2016/08/04 5:00 AM

After a steady week of hovering in the $650 range, the bitcoin price has been dealt a massive blow. Investors and enthusiasts were shocked to discover that the world’s favorite coin had fallen by more than $100 into the low $500s. At press time, the price has rebounded, and hovers around $571, a near $200 drop since reaching a high of $700 just a few months ago. Community consensus on the cause of the drop points the blame at Bitfinex, losing around $65 million in bitcoin after being hacked.

Also read: Japan: The Newest Bitcoin Price Influencer?

Bitfinex Tanks the Market

One source explains that the horror is not yet over, and coin-lovers should brace themselves for what is likely to be another bruise-inducing tumble:

“Although the market seems to have found a bottom, there is not yet any technical reason to believe the decline is complete. Now is the time to count your money and sit out of the market for a few days or…

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