Bitcoin Price Drops After “WannaCry” Ransomware Taint

Bitcoin price has undergone a price revision following the WannaCry cyber-attack. Current speculation is that this is related to the fact that the attackers have requested that the ransom be paid in cryptocurrencies such as Bitcoin.

Bitcoin has enjoyed a phenomenal rally in the past few weeks, hitting a record high at $1,800 levels. With each new price record Bitcoin was setting, many wondered whether such a price is sustainable. In recent times, one major dip in Bitcoin’s price came after the rejection of the proposed Bitcoin ETF by the Securities and Exchange Commission (SEC) in March, although its price recovered over the next couple of trading days. This time around, the attackers demanded ransom in Bitcoin​. The correlation between Bitcoin and criminals appeared to rapidly affect sentiment about the currency and Bitcoin’s price dropped.