.
“A software “bug” had allowed all of the 913 bitcoin (worth about $6 million at current exchange rates) we were holding to be stolen”, the Canadian cryptocurrency exchange, MapleChange revealed on Twitter.
After a lot of “Investors” stormed the company’s mentions to know what actually happened. The company revealed it’s almost impossible to make such refunds. MapleChange deleted all of its social media accounts and took its website offline.
Well, that must have affected the crypto world as Bitcoin lost 2.37% of it’s price, it went down from $6,500 to $6,340. Ethereum went down from $205 to $197 losing 3.65% of its worth. Ripple also lost 4.6% of its price, it went down to $0.442 from $0.464.
Litecoin and Monero lost 6.01% and 3.9% from its prices each. Litecoin went down to $48 from $52, while Monero went from $105 to $100. Bitcoincash on the other hand also went down from $443 to $416 losing 5.94% of its price.
Some other major cryptocurrencies where also affected by the news, Zcash and Dash were not left out. Zcash lost 6.7% , it went down from $124 to $115. Dash also lost 4.44% of its worth going down from $158 to $150.
Meanwhile, the Shenzhen Court of International Arbitration China has declared properties to allow merchants as well as individuals to own and even transfer Bitcoin without conflicts with existing regulations.
Bitcoin protection from the law goes on to show how Bitcoin is quickly turning into a globally recognized asset and a store of value. Judging from the court translations, it appears that it considers Bitcoin a property because of decentralization and the economic value behind it.
This decentralization and economic benefit give users freedom. Individuals and businesses are free to use Bitcoin as a form of payments without contravening any laws. As a matter of fact China could go a long way in steadying and even encouraging market participation and Bitcoin is generally stable.