Bitcoin prices continue to fall as yet another exchange reports a breach

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The hack of a cryptocurrency exchange in South Korea is being blamed for a sharp drop in bitcoin and other popular currencies, which lost billions of dollars in value.

And as another observer pointed out, it's not just bitcoin that felt the heat this weekend - numerous world's largest cryptocurrencies by market capitalization saw downward price moves.

The Chainalysis data quantifies this distinct shift in the make-up of bitcoin owners from longer-term investors - those who held the asset for more than a year - to short-term investors who have traded more recently, by analysing how regularly coins have changed hands.

Other large cryptocurrencies like Ethereum, ripple and bitcoin cash have all fallen more than 11 per cent over the past 24 hours. News reports said Coinrail, launched in September, was the seventh-largest exchange in South Korea by trading volume.

Japanese exchange Coincheck was hacked in January and lost over $500 million in digital currency.

"This is 'If it can happen to A, it can happen to B and it can happen to C, ' then people panic because someone is selling", Innes said.

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"The markets are so thinly traded, primarily by retail accounts, that these guys can get really scared out of positions", he said.

Coinrail said hackers stole cryptocurrencies including Pundi X, Aston and NPER.

"For now, the big money will most likely remain on the sidelines and wait for emerging markets to build momentum, as they did in late 2016", he concluded.

The largest cryptocurrency declined to $US6,749 as of 2 p.m.in NY, the biggest drop since March 14, according to data compiled by Bloomberg from Bitstamp pricing.

The company said in a statement that it was cooperating with the police and their investigation into the cyber attack which occurred yesterday.

Some Asia-listed stocks with exposure to digital currencies fell on Monday.

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