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Bitcoin Unfazed Even after Bithumb’s attackers made away with $30 mln in Crypto

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All over mainstream media, the safety issue of crypto funds has been the talk of town especially after the recent attack on Bithumb. Bithumb, the South Korean crypto exchange, was hacked in a series of events that saw the exchange platform, ranked in the top ten crypto exchanges in terms of trading volume, lose over $30 million in cryptocurrencies.

Previous attacks and how the market reacted

However, despite the attack, the market only responded mildly with no flash crash as experienced with previous attacks on exchanges. For instance, Coincheck was hacked earlier on in 2018 in what was the biggest coin heist ever such that Bitcoin’s price dropped by 10 percent almost immediately in response to the hack.

When Coinrail was hacker a few weeks ago, the market also experienced a flash crash where prices dropped by over 12.25 percent even as some believe that the crash was unrelated to the attack on the small exchange (Coinrail).

In contrast, when the news about Bitthumb broke out, Bitcoin remained pretty much unfazed only dipping by 2 percent after which its price recovered by 3.14 percent. In response to the hack, Bithumb managed to move quickly and halted deposits and withdrawals while moving all funds to offline cold storage. Furthermore, the company has also promised to refund users who lost their money in the process.

Has the market become inured to attacks?

Well, what stands out form all this is the fact that this time, the market has managed to stay afloat in light of the series of bad news that has been circulating. To most crypto experts, this could actually be a sign f a bull run that is just around the corner.

According to Brian Kelly, a trader with CNBC’s Fast money, the fact that Bitcoin’s price has remained unfazed by the Bithumb hack is a sign of a bull market on the rise.  He said that “things are different for Bitcoin this time around” while explaining that Bithumb’s fast reaction to secure funds, reimburse loses and the fact that the market is exhausted are reasons for the somewhat stable price movement.

In light of Kelly’s analysis of Bitcoin’s price movement after the attack, it seems convincing to conclude that the market has become inured to news about attacks on Bitcoin exchanges. After all, an attack on the wallets of an exchange is not necessarily an attack on Bitcoin.

As Charlie Lee, the founder of Litecoin puts it,

It’s like if a bank gets broken [into] and gold gets stolen, does that affect the price of gold? It shouldn’t. So same with Bitcoin. If the exchange doesn’t protect their coins well enough and it gets hacked, it doesn’t really change the fundamentals of the coin they’re protecting.”

What does Lee think about Bitcoin’s Current bear run?

The fact that the market has not reacted rapidly to the attack on Bithumb as compared to previous attacks could also mean that retail traders who previously would panic with news of an exchange being attacked are more educated with the understanding that it is always a bad idea to leave your funds on an exchange.

Additionally, Lee also pointed out that crypto enthusiasts, traders, and investors should take the responsibility to protect their own funds. In regards to whether Bitcoin will ever recover from the bear rally, Lee believes that Bitcoin’s price in the market is actually disjointed from the level of development on the Bitcoin network. According to him, the platform is progressing “really well” and a bull rally could be anytime soon.

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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

CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Bitcoin

New Tendencies of Bitcoin Gambling

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Gambling has always been an integral part of human nature. Nothing is sweeter than the money you win, and that’s why wagering games have always captivated people throughout history. Last couple of decades saw the gamblers switch increasingly towards virtual gaming, instead of physically being inside a casino. The popularization of online casinos led to the integration of Bitcoin Gambling into the systems and today a very large share of the casino industry is based on the virtual currency.

Reasons behind the transition

The tendency to switch from classic casino environment was dictated by the fact of mobility and accessibility. But the new age has brought us cryptocurrencies like Bitcoin that revolutionized the gambling business. From now on, the gamblers of the world don’t have to rely on traditional banking transactions to be able to enjoy themselves online. A simple crypto-wallet and ownership of virtual currency is enough to engage in Bitcoin Gambling.

Bitcoin Gambling and Blockchain Technology

The big reason for the heavy shift towards Bitcoin Gambling is the fact that Bitcoin and other cryptocurrencies are based on the blockchain technology. This means that the process is decentralized, resulting in a much faster speed of transactions, when it comes to depositing or withdrawal of funds in or from the casino accounts. It also makes gambling incredibly secure,…

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Bitcoin

Bitcoin will return to the bear market? Bex500 senior investor teaches you how to get profit in the Bear market

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—— Don’t forget to join Bex500 bonus program at the bottom of the article.

Since September, the Bitcoin price has been decline from beyond $10000 to below the $8000, which 20% of the bitcoin value has been removed. The collapse of bitcoin price brings about the new panic in the bitcoin trading market. Many bitcoin investors are scared of the returning bear market as the early of this year. On the contrary, some of the bitcoin-believer, especially the investor who brought Bitcoin in the height of the price still thought that the bitcoin price will rebound very soon. However, it is no doubt that the early stage of the bear market has been shown up in the past month. Many crypto analysts start to predict the bottom price of this market movement.

However, as the market developed, crypto traders have detected more tools to safely pass through the bear market. They realized more ways to avoid the loss of the price decline; moreover, they began to earn profit from the bear market. The key to the tools is the bitcoin futures contracts. We are honored to make an interview with Bex500 senior investor Tom Beck and he introduces the details about bitcoin futures contracts. (Reporter=R, Tom Beck=T)

R: Hi, Tom, Thank you for accepting our interview, Could you introduce yourself?

T: Sure, My name is Tom, I have over…

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