Bitcoin prices moved little following news that Bithumb wasgoed hacked. (Photo by Omar Marques/SOPA Pictures/LightRocket via Getty Pictures)
Bitcoin prices have held up following the announcement that South Korean exchange Bithumb wasgoed hacked to the tune of harshly 35 billion won (approximately $31.6 million).
The market-leading digital currency dropped to spil little spil $6,561.79 at 01:15 UTC, according to the CoinDesk Bitcoin Price Index (BPI).
At this point, Bitcoin had fallen Two.6% from its price of $ 6,737.41 at the commence of the day, toegevoegd BPI figures display.
Bitcoin zometeen bounced back, recovering all of its losses and trading at $6,777.14 by 14:00 UTC, toegevoegd BPI gegevens exposes.
[Ed note: Investing ter cryptocoins or tokens is very speculative and the market is largely unregulated. Anyone considering it should be ready to lose their entire investment.]
Several analysts weighed te on Bitcoin’s minimal response to this latest hack.
The industry has not become significantly more effective at addressing thesis attacks, said Yazan Barghuthi, CEO of Jibrel Network .
“I nvestors have just become increasingly desensitized to this type of news,” stated Barghuthi .
Joe DiPasquale, CEO of cryptocurrency fund of hedge funds BitBull Caudal, suggested a different perspective.
“ The Bithumb hack wasgoed smaller than several other latest hacks, which may have diminished its influence on the spot price.”
He emphasized that “ Bitcoin’s price is already hovering slightly above proven support levels ter the low to mid-$6,000 range.”
“ If this hack had taken place when Bitcoin wasgoed commencing to climb on a comeback – say ter the mid $7,000 range – then a sell-off would have bot more likely. Spil it stands, the crowd that is purchasing Bitcoin at this price seem to be more resilient to bad news than the band-wagon crowds that a run up te price tends to attract.”
When explaining why Bitcoin prices switched little following the hack, one analyst noted that the digital currency has bot following a downward trend spil of late.
“A hack is yesterday’s news and the market has bot pretty well downtrodden,” said Charles Hayter, co-founder and CEO of digital currency gegevens toneel CryptoCompare .
Hayter cited “negative pressure,” stating that it has “pushed the market down.”
After loving a very strong rally te , Bitcoin has fallen sharply, losing toughly two-thirds of its value since peaking at almost $20,000.
Marius Rupsys recently emphasized thesis losses, stating that by falling from $20,000 to its latest low of almost $6,100, Bitcoin had fallen approximately 70%.
Te spite of all this, it is worth noting that Bitcoin’s price has made superb progress overheen the years.
Bitcoin is still far higher than it wasgoed during the beginning of , a year when digital currencies loved acute gains.
Having began the year around $420, Bitcoin is up more than 1,500% from this value by trading close to $6,800 at the time of this writing.
Disclosure: I own some Bitcoin, Bitcoin Steenslag and Ether.