Would the bitfinex ''hack'' be the trigger of the next major rally?

[SnokkomBTC]

The major sell-off at the beginning of the late 2013 bubble looks similar. Both sell-offs are after a bear market and in a beginnig of a bull market.

What do you think?


Update, my prediction:

[spud21]

There could have been a "willy bot" operating on Bitfinex. There have been some suspicious price movements on it for over a year. There was a dump to $160 on it a year ago when the price only dipped a few dollars below $200 on every other exchange. Maybe margin calls were responsible for that Bitfinex dump, or maybe a "willy bot" was. Whether it was a "willy bot" or not the price more than trebled to $500 a few months later on Bitfinex.

Perhaps this dump after the ''hack'' could trigger the next major rally, especially if a "willy bot" was operating on Bitfinex before the ''hack''.

[1Referee]

Nah, I think if Bitfinex resumes its trading engine again, that people will slowly move to other exchanges, which as result will make Bitfinex collapse or end up being an insignificant exchange in the Bitcoin world. The damage done to the market needs time to recover, and I think the dumping isn't over yet, although the market may seem like it is calm now.

[BTCLovingDude]

Nah, I think if Bitfinex resumes its trading engine again, that people will slowly move to other exchanges, which as result will make Bitfinex collapse or end up being an insignificant exchange in the Bitcoin world. The damage done to the market needs time to recover, and I think the dumping isn't over yet, although the market may seem like it is calm now.

the dump has ended. and bitcoin price has already made a recovery of $70 from the bottom of yesterday's price.
and i think this can be the trigger that OP is talking about. it can make the price shoot up to the new ATH and since the volume was so huge in the last two days i think the whales are ready and satisfied too.

[criptix]

Major rally if bfx has and is able to buy back 120k bitcoins!

[LFC_Bitcoin]

The major sell-off at the beginning of the late 2013 bubble looks similar. Both sell-offs are after a bear market and in a beginnig of a bull market.

What do you think?

Not sure, I think the two scenarios are very different. I hope you're right though.

Major rally if bfx has and is able to buy back 120k bitcoins!

I doubt they can or will.

[Red-Apple]

i think it can be the start of it. maybe not exactly the trigger that we were waiting for but it surely will put many things in their places and the bottom has already been tested now and we know the level of readiness in the market.

Major rally if bfx has and is able to buy back 120k bitcoins!

I doubt they can or will.

i doubt they can or will or if it makes any difference in the end result now.

[randy8777]

the price reaching an all time high of around $1200 in 2013, and the massive drop to below $200 in 2015, are from a different category. don't think there is much to compare here.

[MatTheCat]

The major sell-off at the beginning of the late 2013 bubble looks similar. Both sell-offs are after a bear market and in a beginnig of a bull market.

What do you think?

Not sure, I think the two scenarios are very different. I hope you're right though.

Major rally if bfx has and is able to buy back 120k bitcoins!

I doubt they can or will.

A fortnight ago, I got my account cleaned out on Kraken.

I am currently sitting with several thousand USD on Finex. Finex seem to be taking the line, that they weren't holding any customer Bitcoins, only keys to customer allocated Bitcoin wallets. Therefore, affected customer accounts are liable for full extent of losses. Socialised losses would imply Bitfinex declaring bankcruptcy and I suspect that the owners of the company will want to do everything to avoid that, at least until they have had a chance to asset strip the company and hide all it's assets from the adminstrators. So in summation, if you had BTC on Finex, and your account was linked to one of the wallets that got drained, then Finex are saying the loss is 100% yours! This means that my USD that was sitting in Finex's account with a Dallas based bank, is safe.

If these Finex hacks are to herald in the start of a new Bitcoin bull rally, then I wish all participants the very best of luck, but just as soon as I can get my funds off Finex, I will be washing my hands with crypto for good. I suspect that there are a whole lot of other Bitcoin market participants who are feeling the same way right now.

[SnokkomBTC]

the price reaching an all time high of around $1200 in 2013, and the massive drop to below $200 in 2015, are from a different category. don't think there is much to compare here.

Look at the picture

[MatTheCat]

the price reaching an all time high of around $1200 in 2013, and the massive drop to below $200 in 2015, are from a different category. don't think there is much to compare here.

Look at the picture

all that picture tells me is that there will be no shortage of Bitcoin Kool-Aid merchants, ready to crack open the Kool-Aid at any opportunity...........until there is a shortage of Kool-Aid merchants that is.

all the more astute market heads that I know off are saying that Bitcoin will bounce back from this in time, but that doesn't change the fact that a lot of market participants aren't going to want to touch Bitcoin or anything crypto related for a very long time.

[pooya87]

~~~just as soon as I can get my funds off Finex, I will be washing my hands with crypto for good. I suspect that there are a whole lot of other Bitcoin market participants who are feeling the same way right now.
~~~a lot of market participants aren't going to want to touch Bitcoin or anything crypto related for a very long time.

i doubt that there are many people like you. maybe i am wrong in my assessing the situation but the huge USD volume that was injected in the market in the past 3 days and the rise from $496 to $570 supports my hypothesis

[NorrisK]

~~~just as soon as I can get my funds off Finex, I will be washing my hands with crypto for good. I suspect that there are a whole lot of other Bitcoin market participants who are feeling the same way right now.
~~~a lot of market participants aren't going to want to touch Bitcoin or anything crypto related for a very long time.

i doubt that there are many people like you. maybe i am wrong in my assessing the situation but the huge USD volume that was injected in the market in the past 3 days and the rise from $496 to $570 supports my hypothesis

In addition removing those USD from the market should not influence the current price as the bitcoins are already gone and the price has accounted for that.

It would be a shame to use an active bitcoin user/trader though, and I indeed guess more people will feel like MadTheCat if they are in that situation..

Up till now I was lucky enough to get my funds back from hacked exchanges (cryptsy, mintpal) because I withdrew them when the scam accusations started, but sudden moves like this are a completely different thing. Makes me rethink the amounts I hold on exchanges for fast trading..

[maydna]

actually i am not watch personally about bitcoin rate, and i only know a little about the movement. but in my mind, i think this can be happen because big amount of btc has just been hacked and i only hope that the rate will up. but when i see the chart from july and earlier august, its been hard to gets up in $700 again, because market and people still don't have confidence about bitcoin, this is because of bitfinex hacked case yesterday. but who knows the rate bitcoin will up in this middle or end august.

[miayama]

actually i am not watch personally about bitcoin rate, and i only know a little about the movement. but in my mind, i think this can be happen because big amount of btc has just been hacked and i only hope that the rate will up. but when i see the chart from july and earlier august, its been hard to gets up in $700 again, because market and people still don't have confidence about bitcoin, this is because of bitfinex hacked case yesterday. but who knows the rate bitcoin will up in this middle or end august.

I do not think the bitcoin price will rise too much in the next few months. There are not enough money to support it.

[Denker]

actually i am not watch personally about bitcoin rate, and i only know a little about the movement. but in my mind, i think this can be happen because big amount of btc has just been hacked and i only hope that the rate will up. but when i see the chart from july and earlier august, its been hard to gets up in $700 again, because market and people still don't have confidence about bitcoin, this is because of bitfinex hacked case yesterday. but who knows the rate bitcoin will up in this middle or end august.

I do not think the bitcoin price will rise too much in the next few months. There are not enough money to support it.

You can not know what will happen the next few months.No one knows.Or do you a special crystal ball?
What do you think is going to happen if for instance the Winklevoss ETF should get its' approval??
If that would really be the case just alone the announcement of such a positive news would make the price jump up because such a vehicle allow investors of different orders of magnitude to invest in Bitcoin.And that would mean we definitely talk about 4 figures in terms of price.

[gentlemand]

Um, why would the ravaging of the largest USD exchange trigger any type of rally? That seems like rather bad news to me however you wish to look at it.

There are only so many traders and they only have so much money. A lot of both might just have left the market.

[calme]

Well, Bitfinex stole our fiat even though fiat wasn't hacked, so kind of hard to buy more BTC now...

[Johnyloco]

I think there is a possibility for a rally, but chances are not that large. I think we'll indeed see during September/October. During this month most likely bitfinex faith will be decided, so as that has happened, I think it will be either a huge push or pull

[Kprawn]

The major sell-off at the beginning of the late 2013 bubble looks similar. Both sell-offs are after a bear market and in a beginnig of a bull market.

What do you think?

Not sure, I think the two scenarios are very different. I hope you're right though.

Major rally if bfx has and is able to buy back 120k bitcoins!

I doubt they can or will.

A fortnight ago, I got my account cleaned out on Kraken.

I am currently sitting with several thousand USD on Finex. Finex seem to be taking the line, that they weren't holding any customer Bitcoins, only keys to customer allocated Bitcoin wallets. Therefore, affected customer accounts are liable for full extent of losses. Socialised losses would imply Bitfinex declaring bankcruptcy and I suspect that the owners of the company will want to do everything to avoid that, at least until they have had a chance to asset strip the company and hide all it's assets from the adminstrators. So in summation, if you had BTC on Finex, and your account was linked to one of the wallets that got drained, then Finex are saying the loss is 100% yours! This means that my USD that was sitting in Finex's account with a Dallas based bank, is safe.

If these Finex hacks are to herald in the start of a new Bitcoin bull rally, then I wish all participants the very best of luck, but just as soon as I can get my funds off Finex, I will be washing my hands with crypto for good. I suspect that there are a whole lot of other Bitcoin market participants who are feeling the same way right now.

Crypto currencies and Bitcoin did not fail you my friend... The idiots running these third party services failed you. I can understand your rage, because I have lost some money on other exchanges

too, but I never blamed the technology. I have learned my lesson and I continued trading, but I only do it on a much smaller scale now.... I never store big amounts of coins on these services,

because I do not trust humans. Greed and human failure are a given characteristic when it comes to people being in charge of other people's money.