Apparently the flash crash was fueled by Bitcurex hack rumors

[cellard]

We saw a flash crash from $1024 to $986, then we are back to $1015. This could have been triggered by the fact that apparently Bitcurex went offline and 2300 BTC disappeared, flash crash happened, then we are recovered.

http://www.econotimes.com/Bitcurex-exchange-disappears-with-2300-bitcoins-522042
This proves that BTC can now recover quick from injuries. Nothing can stop this rise.

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[zby]

This has been known for months. The first rumours about the 2300BTC missing were in October last year: http://bitcoin.pl/wiadomosci/bezpieczenstwo/1316-awaria-polskiej-gieldy-bitcurex

[European Central Bank]

it's an obscure exchange that's been dead for months/years. and the news came out a few days ago. no one cares.

[BillyBobZorton]

This has been known for months. The first rumours about the 2300BTC missing were in October last year: http://bitcoin.pl/wiadomosci/bezpieczenstwo/1316-awaria-polskiej-gieldy-bitcurex

True but for some reason I also saw this today posted in the bitcoin reddit. Those news can cause dips, people is very prone to react to "stolen coin" news even if they are not recent. Exchanges getting "hacked" and PBOC are the major dip creators and as we see they are increasingly less effective in crushing the price.

[BrewMaster]

We saw a flash crash from $1024 to $986, then we are back to $1015. This could have been triggered by the fact that apparently Bitcurex went offline and 2300 BTC disappeared, flash crash happened, then we are recovered.

http://www.econotimes.com/Bitcurex-exchange-disappears-with-2300-bitcoins-522042
This proves that BTC can now recover quick from injuries. Nothing can stop this rise.

actually it doesn't prove that, it only proves that right now we are on the rise and nothing can stop this current rise from happening. not even an exchange hack.

and trust me if this would have happened 3 days ago price would have gone down and stayed there for a while.

in bitcoin the news itself doesn't matter at all. but when the news comes out is important.

do you think the Chinese PBOC drama is over? obviously not they are still under investigation but nobody talks about it because it is pointless for their FUD.

[cellard]

We saw a flash crash from $1024 to $986, then we are back to $1015. This could have been triggered by the fact that apparently Bitcurex went offline and 2300 BTC disappeared, flash crash happened, then we are recovered.

http://www.econotimes.com/Bitcurex-exchange-disappears-with-2300-bitcoins-522042
This proves that BTC can now recover quick from injuries. Nothing can stop this rise.

actually it doesn't prove that, it only proves that right now we are on the rise and nothing can stop this current rise from happening. not even an exchange hack.

and trust me if this would have happened 3 days ago price would have gone down and stayed there for a while.

in bitcoin the news itself doesn't matter at all. but when the news comes out is important.

do you think the Chinese PBOC drama is over? obviously not they are still under investigation but nobody talks about it because it is pointless for their FUD.

I think all those FUD news will be increasingly ineffective to suppress the price. Bitcoin is like an immune system, and as it gets attacked, it builds the antibodies to protect itself. The more it gets attacked, the stronger it gets against those type of attacks. They keep doing the same and a resistance its built.

[Arcteryx]

it's an obscure exchange that's been dead for months/years. and the news came out a few days ago. no one cares.

True nobody does care because it is not one of the top exchanges that actually still have coins in circulation on their trading platform so what does it matter really.
The price going down was more or less due to the mass dump people were organizing earlier this morning that seemed to work so to get cheap(er) coins for a two hour windows if event that.
But someone already said: Bitcoin has become resilient to such things that it did not last to long and is recovering quicker everytime they attempt to manipulate the bitcoin price this way.

[Hazir]

Definitely not the case here.

1. Bitcurex hack/crash/inside job occurred 2 months ago. It would be extremely unlikely that this influence price now.
2. Bitcurex was a local exchange without global presence - unlike Bitfinex of MtGox. No one cares about small fry like that.

[mtwelve]

We saw a flash crash from $1024 to $986, then we are back to $1015. This could have been triggered by the fact that apparently Bitcurex went offline and 2300 BTC disappeared, flash crash happened, then we are recovered.

http://www.econotimes.com/Bitcurex-exchange-disappears-with-2300-bitcoins-522042
This proves that BTC can now recover quick from injuries. Nothing can stop this rise.

Interesting. I was asleep when this happened so sleepily in bed I'm checking Coinbase price charts on my iphone and I see a sharp crash and quick rise back up. Nice to know what was behind it. While I'm glad it recovered so quickly, I wouldn't go as far as to say NOTHING could stop this rise...

[Riddikulo]

The same history than allways. Bitcoin going up, some exchange "hacked" and the price suffer a correction. This is the way the exchanges control the price and speculate.

[beerlover]

The same history than allways. Bitcoin going up, some exchange "hacked" and the price suffer a correction. This is the way the exchanges control the price and speculate.

Are you really thinking that will happen again and again ?
I do not see exchange hacking as a commonly happening event and linking it with higher prices of bitcoin also does not seem appropriate.

[manselr]

Definitely not the case here.

1. Bitcurex hack/crash/inside job occurred 2 months ago. It would be extremely unlikely that this influence price now.
2. Bitcurex was a local exchange without global presence - unlike Bitfinex of MtGox. No one cares about small fry like that.

What you guys fail to understand is, facts don't matter. In trading is all about rumors and news. If a big site reports something, it doesn't mean when happened or if its true or not, it can have an impact in the price.

Most likely this was a natural selloff from some idiot that couldn't stand holding anymore, then panic sellers followed this whale.

[alyssa85]

We saw a flash crash from $1024 to $986, then we are back to $1015. This could have been triggered by the fact that apparently Bitcurex went offline and 2300 BTC disappeared, flash crash happened, then we are recovered.

It is such an immature market when rumours of hacks can cause a flash crash.

Can you imagine reports saying "The Dow dropped on rumours that the NYSE was hacked". It is silly stuff.

[sandiman]

wtf is that topic about ??

waiting for explaination of a 1$ increase in the near future.

[pixie85]

wtf is that topic about ??

waiting for explaination of a 1$ increase in the near future.

He saw the news and linked it to a small price movement on that day. He failed to read and understand the article though. The whole thing happened 4 months ago and it happened in the local market. If somebody dumped all stolen coins on one of the big exchanges it wouldn't even make a big dent in those buy walls.

[eaLiTy]

wtf is that topic about ??

waiting for explaination of a 1$ increase in the near future.

He saw the news and linked it to a small price movement on that day. He failed to read and understand the article though. The whole thing happened 4 months ago and it happened in the local market. If somebody dumped all stolen coins on one of the big exchanges it wouldn't even make a big dent in those buy walls.

Even though the hacked happened a couple of months ago these sort of news might draw the price of bitcoin down and with the price of bitcoin again soaring above 1000 dollars for the second time in 2017 it is quite obvious that these sort of news will come up to create some panic in the market .

[pooya87]

it sounds to me like a far fetched shot in the dark rather than being a real speculation based on real facts. and i say this mostly because the exchange service that you are naming here is an unknown place with no real effect on the market. and also hacks have never had any "real" effects on the price, it is the FUD that creates the panic.

the bitfinex that was hacked, had a huge amount stolen (or so they said) and it was during a downtime so it contributed to the dump. and finex already has a big share in the market.