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

2018/6/21 10:17:10

Investors in both the global cryptocurrency market and the exchange market of South Korea initiated a sell-off of digital assets out of fear that the Bithumb hack may trigger a short-term downtrend.

 


From CCN, JUNE 21, 2018 07:22

 

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, which immediately stopped the corrective rally of the cryptocurrency market and the short-term rally of Bitcoin from $6,300 to $6,700. Investors in both the global cryptocurrency market and the exchange market of South Korea initiated a sell-off of digital assets out of fear that the Bithumb hack may trigger a short-term downtrend.

However, the Bithumb team immediately came out with an official statement, which read:

“We checked that some of cryptocurrencies valued about $30,000,000 was stolen. Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferring to cold wallet.”

Having made more than $300 million in net profit in 2017, $30 million is not a large sum of money for the company valued at over a billion dollars. But, after the release of its statement, Bithumb retracted it from various social media platforms.

 

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https://www.ccn.com/bitcoin-price-rebo ... in-recovery-bithumb-hack/

 

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