Bitcoin (BTC) and the Entire Crypto Market Unfazed by Bithumb Hack - Global Coin Report
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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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As Global Tensions Grow, Bitcoin Price May Go Higher

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BTC Surged Again as A Safe Haven Asset During Global Tensions

  • India – China Border Conflict

After weeks of squabbling and brawling along their long-disputed border, hundreds of Indian and Chinese soldiers engaged in a deadly clash Monday in a river valley that’s part of the region of Ladakh last week. Troops had massed on both sides of the border in recent months in the northern India region of Ladakh and the southwestern Chinese region of Aksai Chin, causing global concerns of a potential escalation between the two.

  • North and South Korea Clash

Last Tuesday, North Korea destroyed the liaison office it jointly operates with South Korea in the city of Kaesong, just north of the demilitarized zone that separates the two countries. 

North Korea also said it would send troops to now-shuttered joint cooperation sites on its territory, reinstall guard posts and resume military drills at front-line areas in a violation of separate 2018 deals with South Korea. Jeong said South Korea will take “immediate, swift and corresponding” steps to any North Korean provocation.

The tensions grown in Asia and the potential “second wave” of coronavirus in the United States may add more difficulties to the global economic recovery. Thus, Bitcoin, as a safe haven asset, attracts more investors to…

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CoinFlip Continues to Dominate the U.S. Cryptocurrency ATM Market

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Although cryptocurrency has brought in a lot of traders seeking the dream of overnight wealth, cryptocurrency is a lot more than just striking it rich.  Cryptocurrency is about creating a new market with companies that are building cutting edge technology in an effort to continue elevating our way of life.  As the crypto market continues to expand, several companies are involved in creating ways for more people to participate.  One such company that appears to be making all the right moves is CoinFlip.

CoinFlip is the world’s leading cryptocurrency ATM operator that currently allows users to buy and sell 10 different cryptocurrencies including BTC, ETH, LTC, DASH, TRX, KMD, LINK, BNB, XLM, and USDC.  Due to the company’s quick growth, CoinFlip has quickly gained a reputation of being the place to go for all crypto ATM transactions.  In addition to its massive geographic coverage, there are four advantages that CoinFlip currently offers over its competitors:

  • Lowest fees of any cryptocurrency ATM in the world
  • Lightning-fast transactions that are typically completed between 10 and 30 minutes
  • Extremely easy customer verification
  • 24/7 customer support through phone, text, and chat

Given the global pandemic currently facing us, many companies have been struggling just to survive.  CoinFlip, on the other hand, is not only surviving but thriving.  The company has had an exciting few months and has even bigger plans…

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Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk 

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Cryptocurrency Fraud is Evolving
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In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.

CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated. 

Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working? 

KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering 

2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived. 

Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on…

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