Was it due to Ransomware?

[shamzblueworld]

So I have just heard that the pump or rise in bitcoin value was due to the recent Ransomware attack. And after the recent drop, it makes sense too, I mean the price went up considerably as the demand of bitcoin went up, and now probably they are cashing in their rewards and hence the value is going down.
What do you think?

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[Kemarit]

So I have just heard that the pump or rise in bitcoin value was due to the recent Ransomware attack. And after the recent drop, it makes sense too, I mean the price went up considerably as the demand of bitcoin went up, and now probably they are cashing in their rewards and hence the value is going down.
What do you think?

I think investors are just cashing it out as you pointed. Ransomware has nothing to do with the pump. The hackers was able to get only a few thousands. Months ago, we say that the mental price barrier to sell is $2000, but we didn't experience a massive dump then, maybe a few price corrections. But when the price reach $2700 or more, big whalers started to dump cashing in and sleeping with huge profit in their wallet. So I guess the mental barrier switch from $2000-$2500-2700. So we are back to $2000 now I'm speculating that we may experience some buying back again in the next couple of weeks. Ransomware or not, dumping is inevitable. Its that the dumping price has change($2500-2700).

[Xester]

So I have just heard that the pump or rise in bitcoin value was due to the recent Ransomware attack. And after the recent drop, it makes sense too, I mean the price went up considerably as the demand of bitcoin went up, and now probably they are cashing in their rewards and hence the value is going down.
What do you think?

There is a huge possibility that the cause of the falling value was the ransomware group who sold all their bitcoins. But let be realistic and be true to ourselves that the cause of the price meltdown was the dumping of coins by many bitcoin holders who wanted profit from it. This is now the trend in the market the bitcoin holders will buy and hold their coins and finally if they find an opportunity they will sell it thus causing others to panic and sell their bitcoins and it will end up to a massive corrosion of bitcoins value. But there is a wall or limit for these dumps and that is the 2000$ value. The fall will not go down 2000$.

[pitiflin]

Yes ,one of the main reason for the huge changes in bitcoin of late is because of ransomware attack ,which totally hacks the devices of people and it spreads very quickly in the network they are connected with,so to retrieve the files the person's whose  device is hacked ,has to pay some among of money in bitcoin to get the key and to retrieve his/her data

[moooonu]

People were holding their coins since a long time. It was best time to withdraw those coins and cash them out in hard cash. Bitcoin price is dropped due to more coins gets circulated in market and hence demand of it gone less which resulted in price drop.

[avikz]

So I have just heard that the pump or rise in bitcoin value was due to the recent Ransomware attack. And after the recent drop, it makes sense too, I mean the price went up considerably as the demand of bitcoin went up, and now probably they are cashing in their rewards and hence the value is going down.
What do you think?

I don't think the price increase happened due to the ransomware. What the hackers tried to do was not good and many people started thinking bitcoin as an illegal currency due to this. However, we can't deny that fact, that due to ransomware attack, the bitcoin received unexpected boost and people actually started researching about bitcoin to know more about the crypto currency.

And the recent decrease in price was due to the investors who booked their profit, which is very normal and you can see the price going up again. This is a normal ups and downs for the bitcoin industry and we traders always look for such opportunity. I strongly believe that ransomware has nothing to do with the recent price surge.

[bibiqua]

So I have just heard that the pump or rise in bitcoin value was due to the recent Ransomware attack

Doesn't make sense. The attack had hardly any impact (except for some patch resistent sites that were prominently blamed featured in the media) and the criminals didn't earn a decent ransom.

[Dite1989]

At a conference, I heard the hackers didn't get that much income. I doubt, they would be the ones to "manipulate" Bitcoin's price. They installed XMR miners too and I didn't see this high pump in Monero lol.

[LTU_btc]

There wasn't many people who paid ransom to these hackers, because decryptor was created and hackers didn't received much profit. Their income was meaningless to the whole volume of bitcoin and I don't think that rise of bitcoin price was related to these attacks.

[xuan87]

I heard my friends also mention this reason, but I don't see any connection in that incident, the ransomware is not happened for the first time, before this ransomware, it did not created any uprising prices, the main reason for me is because more people are investing in bitcoin and try to do trading, not because of ransomware and the price drop due to the people selling it and now it is bouncing back again

[HanSchultz]

The price rise has nothing to do with ransomware ,it just came in between the price rally and nothing else,we are seeing big funding institutions investing into bitcoin and so is the reason we had a really good rally and expect a correction in any market and that is how the market moves.

[maydna]

So I have just heard that the pump or rise in bitcoin value was due to the recent Ransomware attack. And after the recent drop, it makes sense too, I mean the price went up considerably as the demand of bitcoin went up, and now probably they are cashing in their rewards and hence the value is going down.
What do you think?

i don't think that is because of ransomware attack, i think its because many people is getting panic when they see the bitcoin price is getting correction and this make many traders panic and selling their bitcoin. they selling the bitcoin is because they are afraid that bitcoin price will be falling to deep and they don't want to cover the loss so this makes them to click the instant sell button. but after the deep correction, the price now is back to the high price and i think the price soon will reach more high. and congrats for people which buying bitcoin with cheap price so they can sell it at high price.

[HaXX0R1337]

People were holding their coins since a long time. It was best time to withdraw those coins and cash them out in hard cash. Bitcoin price is dropped due to more coins gets circulated in market and hence demand of it gone less which resulted in price drop.

What do you really mean by more coins being circulated in the market.The market cap is still the same and what are you talking about,we had a good rally and now we saw a minor correction,last month i thought the best rate would be around thousand dollars and things changed just like that now two thousand is the new minimum.

[jhannlenr]

it might be an impacting factor "can't deny it completely as a very large number was hit, some of them did pay the ransom" but I guess the reason is more fundamental from that with the increasing media attention and coverage and new countries like Korea and India buying more into it.

[FiendCoin]

So I have just heard that the pump or rise in bitcoin value was due to the recent Ransomware attack. And after the recent drop, it makes sense too, I mean the price went up considerably as the demand of bitcoin went up, and now probably they are cashing in their rewards and hence the value is going down.
What do you think?

The spike and drop were due to SegWit.

When the market believed SegWit would be activated by miners due to the Barry Silbert agreement, it spiked.

When the market ceased that belief due to the validity of the agreement, it dropped.

Every time there is positive momentum for SegWit the price rises.

Every time there is negative momentum against SegWit, such as BU, the price drops, although temporarily because we are in a bull market.

If you haven't figured it out yet, the market wants SegWit. Therefore, if you want to make more money faster, support SegWit 

[Wind_FURY]

There are some idiotic replies here that clearly have not looked into the subject closely. Before we can answer what OP is asking we should find out how much the victims paid in total. There was some news posted in some site that the hackers only got $50,000. If that is not true then the value could be higher but not high enough to reach $1m I believe.

Is that big enough to move the price down?

[mike1183]

Nah, the movement was just too big to be due to that and also the fallen price recovered easily, and the countries the new demand is coming from is mostly South Korea, which wasn't affected that much with the Wannacry malware, although it may have provided some form of "publicity?"

[CasinoRoyal.one]

There are some idiotic replies here that clearly have not looked into the subject closely. Before we can answer what OP is asking we should find out how much the victims paid in total. There was some news posted in some site that the hackers only got $50,000. If that is not true then the value could be higher but not high enough to reach $1m I believe.

Is that big enough to move the price down?

You took the words right out of my mouth.  I too also read that they only managed to secure roughly 50k.  I think more the price movement is whales filling their wallets with cash at 2700.

[RoommateAgreement]

Yes ,one of the main reason for the huge changes in bitcoin of late is because of ransomware attack ,which totally hacks the devices of people and it spreads very quickly in the network they are connected with,so to retrieve the files the person's whose  device is hacked ,has to pay some among of money in bitcoin to get the key and to retrieve his/her data

have you even checked some numbers before giving your (wrong) opinion here?
according to CNBC the hackers only made $50,000 from their attacks!

now do you even know how pathetic that number is compared toe bitcoin daily trading volume?
let me help you. on bitstamp alone the daily trading volume has been above 15,000BTC=about 25 million dollar on average. and there are at least 5 more exchanges with same amount out there...

so yeah that drop in the oceac caused the ocean to overflow!

[klf]

At a conference, I heard the hackers didn't get that much income. I doubt, they would be the ones to "manipulate" Bitcoin's price. They installed XMR miners too and I didn't see this high pump in Monero lol.

If they instal many miners then prices will not go high instead it should come down because supply will be more than the demand. I think these recent attacks will have a slight impact on prices but this is not a reason for recent prices to go high. But these attacks has given a good publicity to Bitcoin in worldwide.