$17 Billion Deleted From Cryptocurrency Market in 24 Hours as Ethereum Falls 7%

[MatyasZaborszkyScam]

The cryptocurrency market has recorded a loss of over $17 billion in the past 24 hours, triggered by the loss of major cryptocurrencies including Bitcoin, Ethereum, Ripple, Bitcoin Cash, and EOS.

EOS recorded the largest loss amongst major digital assets, demonstrating a loss of more than 10 percent overnight. Ethereum, Bitcoin Cash, Litecoin, Stellar, and Cardano fell behind EOS, falling by just over 7 percent.


What Triggered the Sell-Off?
On previous reports, CCN noted that the cryptocurrency market is still in a bear cycle and that it had only initiated a corrective rally, not a bull rally. In mid-June, the market seemed more stable than any other period throughout the past two months. But, the unforeseen hacking attack of Bithumb, South Korea’s largest cryptocurrency exchange, terminated the corrective rally of the market and led major cryptocurrencies to a short-term decline.

Prior to the Bithumb hack, the cryptocurrency market had shown significant momentum, as Bitcoin rebounded from $6,300 to $6,700. But, the breach of the most widely utilized digital asset trading platform in South Korea, the third biggest cryptocurrency market behind the US and Japan, led investors to panic, even though the outcome was not particularly detrimental.

On June 21, CCN reported that Bithumb confirmed $30 million was stolen from its hot wallet and has started to cooperate with the Korea Internet and Security Agency, a sub organization of the Ministry of Science and ICT, to minimize its losses. The Bithumb team stated that the $30 million figure could decrease in the future, as KISA and Bithumb security experts initiate various recovery efforts.

“After the incident occured on June 20, Bithumb quickly followed the procedure to immediately report [the] incident to KISA announcing that about 35 billion Korean Won worth amount of cryptocurrency was stolen. However, as we undergo recovery process on each cryptocurrency, the overall scale of damage is getting reduced. Hence, we expect that the overall damage will be less than the amount we initially expected,” the Bithumb team said.

Bithumb also confirmed that with company funds, valued around $450 million, the exchange will be able compensate its investors fully with ease, as the stolen amount only accounted for around 6 percent of company funds.

Hence, the end result of the Bithumb security breach was not detrimental to the point of triggering a 6 percent cryptocurrency market correction. Rather, it was the end of an optimistic short-term corrective rally triggered by Bithumb that led the cryptocurrency market to experience a minor correction.

Where Ethereum Goes Next
Ethereum experienced the biggest loss amongst major cryptocurrencies today alongside EOS, and given that smaller cryptocurrencies and tokens follow the trend of BTC and ETH, the short-term trend of ETH is important to observe.

Various momentum indicators indicate neutral zone for ETH. The Relative Strength Index (RSI) of ETH is at 40.5 and the MACD of ETH is demonstrating a buy signal. But, a neutral signal for ETH, in a strong downward trend, could mean that its decline could be prolonged to the higher end of the $400 region, from the current price of ETH at $503.

[nicolaz.zhu]

When is expected to return to its normal price, is it going to decrease that price? in this year bitcoin has not increased at all.

[talkbitcoin]

when people say the total market cap is fake, this is why!

when a shitcoin has a huge supply (like ETH) when it loses value it loses a LOT of market cap. the same is true when it is pumped. it is a simply multiplication: a * b so when a (supply) is huge and you increase b (price) you get a much bigger result.

at the end of the day ETH is still in a huge bubble because of all these ICOs that have been pumping it for over a year. it needs to continue coming down for a very long time until you can call it "bottom". at least another $300 should be "deleted" from its price which is about $30 billion of its fake market cap.

[lizardbtc]

What you can conclude? That total value of any coin called Market Cap is imaginery as there is not really many money in the system as it shows us. Market Cap is evalueted according to the last trade (or yet avarage price per 1h, day, few mins...) of particular token. I mean you can do like one transactions that is 1000x higher than the last one and buy as low as 0.001$ worth of some shitcoin and you will see the price to increase a lot nbased on the last trade but in reallity low amount was boght at that price.

Next time include links from where you took that information, don't just write it, this is took from one of these 2 articles:
https://www.ccn.com/17-billion-deleted-from-cryptocurrency-market-in-24-hours-as-ethereum-falls-7/
https://medium.com/@MatyasZaborszkyscam/17-billion-deleted-from-cryptocurrency-market-in-24-hours-as-ethereum-falls-7-968e5a69ecd4

[MISERICORDAE PROJECT]

24hr change = $-39.18

It's been fluctuating within the 'range' for a while. Progress of discussion between Geth and Parity?

Significant impact on Bitcoin price?

[Dukjila]

As everything happens surprisingly, the price of Bitcoin falls, and BTC Dominancier increases, which indicates an increase in Bitcoin buying transactions over the sale.

Investors still believe in Bitcoin!

[Slow death]

The cryptocurrency market has recorded a loss of over $17 billion in the past 24 hours

 

this will be the headline on all crypto news channels. How the hell can this market be this way?

EOS recorded the largest loss amongst major digital assets, demonstrating a loss of more than 10 percent overnight.

has dropped 10% in relation to the dollar because in relation to bitcoin does not show to have fallen much, just see other altcoins as they fell a lot in relation to bitcoin in the last months, see Lisk, months ago it cost 0.0015 satoshi and today less than 0.00090 satoshi. There are many altcoins that are in the same situation as Lisk

What Triggered the Sell-Off?

I will risk and give my guess, People realized that the price was not going up and they decided to sell, it always happens when the price stays stagnant days in the same price

[scherba]

This is time to accumulate more of ETH. It recently doubled in gap of only 30 days and this will be repeated soon.

[Glory90]

I think the main reason for this incident is FUD, will the hacker be able to redeem stolen amounts for Fiat in a short time? I hope the weak hands think of it, and I hope weak hands can read this

Bithumb also confirmed that with company funds, valued around $450 million, the exchange will be able compensate its investors fully with ease, as the stolen amount only accounted for around 6 percent of company funds.

Bithumb will be able to compensate its investors, large funds will enter the market if Bithumb pays the investor losses, this can be good news for the Crypto community but unfortunately, there are many weak hands that respond to cases only from news headlines without doing more research on the case and easily panic

[bigdude]

When is expected to return to its normal price, is it going to decrease that price? in this year bitcoin has not increased at all.

yes, 2017 was the year of bitcoin and crypto price only up up up. and this year 2018 it will be down down down year of bitcoin value.
in Jan price almost $15k+ and now we're sideway at around 6k. I hope end of this year price would increase to around 10k again so bad for holders

[RNGfight]

Because we are still in a bear market in crypto-money markets, any fall looks normal.
Because people across the market still lack confidence, most will choose to sell them and leave the cryptocurrency market for a short time.

[keycellko]

Dont expect a rise during bear market. Most of the people who sell either need the money so bad or are new to the crypto industry and are afraid of huge losses so theyd rather lose a little than lose a whole lot. L If it starts to bullrun it will be easy to collect profits. So just be patient

[dablatair]

This numbers give the head to turn, it is really difficult to imagine the whole size of the the crypto market

[franky1]

market cap is a empty meaningless number. there has not been BILLIONS lost.
there is no bank accounts holding the entire markete cap in fiat.

when a price of $6700 drops to $6500
the loss is not billions. because smart people dont sell at a loss to actually lose
the risk is minus $200 if they bought at $6700
the benefit is plus $200 if they bought at $6300

but all in all there is no billions of loss.

if i made a coin of 5trillion coins and bought 1 coin at $5. the cap becomes $5trillion
but the real funds is only $5. $5trillion in fiat has not ben created, gained,.. the $5trill does not exist to gain or lose
if someone else bought a coin for $4 then my risk is minus $1. but i have not sold my coin so its not a loss, just a risk

if i then stupidly sold for just $2 then i have a real loss of $3. not $3trillion

[ravijadon12jan]

For the time being entire market is down, I don't think it has anything to do with ETH price decrease specifically. So many things are going around the crypto and everything is impacting the price in negative direction. Sadly good news don't give the momentum to break in upward direction, but small bad news hamper the price by 10-12% easily. Still many weak hands and newbies are there who sell out whenever such news arises. Crypto still has lot to grow and mature, it's that time where bears are on run and bulls couldn't keep up with the upward action they initiate for 2-3 days.

For longer term I think ETH is the best choice, only it has the real use cases as of now. Many apps already built on it and many are coming on ETH platform only. I am very bullish on ETH and buying it on every 10-12% dip. I know it will be a good investment down the line of 2-3 years.

[realcrypto]

In conclusion there is no way cryptocurrency market can be stable or steadily increase for one month without falling. There is always one story that will pull the price down. The best thing is to utilize opportunity when it comes.

[sakahayang]

When is expected to return to its normal price, is it going to decrease that price? in this year bitcoin has not increased at all.

yes, 2017 was the year of bitcoin and crypto price only up up up. and this year 2018 it will be down down down year of bitcoin value.
in Jan price almost $15k+ and now we're sideway at around 6k. I hope end of this year price would increase to around 10k again so bad for holders

Can you be sure of your opinion, how can you prove it all. explain to us, so that we are not wrong in making decisions in the future.