Was it due to Ransomware?

[shamzblueworld]

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.

But it could be that many people bought bitcoin after those news, either just to know what its about or maybe those who were to paid ransom and bought these coins just in case they have to, and now they are selling as they don't have to pay the ransomware anymore.
I mean the impact may be not that big from ransomware, but must have definitely made some impact both in btc value rise and now fall.

[DoublerHunter]

I don't think the ransomware has related for the recent price changes because the ransomware is just a small issue for bitcoin and bitcoin is not hacked or anything it just used for illegal activities like a gateway for ransoms like the virus that already spread a few days or weeks ago. I think the current price changes is depending on the movement of the whales since they one of the most reason why the price of bitcoin is on the top now.

[Amph]

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.

it's a mental thing, they forced many people to pay and scared many other that maybe bought bitcoin in case the same thing happen to them, i would not be sos ure if this trick didn't work for him

and indeed the pump was not due only to this, that is clear, there are manipulation from big whalas here as usual

[szpalata]

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).

For me dumping in recent times doesn't have negative effects like some years ago because people will buy back again and the price will be restored or nearly restored to the point where it began to dump. We can all see I s back to 2,200$ and might climb up again within the week. The ransomware attack is bogus and I don't think it had any direct implications on Bitcoins prices.

[Kakmakr]

The impact that these Ransomware will have on Bitcoin's price, will be like farting in a tornado. You will definitely not make any impact at all, and it will hardly be noticed. The media will blow this totally our of proportion, because it's "clickbait" and draw people's attention to their news sites.

Ransomware is still very insignificant in the bigger scheme of things. ^hmmmmmm^

[crazyivan]

That s BS, big time BS. What u claim is that demand for BTC came from people need BTC to pay ransom and now it went down cause attackers cashed out.

Well......that is BIG TIME BS.

One question, why did price go up from 650 last year to 1200 early this year? There was not ransomware during that period?

[Herbert2020]

... There was not ransomware during that period?

Ransomware existed for a very long time, probably as old as computers have existed. with different names and a lot of different methods of asking for ransom and so many of them are caught and imprisoned now.

the only difference is that the news about this new Ransomware (which is using bitcoin instead of other old ways) became big in bitcoin community and everyone is talking about it so we keep hearing it in this forum too. but in fact there is nothing new! and it never had any effect on bitcoin whatsoever.

[iram3130]

... There was not ransomware during that period?

Ransomware existed for a very long time, probably as old as computers have existed. with different names and a lot of different methods of asking for ransom and so many of them are caught and imprisoned now.

the only difference is that the news about this new Ransomware (which is using bitcoin instead of other old ways) became big in bitcoin community and everyone is talking about it so we keep hearing it in this forum too. but in fact there is nothing new! and it never had any effect on bitcoin whatsoever.

They started asking for Bitcoin when they came to know about pseudo anonymity feature.
How much they may have got through ransomware.?
I haven't seen anyone who paid them in Bitcoin. If we get that statistics then we can conclude something otherwise that theory is just BS.

[crwth]

If there are a lot of people affected by the ransomware attack, then probably it would've had an impact during that time. It can definitely be that in a way just because of the possibility of people panicking and starting to discover what Bitcoin is hence the upbringing of more people into the cryptocurrency stage. But there are a lot of ransomware still going on everywhere. I can advise you that you backup all important things.

[btcdevil]

I think that this is no related to any ransomware as the boom was mainly due to the JAPAN, AUSTRALIA, SOUTH KOREA are coming to crypto world and they have given legal status to bitcoin so the people of this country are just buying it madly as they know the future of crypto currency and they wanted to be one of them. This dump was expected long back and no one expected the price to go 3k. Now is the right time to enter back in bitcoin as it is taking support near 2k

[zend7]

Maybe it is due to ransomware but I am not sure about it. This happens all the time with bitcoin, when price spikes up a lot soon after it many people take profit and would like to buy bitcoin on dips then to be ready for another pump and dump situation. This are not true bitcoiners, they see bitcoin as only something to make profit out of it and will not hold coins for long. True bitcoiners only spend the necessary amount they really need to and keep saving the others because they think bitcoin can really change their lives not in a so distant future.

[Qartada]

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!

Actually the trading volume is even higher than you're suggesting.  Coinmarketcap's 24 hour trading volume is nearly a billion dollars - during the recent rally and dip, it rose as high as about 1.5 billion dollars.

The amount of money which people have bought from the ransomware attacks is so ridiculously trivial that it's below what people buy each minute.  Furthermore, it's pretty difficult for the criminals to cash it out on an exchange considering the threat of them getting caught knowing that all authorities are on very high alert for them.

The only way that ransomware could affect the Bitcoin price is indirectly, through the surprisingly positive (or at least accepting) articles in the mainstream media which were published during the attacks.  That could potentially increase awareness and investment from newbies who ended up being weak hands when the dip happened.  It still wouldn't be a very significant amount of the total though.

[Rahar02]

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?

Totally no, latest rally seems as accumulated adoption in worldwide due to every exchange may shown different price.
I've never heard about someone forced to buy bitcoin because ransomware attack, maybe this attack famous in some countries but not so much affected bitcoin. Thief can not simply just threaten for bitcoin and then cash out their rewards and they could be traced, such as bitfinex bitcoin which barely not move for months.

[potatopower]

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 only way what would have happened if there were an impact on bitcoin is that it would have dumped a lot because people would think that it is just a scam that is not going anywhere so they would be selling. Now the price pumped because there were a lot of new people throwing money in or the banks started buying it to be able to dump in on peoples heads afterwards and thus make bitcoin look less appropriate.

[goldenchip]

The impact of such events on the price of Bitcoin is something that can not be overlooked. The news was circulating all over the world, so I think that affected the price. But this is only one of the many causes... there was also a steep increase in demand due to economic factors that lead people to see Bitcoin as a safe haven to escape from inflation.

[BitFinnese]

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 do not think that the current increase in price of Bitcoin is due to the recent Ransomware attack.  I think it is more on the global adoption of Bitcoin.  Besides ransomware attack were concentrated  not on the countries that have the highest volume of bitcoin trading.

Probably this has an effect on the dump since people involved in this attack would probably converted the bitcoin they receive which is the possible reason of the dip in bitcoin price.

[Wind_FURY]

Another thing to look into is the emergence of the new ICOs this year. How much Bitcoins have they raised this year? Would it reach $100m? I believe it is outside money that funded those ICOs through the use of Bitcoin.

[ahmedjamal1998]

I think the price increase had nothing to do with the WannaCry ransom.

Yes it did affect a lot of devices and people but I don't think that they made a fortune.
Plus if this is the case and they made a lot of coins, they probably would go sell all of them to get some cash which means more coins available in the market than the demand. So I think if they really steal a lot, the price should've gone down.

[Juggy777]

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 disagree 👎, Bitcoin price had nothing to do with ransomeware, it's got a bad name due to it. Bitcoin price work on a simple rule of demand and supply. So the ransomeware coincided with the high demand period hence the price hike, and the existing users sold to cash out making a huge profits hence the fall. No effect of ransomeware, the funny point is people are not talking about ransomeware any more, Bitcoin taken the centre stage and that's not good cause it's not for right reasons. You can study more on the economic section.

[BitcoinzB]

I think that ransomware attacks are just a drop in the ocean of bitcoin; the recent attacks have little to nothing to do with the price boost we experienced recently.
I would be more prone to consider the growing interest into the crypto currencies of more people from all around the world as the main cause of the spike we witnessed.