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Bitcoin (BTC) and the Entire Crypto Market Unfazed by Bithumb Hack

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Bitcoin

Many crypto traders wake up to the news that the popular South Korean exchange, Bithumb had been hacked. In the news report, the exchange was forced to suspend deposits and withdrawals after losing $30 Million worth of cryptocurrencies to the masterminds of the heist who are yet to be known. The exchange would advise its users via twitter with the following instructions:

Considering that the hack happened early this morning of June 20th, and checking the cryptocurrency markets, we find that Bitcoin (BTC), dipped from only $6,759 to current levels of $6,658: a slight drop of 1.4%. This shows that the King of Crypto has weathered the storm this time around. The market reaction to the hack this time around seems to be more mature in that it did not trigger a major flash crash due to panic selling.

Looking back at the Coinrail hack on June 11th, Bitcoin dropped from values of $7,600 to new lows of $6,300 in less than 48 hours. There was also the additional bad news of investigations on 4 other prominent exchanges by US Authorities. The total crypto market capitalization dropped from values of $341 Billion to the low levels of $260 Billion within the same time period. This is a significant drop of 24%. The crypto markets have been gradually recovering over the past few days to the current total market levels of $284 Billion.

Ethereum (ETH) is also holding steady after the Bithumb hack and is currently trading at $525 and up 1.24% in the last 24 hours. Ripple (XRP) has only undergone a slight decline of 1.14% and is currently trading at $0.53. Bitcoin Cash (BCH) on the other hand, is trading at $876 and down only 0.56%.

With respect to the token of TRON (TRX), current market analysis indicate that it is up 4.62% and currently trading at $0.047. With the token swap scheduled in less than 4 days, the value of the token is bound to show some more upward mobility in value as more and more traders notice the event that is the Independence Day on the 25th of June.

It is therefore with the quick analysis above, that it can be declared that the crypto-markets are unfazed by the current news of Bithumb being hacked. Perhaps crypto traders have now become accustomed to hacks as well as the corresponding crypto exchanges working swiftly to prevent further losses. Three cheers for Bithumb and Coinrail on their efforts to manage both hacks.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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