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

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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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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Bitcoin

Behold The Cryptopreneurs – Overcoming The Obstacles Facing The Blockchain Industry

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Integrating blockchain technology is fast becoming a necessity for enterprise ventures and small or large businesses, but with a growing number of choices in the tech revolution, it’s difficult to pick a direction without feeling overwhelmed or taken advantage of. This is where BEHOLD THE CRYPTOPRENEURS comes in.

Private keys, the myth of anonymity, and the battle against anarchist ideology are only a few of the difficult challenges faced by businesses that want to incorporate blockchain into their culture. Author Dennis H. Lewis guides the reader through those challenges and helps them discover the true potential of investing in this new economic paradigm.

Every business has pain points that must be overcome in order to branch out and thrive in an ever-changing commercial environment. Blockchain has real world solutions and cryptopreneurs are not limited to the cryptocurrencies they invest in but rather how they seize economic and technological opportunities to make it work for them.

Innovation, trust, and solutions can differentiate your business from all the noise, but without a solid marketing plan, a cryptopreneur can have the best idea and never get far. Remember: a million great ideas times zero market presence equals zero success.

Investors want to know there is public interest and enthusiasm in a project before they commit any money to it. As a cryptopreneur, you are tasked with generating that interest from the…

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