Binance Coin rate dropped the most on hacker attack

May 9, 2019   Binance Coin

Cryptocurrency assets traded with a slight change in prices at the end of the trading session on Wednesday. Ethereum fell to a level of 169 dollars, and the price of XRP dropped to around 0.3010 dollars. Bitcoin rate has grown by more than 5% in the last 24 hours from $ 5,800 to $ 6,098, confidently overcoming the resistance level of $ 6,000 for the first time in 2019. After hacking Binance, investors expected a new wave of fears, uncertainty and doubt, which should set the short-term tone for the market. But Bitcoin confidently struck an important psychological mark of $ 6000, updating the highs of mid-November last year. The breakdown of this level was accompanied by a surge in trading volumes. During the past month, technical analysts and traders pointed to a possible increase in Bitcoin to $ 6,200 - $ 6,400, which will signal another serious attempt to switch Bitcoin to a bullish mode.

The largest cryptocurrency exchange, Binance, reported yesterday about a hacker attack and a loss of 7,000 Bitcoin, or $ 45 million. 7,074 Bitcoins were stolen, which is 2% of all BTC coins stored in a crypto-exchange. According to representatives of Binance, hackers managed to get hold of a large number of API keys, two-factor authentication codes, and possibly other data using phishing, viruses, and other types of attacks. As a result, hackers managed to gain access only to the “hot” wallet, which held about 2% of the funds. To cover the losses, funds from the fund created in the middle of last year will be used, to which the exchange sends 10% of the total volume of trade commissions. Currently, the exchange is going to conduct a security audit, which can take about a week. During this time, I / O funds will not be available. The attack had a slight effect on the top ten cryptocurrency quotes, and the Binance Coin rate dropped the most.

In the near future, the growth of the benchmark cryptocurrency will be tested for strength, but it is already obvious that market participants are increasingly believing in the future of the project, while pessimists are gradually changing their opinions without resorting to taking profits after minor spikes in growth.

Litecoin developers introduced a new version of Litecoin Core client. Among the main improvements are reduced commissions and advanced privacy settings. Also support of partially signed transactions was implemented for more convenient work with hardware wallets, multi-signatures and CoinJoin transactions. Litecoin has increased in price by 150% since the beginning of 2019, which was the best result among the top cryptocurrencies.

In our forecast for Thursday, we expect Bitcoin prices to fall to the levels of 5900, 5850 and 5800 dollars, Ethereum to the marks of 167, 165, 162 dollars, and XRP to the levels of 0.3000, 0.2975 and 0.2940 dollars.


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