Bitcoin tumbles by 8 percent

Bitcoin tumbles after its cryptocurrency mania. It was trading at $16,626.42 at 10:25 a.m. in Hong Kong.

However, investors still see its long term benefits.

The dip in Bitcoin comes after two major hackings of  Youbit, a South Korean exchange company forced the company to prepare to file for bankruptcy and shut its doors.

Digital Currency Society

Across Asia, digital currencies are popular. South Korea is a main proponent of cryptocurrency and one of the world’s most wired societies.

Just days after South Korean exchange association announced a more transparent process, Youbit suffered its final blow. Nonetheless, the world moves towards a decentralized money exchange. The Guardian announced a survey of European economists who say that the digital currency will not intrude on the financial stability of the region.