• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Breaking: SEC Sues Binance And CEO For Alleged Securities Fraud
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: SEC Sues Binance And CEO For Alleged Securities Fraud
bitfinex

Bitfinex Hack to Blame for Massive Bitcoin Price Drop

Nick Marinoff by Nick Marinoff
7 years ago
in Bitcoin, Altcoins, Bitcoin Acceptance, Bitcoin Exchange, Bitcoin Investment, Bitcoin Security, Ethereum, News teaser
0

After a steady week of hovering in the $650 range, the bitcoin price has been dealt a massive blow. Investors and enthusiasts were shocked to discover that the world’s favorite coin had fallen by more than $100 into the low $500s. At press time, the price has rebounded, and hovers around $571, a near $200 drop since reaching a high of $700 just a few months ago. Community consensus on the cause of the drop points the blame at Bitfinex, losing around $65 million in bitcoin after being hacked.

Also read: Japan: The Newest Bitcoin Price Influencer?

Bitfinex Tanks the Market

One source explains that the horror is not yet over, and coin-lovers should brace themselves for what is likely to be another bruise-inducing tumble:

“Although the market seems to have found a bottom, there is not yet any technical reason to believe the decline is complete. Now is the time to count your money and sit out of the market for a few days or weeks… This analyst’s position remains that external and fundamental events do not determine the direction of price movement – the movement is generated by active buyers and sellers in the market, and the direction of movement is determined by their persuasive social mood. It was posted here two weeks ago that the long-term charts indicate a looming downtrend. Many readers were irked by the analysis, yet in the meantime, market participants found various catalysts and ‘good reasons’ to sell. The majority’s impulse to sell (or buy) is based on their collective psychology – social mood – whether positive or negative (as in this case)… Will there be more downside? We cannot know for sure.”

But others are suggesting specific reasons for the drop. Among them are the yuan’s devaluation, hard-fork insecurity (thanks, Ethereum) and the recent Bitfinex hack that left nearly $70 million missing from one of China’s largest bitcoin exchanges.

Bitfinex

It’s a likely culprit: again, questions regarding bitcoin’s safety are being triggered and entering doubters’ heads, and many are pointing out that the price drop occurred almost directly after the hack took place. In fact, the present number is considered something of a rebound after a brief period when bitcoin was being traded at about $480 in Hong Kong.

Bitfinex has released a statement, explaining:

“The theft is being reported to – and we are co-operating with – law enforcement. We are deeply concerned about this issue, and we are committing every resource to try and resolve it.”

The theft took place mere weeks after another major cyber-attack occurred on Ethereum’s platform, which resulted in the loss of nearly $60 million in Ether funds. Several have witnessed their accounts drained, and all trading on the exchange has been halted until further notice.

Will bitcoin rise or drop in the coming weeks? Post your thoughts and ideas below!


Images courtesy of Bitfinex, The Merkle.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Nick Marinoff

Nick Marinoff

Related Posts

Rare satoshis

Rare Satoshis: The Rising Star In Crypto After BTC-20 And Meme Coins?

9 mins ago
Ethereum (ETH)

VanEck Says This Is When Ethereum (ETH) Will Reach $11,800

23 hours ago
Ethereum

Ethereum Bearish Signal: Profit-Taking Transfers Spike

1 day ago
USDC and Abritrum

Circle Announces Launch of Native USDC on Arbitrum Network, Aims for Faster Transactions

4 days ago
Circle

Circle And Arbitrum Launch Native USDC: What You Need To Know

5 days ago
Ethereum

Bullish Signal? Ethereum Average Fees Declines 69% Since Early May

5 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    5 days ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    5 days ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    5 days ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • Double The Value of Your Crypto Portfolio This Summer...

    4 mins ago
  • AiDoge Presale Hits $12 Million, but Could Chancer Be the...

    59 mins ago
  • How Avorak AI and Ethereum Are Gaining a Foothold in Asian...

    2 hours ago
  • Look For Opportunities With Uwerx(WERX) Presale And...

    2 hours ago
  • PancakeSwap (CAKE) Gains, Sparklo (SPRK) To Enter Top 100...

    3 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.