Cryptomarket declines after hacker attack on Binance

May 8, 2019

Growth impulse this week allowed BTC to overcome the $ 5,800 mark, which since the end of 2017 has acted as an important support - and this is a good bullish signal. From the side of technical analysis, Bitcoin can meet with little resistance, up to $ 6050- $ 6250. Digital cryptocurrency fell almost non-stop from $ 6,250 to $ 3,500. Most often this suggests that recovery can also occur without significant leads in the path of growth. However, in the area above $ 6050 there are already a number of important levels. If the market gets stuck in them, this will be the first signal of worsening prospects. Bitcoin is approaching an important psychological mark of $ 6000. According to CoinMarketCap, the first cryptocurrency showed a maximum of $ 5982 on Tuesday. For the week since the beginning of May, Bitcoin has already added 12%.

On Wednesday, the main cryptocurrency is declining in price amid reports of a hacker attack on the Binance cryptoexchange on May 7. This cryptoexchange has lost more than 41 million dollars in bitcoins, the withdrawal of digital currency of time has been suspended and unscheduled technical work has begun on the platform. Binance cryptocurrency exchange reported a loss of 7000 BTC ($ 40.5 million) due to a hacker attack. According to representatives of Binance, yesterday, May 7, a “serious breach in the security system” of the marketplace was discovered. The company stressed that hackers managed to get access only to the “hot” wallet, which kept about 2% of the funds. A total of 7,000 BTC were withdrawn. Currently, the exchange is going to conduct a comprehensive security audit, which, according to preliminary estimates, can take about a week. During this time, I / O funds will be unavailable, but trade will continue as usual.

To cover the losses, noted in Binance, funds will be used from the fund #SAFU created in the middle of last year, to which the exchange sends 10% of the total volume of trade commissions.

After this event, the Bitcoin rate at 11.30, according to Libertex, fell by 0.98% over the day to 5,823 dollars with a capitalization of 104.2 billion dollars. An additional negative for this cryptocurrency was the message that the leading manufacturer of mining equipment Bitmain reduced the amount of computing power for bitcoin mining by 88%. Ethereum by this time fell in price by 4.76% - to 167.8 dollars with a capitalization of 18.1 billion dollars. XRP weakened by 1.32% to $ 0.299, its capitalization was $ 12.6 billion. Litecoin per day became cheaper by 4.08% and dropped to 72.9 dollars with a capitalization of 4.6 billion dollars.

The total capitalization of the crypto market was $ 185.1 billion. According to financial analysts, the fall in the rates of crypowers may continue in the short term after another evidence of the vulnerability of digital trading platforms to hackers. Bitcoin can fall in price to $ 5,750, Ethereum - up to $ 165, XRP - up to $ 0.29, and Litecoin - up to $ 72.

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