Bitcoin
Bitcoin (BTC) and the Entire Crypto Market Unfazed by Bithumb Hack
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:
[Notice for the temporary suspension of the deposits]
Due to the increasing safety issues, we are changing our wallet system.
Please do not deposit until we notify.
*All deposits are not deposited into your wallet until all changes are completed.— Bithumb (@BithumbOfficial) June 20, 2018
*All deposit and withdrawal service will be stopped to make sure the security. We will keep notice you of the restart of the service. We apologize for your inconvenience and thanks for your understanding.
— Bithumb (@BithumbOfficial) June 20, 2018
Bithumb urgently ask our valuable customers not to deposit any fund into Bithumb wallet addresses for the time being.
— Bithumb (@BithumbOfficial) June 20, 2018
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’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
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The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
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Fundamentals
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