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Bitcoin

Bitcoin (BTC) Showing A Deposition: Is It Due To The Binance $40 Million Hack?

Bitcoin (BTC) that was growing and making investors buoyant, to nudge $6000 mark until yesterday is now witnessed lingering around $5895 going as low as $5795 in the span of the last 24 hours.

  • Binance hack took place in the same 24 hours
  • Loss of around 7000 Bitcoins in the Binance hack that amounts to 40 million USD.

Current status:

Bitcoin

Though not great as the current hike created by the price of Bitcoin that is lingering at around $6000 but a decrease of 1.28% is noticeable before the next milestone that is yet to be achieved.

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Bitcoin Chart

It was yesterday when the predictions were enough to make investors happy of their potential investments in Bitcoin but what do we observe today? It was in the span of 10 hours from the last 24 hours when the Bitcoin price was swinging between the $100 change from $5895 to $5795. Does it hold any alliance with the Binance hack of 7000 Bitcoins?

The question is not likely to hold the total connectivity with the fall because the market is volatile enough to support this undoing.

As per the chart above by Coinmarketcap, on 8th May at 4:30 UTC time:

Bitcoin is currently trading at a price (USD) 5,863.07 with a Market Capitalization of 103,708,162,903 USD. The 24h volume is 16,552,248,472 USD with a Circulating Supply of 17,688,425 BTC. It is important to note that the 24 hours high/low noted as 5988.18 USD/ 5794.72 USD respectively had a difference of 3.23% which was $193.46 less than the high (5988.18 USD). Currently, it is 1.17% more than the lowest in the last 24 hours.

Until the greater half of the day, the price of Bitcoin was ranging above $105 billion Market Cap and came to a range between $102 billion to $103 billion with the lowest price (USD) of the last 24 hours.

Conclusion:

Binance had a major hack of 7000 Bitcoin with around a loss of 40 million USD due to its weak security maintenance but the price is not likely to have a homologous with it as we constantly see such volatile movements irrelevant of any scams and hacks taking place.

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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