Will Bithumb hack affect Altcoin too?

[mukabokep]

Few hours ago i read on CNN that one of the world's largest cryptocurrency Exchange site was hacked and the thieves got away with $30million dollars worth of cryptocurrency. According to the news, the news of the theft at the exchange hit the prices of cryptocurrencies. Bitcoin fell around 2%.

What is your view. Will it affect all altcoins too?

the first greatest effect on bitcoin as the primary reference of cryptocurrency , for altcoin itself is highly dependent on bitcoin when bitcoin moves then altcoin also they are like a domino that touch each other, I think news like burglary on the exchanger is quite common, but it does not really make a big efect on the market because it does not integrate with the law of the market directly. but reduces the level of trust by crypto users against the use of crypto user

[PayneCharity]

Few hours ago i read on CNN that one of the world's largest cryptocurrency Exchange site was hacked and the thieves got away with $30million dollars worth of cryptocurrency. According to the news, the news of the theft at the exchange hit the prices of cryptocurrencies. Bitcoin fell around 2%.

What is your view. Will it affect all altcoins too?

I do not think Bithumb is not attacked by hackers. Maybe they will try to make the bitcoin price fall again, and they will have the opportunity to buy bitcoin at low prices.

[SvonioneFromMangoCoinz]

Few hours ago i read on CNN that one of the world's largest cryptocurrency Exchange site was hacked and the thieves got away with $30million dollars worth of cryptocurrency. According to the news, the news of the theft at the exchange hit the prices of cryptocurrencies. Bitcoin fell around 2%.

What is your view. Will it affect all altcoins too?

I think yes. Almost always the reason why bitcoin prices fall due to large exchanges is attacked. Bitcoins and the crypto market are likely to be affected by the bad news

[witch]

Few hours ago i read on CNN that one of the world's largest cryptocurrency Exchange site was hacked and the thieves got away with $30million dollars worth of cryptocurrency. According to the news, the news of the theft at the exchange hit the prices of cryptocurrencies. Bitcoin fell around 2%.

What is your view. Will it affect all altcoins too?

Yes, because when a big exchange is getting hacked we see the entire crypto market cap dipping. The reaction is mostly that people are exiting all crypto markets including altcoins.

[Irvinn]

Few hours ago i read on CNN that one of the world's largest cryptocurrency Exchange site was hacked and the thieves got away with $30million dollars worth of cryptocurrency. According to the news, the news of the theft at the exchange hit the prices of cryptocurrencies. Bitcoin fell around 2%.

What is your view. Will it affect all altcoins too?

Just like after breaking the wallets a few days ago on the little-known exchanger Coinrail in South Korea, where four types of tokens were stolen for a total of more than $ 40 million, the crypto-currency market may drop slightly for a short time, but then it will continue to rise again. Here the situation is similar. For the time being, I even see that bitcoin and another crypto currency are slowly rising. I would not be surprised if the market does not react at all to this unfortunate event.

[rajurathod18]

It will affect for sure, we  all are desperately waiting for bull run and when everything was looking positive, we all were about to see the bull run.  Lot of youtubers and famous crypto currency related sites were also speculating that the bull run is near. You know what, after this positive news we got big negative news about coinrails hack which again turned market into bear run. Now the bithumb is also got victim of hacking, this will obviously lead to bitcoins price drop which will ultimately affect altcoins too but not all and take away all market into bearish trend again.

[o_e_l_e_o]

Of course it will. Until we get more fiat/altcoin pairings, the whole market generally follows Bitcoin - if Bitcoin gets hacked, everything dips. You can already see red across the board if you go to coinmarketcap right now.

Uhmmm, the thing is bitcoin is always going to be at the top as it is the main cryptocurrency. In order to get into other cryptos you need to buy bitcoins first thus raising it's dominance, in order to get out you need to sell alts for btc. Thus bitcoin price will always affect crypto price

While this is true at the moment, it won't always be the case. With more exchanges like Binance and COSS starting to introduce buying alts directly with fiat, you won't always have to buy Bitcoin first.

[tdeannova]

bithumb has removed their tweets about hacking they are experiencing, what is it?
I do not see any decline in the market after this exchange is hacked and I'm sure this issue does not affect the crypto market situation, because everyone is fed up and upset with all this.

[adzino]

Few hours ago i read on CNN that one of the world's largest cryptocurrency Exchange site was hacked and the thieves got away with $30million dollars worth of cryptocurrency. According to the news, the news of the theft at the exchange hit the prices of cryptocurrencies. Bitcoin fell around 2%.

What is your view. Will it affect all altcoins too?

Altcoin price most of the time follows the lead of bitcoin price. If bitcoin goes green, the altcoins go green too. If it falls, we see the price of altcoin falling more badly. So yes, the hack will affect the price of altcoin if the price of bitcoin is affected. But weirdly, the price of bitcoin have turned blind eye and is still going up. The hack just caused a small price change which has been  recovered soon and we are about the see the price hit $7,000 soon enough.

[Bigbay]

Thanks for sharing your view on the Bithumb hack. As at this morning Bitcoin abd Ethereum are gaining their strength back in the crypto market with 1.79% and 3.37% respectively. This shows that there is no major effect of the hack on bitcoin. Bitcoin is still doing fine.

[Fredomago]

Thanks for sharing your view on the Bithumb hack. As at this morning Bitcoin abd Ethereum are gaining their strength back in the crypto market with 1.79% and 3.37% respectively. This shows that there is no major effect of the hack on bitcoin. Bitcoin is still doing fine.

So far that particular incident is not been felt from the current momentum that the crypto market are doing right now, unlike with bitgrail we really seen the impact with the market value, looking forward for more investors to hold on and traders to keep buying and hold every crypto that they are holding, Bithumb is taking the responsibility and good thing to freeze transactions to avoid more damage, more pushed so we will attract newbies to invest with
crypto business.

[StImelda]

No it won't,bithump already said they will bear the loss and move the other holdings to cold storage.

[JustinBrenda]

I think this will effect as this kind of news sread very fast and people feel really insecure with their coin and is found to sell their coin at the prevailing price for the fear of being theft.

[cchub]

I believe confidence is everything in a market that relies on nothing but confidence on the technology and adoption. So any hack that affects confidence is drastic for any cryptocurrency, not only bitcoin.

[jaythelingly]

I think it will have affect on altcoins as it is affecting bitcoin as well. But the effect will be temporary. It will recover soon.

[culberth]

Even it not much big like another case before but it will have impact with the market because it make people worry about security in crypto and of course it can make market down again. 

[Umkar]

This has already happened. Today, according to CoinMarketCap, the rate of bitcoin fell to 6,162 dollars, and ethereum - to 473 cL. Similarly, all the altcoys fell in price. Everyone associates this fall with the breaking of the South Korean Bithumb stock exchange. If so, then I do not think that such a fall will be long. In a week, everything should be restored.

[kenel]

hacking the exchange is always at least a correction. if some coin is stolen more than the other - it is also a bad sign, because it is this coin then the scammers will sell and push the market. Therefore, for such news, you still need to follow

[Queen12]

Yes, because stolen exchange will affect people's confidence, then there will be a lot of people choose to sell BTC at this time.
When the price of BTC falls, then all altcoin will fall.

[makishart]

hacking the exchange is always at least a correction. if some coin is stolen more than the other - it is also a bad sign, because it is this coin then the scammers will sell and push the market. Therefore, for such news, you still need to follow

It doesn't matter, in fact there is correction about that, this time we are facing another big problem with mtgox. Remember kobayashi as mtgox trustee was dumping their bitcoin time to the time. And in this time he still hold a lot of bitcoin but another good news has come to the market about that.