Hackers pushing bitcoin down once more
Cryptocurrency exchange Coinrail was hacked during last weekend and bitcoin slided down once again. It fell to a two-month low and now the worries about the security of the small virtual currency exchanges are growing fast.
This once more created a great uncertainty in the Crypto market that has nothing to do with the actual value of the coin but more because of the infrastructure been incomplete.
The rapid growth of the popular coins came with a big disadvantage, the fact that we don’t have a solid security against external threats.
Now investors have to face a real threat beside the fact that the cryptos are still premature and are more risky that other assets they have to worry about security as well.
Hacks are more frequent now and they destabilize the market by creating panic. Investors do not have the safety pillow as some people promised.
According to Coinrail there system was under "cyber intrusion," That caused a loss of about 30% of the cryptos traded on the exchange.
According to investing.com “On the Luxembourg-based Bitstamp, bitcoin was trading at $6,763.96, down a sharp 11.2%from Friday, having slide down roughly 65%from its all-time peak hit around mid-December 2017.”
Bitcoin was about at $6,800.0 by 11:30PM ET on the Bitfinex exchange and went down about 8.0% over the previous 24 hours.
Ethereum, was about 8.6% at $530.1 on the Bitfinex exchange.
If we examine the chart below we can see the hack of the past weekend had a major impact on the BTCUSD.
The huge gap on the chart and the difference between the Friday close and the Monday open justify that the popular coin took a big hit once more.
Here we see that the price is below the cloud and we should be very careful before start looking for any potential signals, we may consider caution till the pair is in balance.
BTCUSD 1H Timeframe
About the Author:
Marios Athinodorou is TeleTrade’s market analyst and commentator. Apart from being an experienced trader, Marios is an advanced technical analyst and is interested in trading psychology. He has 7 years of trading expertise in Forex and CFDs, providing insights to share with all kinds of traders, from beginners to experts. Among others, Marios is delivering weekly trading webinars. Sign up for upcoming webinars, here.
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