- Bitcoin fell to 6% in the month, representing the deepest decline in crypto assets in almost a month.
- The decline comes after Bitcoin recorded maximum values of over $ 24,200 as adoption among institutional investors and companies such as Square and PayPal.
- A hack reported to the hardware wallet company Ledger, as well as the rules proposed by the US Treasury that would reign in cryptocurrency probably influenced the sentiment of investors.
- Watch live bitcoin transactions here.
Bitcoin retreated from records on Monday after the digital currency surpassed $ 24,200 for the first time.
Helping bitcoin grow over the year, adoption has grown among both institutional and corporate investors, as evidenced by Square and PayPal’s recent investments in cryptocurrencies.
But a 6% sale on Monday to below $ 22,000 was the deepest drop in nearly a month. The onset of the decline was probably the result of a hack into a popular hardware wallet for crypto users: Ledger.
A database of personal information such as email addresses, phone numbers and home addresses for more than 270,000 Ledger customers has been published on RaidForums, an online marketplace for buying, selling and sharing pirated information, according to The Block.
In July, Ledger publicly revealed that it had suffered a data breach, compromising the data of at least 9,500 customers. That summer hack is probably the source of a much larger data breach, Ledger said in a tweet.
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The personal data hack for Ledger users is likely to bring back painful memories of crypto hacks over the years, which led to the loss of the real bitcoin owner and serves as a reminder that cryptographic assets still operate in an environment wild-western, with too few regulations.
The Treasury Department is trying to change that, with Treasury Secretary Steven Mnuchin revealing a proposal for new rules over the weekend for those who want to move their bitcoin from their stock exchanges and personal wallets.
Users should comply with customer requirements and provide their personal information about the wallet owner if the amount transferred to the wallet is more than $ 10,000. One of the key aspects of bitcoin is the anonymity of its users who trade in cryptocurrency.
According to the proposed rules, exchanges should report individuals or groups of transactions amounting to more than $ 10,000 to the Financial Crime Network.
Despite the correction in bitcoin, it remains one of the best performing assets in 2020, recording annual gains of over 200%. Bitcoin reduced its losses and fell by just 1.5% to about $ 23,000 as of 11:10 p.m.
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