Bitcoin Price Turns Red After Massive Rally

After rallying strongly for few days, Bitcoin price turned red on Thursday, breaking below the 400 mark and further falling to 360 levels where it currently trades. While the reasons for the recent rally are still being speculated, CoinTelegraph reported on Thursday that BTC/CNY started declining around the same time when OKCoin users started experiencing problems with the server and were unable to access their accounts.

OKCoin, a China-based bitcoin exchange, processes almost 40 percent of all bitcoin transactions. It suspended some of its services following cyber attack from unidentified hackers. 

“OKCoin is currently suffering from malicious cyber attacks and as a result, some services may be suspended, Sorry for the inconvenience”, the website read at the time.

“There is always an inherent third party risk for traders using exchanges and obviously in times of price spikes any exchange with high volumes is a honey pot for thieves,” explained Alena Vranova, Co-Founder & Director at SatoshiLabs to CoinTelegraph. “I can only advise to everyone to learn some best practice like transfer only bitcoin that will be traded, never keep more than you can afford to lose, and transfer all gains whenever possible to a bank or a secure wallet such as Trezor.”