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Author Topic: Are hacking issues alone responsible for cryptocurrency price drop?  (Read 49 times)
CryptoKing1992
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June 12, 2018, 12:52:47 AM
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The sharp drop in the price of bitcoin and other virtual currencies is attributed to the hacking of the South Korean cryptocurrency exchange Coinrail, which was compromised over the weekend.

The obvious question is, why did the price of Bitcoin and Ethereum remain relatively more stable than the price of other virtual currencies?
https://www.finstead.com/bite/cryptocurrency-price-drop-explained-june-11-2018
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mrtryonebiggums
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June 12, 2018, 01:20:27 AM
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Because for several reasons of those the most notable are likely

a) Battle tested currencies
b) Have more money in them therefore takes more to crash them

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June 12, 2018, 01:39:04 AM
 #3

The sharp drop in the price of bitcoin and other virtual currencies is attributed to the hacking of the South Korean cryptocurrency exchange Coinrail, which was compromised over the weekend.

The obvious question is, why did the price of Bitcoin and Ethereum remain relatively more stable than the price of other virtual currencies?
https://www.finstead.com/bite/cryptocurrency-price-drop-explained-june-11-2018


Hacking is not even an issue anymore since it occurs on a daily basis. Fake news MSM is highlighting this even though they know nothing about it. The average person doesn't even care about it. But Bitcoin remains stable since it is the Father of all cryptocurrencies.

Wheelige
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June 12, 2018, 01:53:08 AM
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Looking at its chart, i would think that bitcoin fell because it wasnt able to stay within or break upwards from a triangle that had formed with higher lows and lower highs. Price just stagnated until it was outside the bottom of the range and then fell off. News may have contributed (it usually does) but i think there is a lot of expectation out there that bitcoin and other cryptos will explode off into space again and they keep disappointing people with those views, which brings disillusion for some holders who just get out.
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June 12, 2018, 04:00:44 AM
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not at all. altcoin dumps were the main reason for bitcoin price drop.

what happens are two things. altcoins are naturally getting dumped since they are pump and dumps anyways. then there is also the  Coinrail hack which was mainly an altcoin exchange and the stolen funds were all altcoins. so the panic was in altcoin market where everyone started dumping their altcoins. that creates  a wave of money exiting the market. and guess where they choose to exit? bitcoin then they dump bitcoin for fiat also and crash bitcoin price too.

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June 12, 2018, 04:12:19 AM
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I think this is not the cause of the bitcoin falling, in my opinion, a drop of the bitcoin because the whole cryptocurrency market funds are insufficient, this is the most important, then the second point is due to the ICO appears more and more, people are not inclined to invest in BTC.

Tranghoangvani
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July 11, 2018, 03:32:29 AM
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There are many reasons for this and the main reason is because there is too much money in the account should be easy to occur cases of pity
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July 11, 2018, 05:28:53 AM
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it is just people finding a patterns, you can see this is already a 1 month old news and we had another similar one yesterday like this which led to a similar result. although there are differences since bitcoin is already at the bottom and can not go any lower but the altcoins have not been at their bottoms so they got dumped a lot more.

basically people see the hack news, then speculate a drop so they act fast and they themselves cause the drop by acting on their speculation and then sometimes (like last month) there are some manipulations and panic sells with it and the drop becomes bigger.

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July 14, 2018, 01:50:21 AM
 #9

The price is only stagnant until it is at the bottom of the band and then dropped. altcoin yards are the main reason for the bitcoin discount. The altcoins are naturally getting dumped since they are pumping and dumping anyways. So, panic is in the altcoin market, where people start dumping their altcoins. bitcoin then they dumped bitcoin for fiat as well and bitcoin price collapse too.
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