Effects of hacked Japanese exchange on market

[wklt2002]

Today there was another dip in prices of a major part of cryptocurrencies. And around the same time a big Japanese exchange was hacked and 400 million dollars worth of NEM stolen. It's obvious this caused the dip in NEMs price, -9,50%, but did the same hack cause the dip of the entire cryptomarket? Within 6 hours the entire marketcap lost 50 billion dollars, it has to do something with the hack right?

[mcs_john]

My opinion is that today dip was caused by the hack. I think people hearing hack, exchange and 400 million in the same phrase start to panic sell. The market is extremely sensitive to all news, especially to the bad ones. Every time something bad happens or even a rumor appears that something bad might be planned there is a dip.

[South Park]

Today there was another dip in prices of a major part of cryptocurrencies. And around the same time a big Japanese exchange was hacked and 400 million dollars worth of NEM stolen. It's obvious this caused the dip in NEMs price, -9,50%, but did the same hack cause the dip of the entire cryptomarket? Within 6 hours the entire marketcap lost 50 billion dollars, it has to do something with the hack right?

Yest it did, while the most affected has to be NEM of course, the whole market is going to suffer, according to the reports this is the biggest hack ever, in some sites they are talking about more than 500 millions and in others about 600 millions this is huge, and this shakes the confidence of the public in cryptocurrencies even if it seems the exchange was at fault.

[ruffles2016]

Thanks for information. I think it might obviously affect markets but I don't think it is that important. Markets were already in bear trend in last couple of weeks so this is regular correction day as well.

[Neo.op]

sad situation for the market. The market has been declining steadily lately
Companies need to improve their measures for these bad guys

[luongdk]

It's surely bad news, but I have a question:
May it be possible that because of hack and subsequent falling this cryptocurrency, tomorrow may be will rise another one? What do you think about it?

[wklt2002]

My opinion is that today dip was caused by the hack. I think people hearing hack, exchange and 400 million in the same phrase start to panic sell. The market is extremely sensitive to all news, especially to the bad ones. Every time something bad happens or even a rumor appears that something bad might be planned there is a dip.

Yeah we sure have seen some examples of bad rumors spreading and causing big dips, like the rumor(s) of China/ South Korea banning cryptocurrencies. Also  10 days ago when Bitconnect crashed, bitcoin lost about $4k ($14.000 to $9.600) and it's still around that price.

[samcrypto]

The exchange was being hacked and not the blockchain of NEM itself. Misleading information can really gives negative impact to the market of cryptocurrencies. This should be investigated, there’s might be an inside job. This is what happening now, people are getting more scared and market dumps. Well NEM is a great blockchain technology, and it will bounce back.

[左]

Such people really ruin things for a lot of people, every hack has it's effect and things will usually correct though.

[wklt2002]

Thanks for information. I think it might obviously affect markets but I don't think it is that important. Markets were already in bear trend in last couple of weeks so this is regular correction day as well.

Yeah, that might also be the case. I was just wondering because both events happened around the exact same time. Hopefully this downwards trend doesn't continue for too long.

[shursight]

No, the entire market is on a dip moment right now, it seems that the social media and all the other kind of stuff is trying to push the price to go down

Today there was another dip in prices of a major part of cryptocurrencies. And around the same time a big Japanese exchange was hacked and 400 million dollars worth of NEM stolen. It's obvious this caused the dip in NEMs price, -9,50%, but did the same hack cause the dip of the entire cryptomarket? Within 6 hours the entire marketcap lost 50 billion dollars, it has to do something with the hack right?

Just be quiet, do not sell anything if you are thinking about doing it.

The price is going to go up again once that everything recovers (if there are good news after all)

[tomahawk9]

So far I haven't seen any major movements on the market, there was some sort of a small 'dip' earlier today, the altcoin market cap went down from $360b to $330B but it quickly recovered, so I'd say that the hack had an impact but it wasn't as big as some people predicted, though we'll see how things do down this weekend.

Good news is that the wallets holding the stolen XEM/NEM have already been flagged so if the hackers try to sell it using an exchange, then it'll be pretty easy to catch them.

[Quantumplation]

NOTE: This message was originally not posted by me, but instead by someone who compromised my account.  I have deleted the content.

[Vladimirych]

This is sad news. Really sorry when people lose their savings because of cyber criminals. Can the blockchain technology be used to protect the networks?

[Jating]

Today there was another dip in prices of a major part of cryptocurrencies. And around the same time a big Japanese exchange was hacked and 400 million dollars worth of NEM stolen. It's obvious this caused the dip in NEMs price, -9,50%, but did the same hack cause the dip of the entire cryptomarket? Within 6 hours the entire marketcap lost 50 billion dollars, it has to do something with the hack right?

Actually I was just about to open a thread about the hack, but you beat me to it.  

Of course this will cause a uproar to the every volatile market again. As we can see the market is going red again. Too bad after we have just started recovery this kind of event happened.

I guess we should be expecting another bloodbath in the next couple of days. Although its just NEM that we have seen being lost here, but I'm sure that we should expect something worst here. Let's see how it goes in the next couple of days. Crossing my fingers.  

[wklt2002]

No, the entire market is on a dip moment right now, it seems that the social media and all the other kind of stuff is trying to push the price to go down

Today there was another dip in prices of a major part of cryptocurrencies. And around the same time a big Japanese exchange was hacked and 400 million dollars worth of NEM stolen. It's obvious this caused the dip in NEMs price, -9,50%, but did the same hack cause the dip of the entire cryptomarket? Within 6 hours the entire marketcap lost 50 billion dollars, it has to do something with the hack right?

Just be quiet, do not sell anything if you are thinking about doing it.

The price is going to go up again once that everything recovers (if there are good news after all)

That's true. Panic selling will only worsen the situation and will not make you much profit. It's basically a hold or die situation I guess.

[wklt2002]

Today there was another dip in prices of a major part of cryptocurrencies. And around the same time a big Japanese exchange was hacked and 400 million dollars worth of NEM stolen. It's obvious this caused the dip in NEMs price, -9,50%, but did the same hack cause the dip of the entire cryptomarket? Within 6 hours the entire marketcap lost 50 billion dollars, it has to do something with the hack right?

Actually I was just about to open a thread about the hack, but you beat me to it.  

Of course this will cause a uproar to the every volatile market again. As we can see the market is going red again. Too bad after we have just started recovery this kind of event happened.

I guess we should be expecting another bloodbath in the next couple of days. Although its just NEM that we have seen being lost here, but I'm sure that we should expect something worst here. Let's see how it goes in the next couple of days. Crossing my fingers.  

Gotta be faster
The market is already slowly healing from the tiny dip, and I personally don't expect any bigger dips in the upcoming days, unless there happens something in Asias market.

[Uhde]

All the time there is a reason to dump. Whenever bitcoin is about to go up some thing happens and it falls till 10k. It is good at least there is a strong support point at 10k usd so it doesnt fall below 10k usd.

[MadZ]

There is a certain degree of price correlation across all cryptocurrencies, so it is unsurprising that a large drop in any single currency will result in an overall negative shock. In general, tokens and un-mineable coins are much more susceptible to price volatility because their actively traded volume is a much smaller percentage of their total supply. For instance, BTC and ETH are only down less than 3% today on Coinmarketcap, while tokens like TRX and XRP are down almost 10%.

[HALLASTERA]

Japan one of strong economic in the world and their investment in crypto more than dollar i think because there is not banned bitcoin. News from China and Japan everytime destroyed cryptomarket calm.