• Bitcoin bear
    Opinion

    This pointless crypto selloff may have a point

    If it’s the weekend and it’s a selloff, it must be Korea

    Another exchange is hacked, and another selloff follows. It’s turning into a regular ritual in crypto land—if one sees a big drop in cryptocurrencies, merely google the words “bitcoin selloff” and “Korea” and you’ll get the news right away. This time, Coinrail was hit with a $40 million hack over the weekend, leading to a 10+ percent drop in bitcoin prices, along with others in the cryptocurrency complex. PANIC! PANIC! PANIC! PA—wait, what’s Coinrail? Quite frankly, we never heard of it. And neither have most people. It’s an insignificant exchange out of South Korea. Its volume doesn’t even show up on, say, CoinMarketCap or other sites when it comes to…