The price of Bitcoin and other digital currencies suffered a sharp drop after a South Korean cryptocurrency exchange was hacked over the weekend.

News that Coinrail had experienced a “cyber intrustion” had caused Bitcoin to fall by 10 per cent to its lowest price in two months. It is currently trading at $6,764.28.

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The price of other major cryptocurrencies including Ethereum and Ripple (XRP) also suffered a sharp fall.

According to CoinMarketCap, around $45 billion has been wiped off the total cryptocurrency market value in the last 24 hours.

Bitcoin has lost more than 50 per cent of its worth since December 2017, when it hit a record high of over $19,780.

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