Bitcoin Price Rebounds to $6,700, Market Adds $8 Billion in Recovery Bithumb Hack

Yesterday, on June 20, more than $10 billion was erased from the cryptocurrency market after Bithumb, South Korea’s biggest cryptocurrency exchange was hacked. Today, the cryptocurrency market added $8 billion to its valuation following Bitcoin’s slight gain, recovering from the Bithumb hack within 24 hours. What’s Behind the Recovery? On June 20, major cryptocurrencies including Bitcoin, Ethereum, Ripple, and Bitcoin Cash fell by around 2 percent as the market fell slightly, led by the intensified downward movement of tokens and smaller cryptocurrencies. The minor correction was evidently triggered by the…

Bithumb Hack Prevents Corrective Cryptocurrency Rally, Market Drops

South Korea’s biggest cryptocurrency exchange Bithumb experienced a hacking attack that led to a $30 million loss on June 20, leading the cryptocurrency market to drop by $6 billion within hours. Major cryptocurrencies such as Bitcoin, Ethereum, Ripple, and Bitcoin Cash, which successfully picked up some momentum throughout June 17 to 19, ended their corrective rallies and have fallen by around 1 percent over the past few hours. Tokens including Ardor, Ethos, Polymath, and Aion have continued their downward trend against both Bitcoin and the US dollar, triggered by the…

Investors Turn Bullish as Cryptocurrency Market adds $12 Billion 24 Hours

Over the past 24 hours, the cryptocurrency market added $12 billion, as major cryptocurrencies including Bitcoin, Ethereum, Ripple, and Bitcoin Cash experienced a short-term corrective rally. Breathing Room, But Not Entirely Optimistic The Bitcoin price rebounded from $6,300 to $6,700, breaking a descending trendline since May 3, when BTC achieved $10,000. While it is too early to conclude that BTC has entered into a mid-term rally given that it is still likely for BTC to fall below the $6,000 mark in the short-term, the cryptocurrency market has gained a breathing…

Cryptocurrency Market Declines $5 Billion, Bitcoin Fairly Stable at $6,450

Open Positions at CCN: Full Time and Part Time Journalists Wanted. The cryptocurrency market has dropped by $5 billion over the past 24 hours, from $282 billion to $277 billion. Most major cryptocurrencies including Bitcoin have declined by 1 to 2 percent but did not demonstrate any major movement on both the upside and downside. Bitcoin and Ethereum outperformed the top 10 cryptocurrencies with a slight loss of 0.8 percent, while Ripple, Bitcoin Cash, EOS, and Cardano experienced a loss of around 2.5 percent. Where Does Bitcoin go Next? Over…

‘Gut-Wrenching’ Bitcoin Price Decline Driven by Futures Traders: Fundstrat

Open Positions at CCN: Full Time and Part Time Journalists Wanted. The bitcoin price has experienced a “gut-wrenching” decline in 2018, and Wall Street strategy firm Fundstrat believes it has finally identified the reason why. Writing in a recent note to clients, Fundstrat founder Tom Lee stated that the bitcoin price tends to decline leading into futures expiration dates, suggesting that these products are a major driver of bitcoin’s movements. “Bitcoin sees dramatic price changes around CBOE futures expirations. This was something flagged by Justin Saslaw at Raptor Group. We…

Bitcoin Bounces From $6,100 to $6,500, Market Buys Breathing Room

Get exclusive fiat and cryptocurrency analysis on Hacked.com for just $39 per month. Click here now! The bitcoin price has demonstrated a short-term corrective rally from $6,100, rebounding to $6,500 over the past 24 hours, rising by around 6.5 percent. Small cryptocurrencies and tokens followed the price movement of bitcoin on the upside. Strong Oversold Condition The latest corrective rally of BTC and its swift recovery from $6,100 to $6,500 can be mainly attributed to the extremely low Relative Strength Index (RSI) of BTC, which was at 28 on June…

Bitcoin Price was Manipulated by Tether, Researchers Claim

Get exclusive fiat and cryptocurrency analysis on Hacked.com for just $39 per month. Click here now! Market manipulators used Tether’s USDT token to artificially inflate the bitcoin price during 2017’s prolonged bull run. That’s according to explosive new research from University of Texas finance processors John Griffin and Amin Shams, best known for identifying suspicious activity in the VIX last year. Writing in a 66-page report titled “Is Bitcoin Really Un-Tethered?,” Griffin and Shams argue that tether, a “stablecoin” that is allegedly backed by USD at a 1:1 ratio, has…

Cryptocurrency Market Inches Near $300 Billion in Gloomy Outlook

Get exclusive fiat and cryptocurrency analysis on Hacked.com for just $39 per month. Click here now! The cryptocurrency market has slightly rebounded by about 2 percent, from $290 to $296 billion, as major cryptocurrencies like Bitcoin and Ethereum increased by 1 to 3 percent in value. Still, the market is demonstrating a bearish trend and shorts on exchanges like Bitfinex have surged by large margins over the past week. Bitcoin Shorts on Bitfinex: Chart From TradingView Bear Cycle Over the past few months, the cryptocurrency market has experienced a similar…

Hodlers Caused the Q1 Bitcoin Price Decline: Analytics Firm

Get exclusive fiat and cryptocurrency analysis on Hacked.com for just $39 per month. Click here now! When the bitcoin price declined from nearly $20,000 in Dec. 2017 to below $6,000 during the first quarter of 2018, many observers blamed new investors whose shaky hands had never endured a true bear market. However, new research from blockchain analytics firm Chainalysis suggests that it was long-term investors, hands calloused from years of hodling though they may have been, who triggered the decline and then continued to sell into the dip — to…

‘Bloody Sunday’ Not Caused by Coinrail Hack

Open Positions at CCN: Full Time and Part Time Journalists Wanted. When the bitcoin price fell more than $1,000 and the cryptocurrency market cap shed more than $40 billion on “Bloody Sunday,” many media commentators attributed the decline to a security breach at a small cryptocurrency exchange in South Korea. However, Mati Greenspan, senior market analyst at eToro, says that claim is misguided. As CCN reported, the little-known Coinrail became the latest cryptocurrency exchange to fall prey to hackers, who are said to have made off with approximately $40 million…