Bithumb hacked: price went up = good sign?

[BitcoinNewbie15]

Bithumb was hacked yesterday and the news has been spreading in the major media for at least 14 hours now based on the article times[1].

price however has not shown any reaction to the news and on top of that in the past 14 hours we have had a rise. granted it was a small rise but still it reached $6841 a couple of hours from this news.

I do agree though that it is a good sign the market had no significant reaction to this hack. But I wonder if the Tether news canceled out any negative price movement since both news came out at relatively the same time, I believe.

is this a good sign that we have reached the absolute bottom?

[1] https://www.ccn.com/breaking-south-korean-crypto-exchange-bithumb-hacked-thieves-steal-30-million/

As much as I truly hate to say this, I think it is still too early to call in the bottom. It does look like a triple bottom has formed, but we haven't had any real significant breaks above the down-trend line or past resistance levels really. I hope that this red market is over, but I personally don't think it is. we very likely will see the $4k - $5k price ranges.

[Superways]

Bithumb was hacked yesterday and the news has been spreading in the major media for at least 14 hours now based on the article times[1].

price however has not shown any reaction to the news and on top of that in the past 14 hours we have had a rise. granted it was a small rise but still it reached $6841 a couple of hours from this news.

is this a good sign that we have reached the absolute bottom?

[1] https://www.ccn.com/breaking-south-korean-crypto-exchange-bithumb-hacked-thieves-steal-30-million/

I think that exchange is not a bigger one and not much people care if they are hacked because most of the users of crypto are having their money on binance, bittrex and other bigger exchanges etc. Other point is that this is the good time of bitcoin and crypto and people know that from now the price will go better that is why they are not selling their coins just like when the price was rising and in that time a few years ago Russia banned (now it is unbanned there) it then nothing happened and the price continued to rise.

[snipie]

Market prices are hard to predict. Sometimes there is a lot of good news for crypto, but the price of the market will drop. And today when there is bad news such as exchanging Bithumb attacked, but prices have not dropped and are trending up.

That's correct, I remember when the bitcoin halving happened for example, the price didn't move much until many weeks later. It is the same now, the price will not be affected so much until a large amount of coins will be dropped in the market later.

[Rahar02]

Bithumb was hacked yesterday and the news has been spreading in the major media for at least 14 hours now based on the article times[1].

the price however has not shown any reaction to the news and on top of that in the past 14 hours we have had a rise. granted it was a small rise but still it reached $6841 a couple of hours from this news.

is this a good sign that we have reached the absolute bottom?

[1] https://www.ccn.com/breaking-south-korean-crypto-exchange-bithumb-hacked-thieves-steal-30-million/

Seems like Bithumb has noticed hack act since 4 days ago when they were transferring all of the assets to cold storage, or maybe it just lucky move.  https://twitter.com/BithumbOfficial/status/1007873716758327296?s=19
However, what we do know is; hackers stole XRP worth $31 Million, two facts: it's not bitcoin and the amount isn't so big to bring Bithumb down, they assure to cover all the losses. So, why bitcoin would be affected if the stolen coin was XRP? it's a minor loss.
Bitcoin price is $6750 atm

[Zoel]

Bithumb was hacked yesterday and the news has been spreading in the major media for at least 14 hours now based on the article times[1].

price however has not shown any reaction to the news and on top of that in the past 14 hours we have had a rise. granted it was a small rise but still it reached $6841 a couple of hours from this news.

is this a good sign that we have reached the absolute bottom?

[1] https://www.ccn.com/breaking-south-korean-crypto-exchange-bithumb-hacked-thieves-steal-30-million/

That is kind a drama by korean. They just do frozen all deposit and withdrawal, stopped to make sure thesecurity. Then did you see tweet owe bithumbs has deleted.

[babygun]

A lot of exchanges are getting hacked these last couple of weeks/months and after every hack we have a correction. But for the moment, bitcoin already bounced back from the little correction, which is a good sign. Hopefully the price can break the 7000$ mark soon.

[richardsNY]

That's correct, I remember when the bitcoin halving happened for example, the price didn't move much until many weeks later. It is the same now, the price will not be affected so much until a large amount of coins will be dropped in the market later.

What you ignore is the fact that increases happen in advance of the event that's going to take place, and there was an impressive increase before the previous block halving. From there you can't realistically expect much to happen shortly afterwards. It might work both ways and the $6000 level could be the lowest (ever?) point, but it's too soon to say. I don't rule out another test if we don't go up in a confident manner. The volumes should increase and the network activity will follow. Positive aspect is that the blocks are full consistently, and that points at more network activity. Let's see how long we can keep this up.

[magneto]

Prices didn't really go up. It sort of just stayed put.

I think it's a positive sign that the markets have not responded as strongly to exchange hacks as they have before, as it is a sign of a market that is maturing, and the variety of exchanges that is now available to choose from.

However, does it really mean that bitcoin has definitely bottomed? I think not.

While there is a possibility that $6k is the absolute bottom for this bear market, and the recovery will start soon, I feel like that BTC is probably going to head down further before consolidating. But for now, we'll hang around this $6k-7k zone and the market will move predominantly sideways.

[pooya87]

i say this is yet another proof that FUD only works if it has a good timing.

we all know that an exchange hack specially when it is a small amount compared to daily volume ($30 million compared to $3000-$4000 million) can not even put a dent in the market not to mention that the hacker will never dump the coins on the market which is centralized exchanges that will record his transactions, IP and bank address and he can be caught!

despite all the FUD and all the media and the dumb kids on bitcointalk saying "price will fall" it never did. which shows it was not time for a fall so it didn't. now the question is why the time was not right for the fall? was it because there is no room left to go down? is there a strong support and have we reached the bottom? i think that is possible.

[BrewMaster]

People will never understand there is no relation between hackings and btc price. If any exchange hack coincided with a price fall everybody connects them but a lot of times price rised while a hacking news was hot.If hacking is not on your exchange you dont have to cry, no affect to your money, you dont have to sell.

well there are some differences between news. not all the hacks are the same for instance. for example there is a big difference if Coinbase gets hacked or bleutrade gets hacked. you have possibly never heard the name of the second one! in case of Bithumb it was a big exchange with a large volume. they say it was #6 in ranking.

Market prices are hard to predict. Sometimes there is a lot of good news for crypto, but the price of the market will drop. And today when there is bad news such as exchanging Bithumb attacked, but prices have not dropped and are trending up.

That's correct, I remember when the bitcoin halving happened for example, the price didn't move much until many weeks later. It is the same now, the price will not be affected so much until a large amount of coins will be dropped in the market later.

that is because the rise for halving started about a month before the actual event in both cases (we had only 2 halvings so far and both were the same).
price went up a lot before the halving, halving happened, price dropped for correction, it stayed stable for a while for accumulation then the rally continued. that is why you think it didn't move for weeks.

[RamonBTC]

As an observation of investors reactions after the hacking news is spreading, they already expected such or not shock at all. Maybe the public perspective on this event has lesser impact because the bitcoin community is much matured now and have emotional reservation as a result of continuous criticism left from right.

Good or a better sign of the fundamental assets of cryptocurrency, the people and the investors are now much stronger in facing negative news.

[alyssa85]

Bithumb was hacked yesterday and the news has been spreading in the major media for at least 14 hours now based on the article times[1].

price however has not shown any reaction to the news and on top of that in the past 14 hours we have had a rise. granted it was a small rise but still it reached $6841 a couple of hours from this news.

is this a good sign that we have reached the absolute bottom?

[1] https://www.ccn.com/breaking-south-korean-crypto-exchange-bithumb-hacked-thieves-steal-30-million/

That's because it was XRP that got stolen, not bitcoin.

The only reason for the bitcoin price to go down is if bitcoin is stolen and people are afraid the stolen coins are going to get dumped on the market and they want to sell before the dump.

If it's an alt stolen, it's the alt that is going to get dumped, not bitcoin.

[Febo]

Bithumb hacked: price went up = good sign?

You need to understand that this was quite small crypto robbery.  Coincheck  robbery tat happened half a year ago was 20 times bigger. "0 times is a lot and it puts robberies in totally different perspectives.

[snipie]

that is because the rise for halving started about a month before the actual event in both cases (we had only 2 halvings so far and both were the same).
price went up a lot before the halving, halving happened, price dropped for correction, it stayed stable for a while for accumulation then the rally continued. that is why you think it didn't move for weeks.

You are correct and that's the point. The bitcoin price movement is complex and depends from many variables. Having good news while a correction is about to happens will not prevent the price from dropping and vice versa

[Idrisu]

This is highly appreciated as many holders refused to sell after hearing this news.  I think we should be happy that maturity has started to come into cryptocurrencies market.  On like before when hacking news do bring the market down to unbearable price.  However Alot still need to be done for cryptocurrencies market to fully developed.

[JohnWick_Bitcoin]

Bithumb was hacked yesterday and the news has been spreading in the major media for at least 14 hours now based on the article times[1].

price however has not shown any reaction to the news and on top of that in the past 14 hours we have had a rise. granted it was a small rise but still it reached $6841 a couple of hours from this news.

is this a good sign that we have reached the absolute bottom?

[1] https://www.ccn.com/breaking-south-korean-crypto-exchange-bithumb-hacked-thieves-steal-30-million/

It was a good sign for those long time holders of bitcoins because they are going to earn a huge amount of profit but for those who are just interested to invest today then they will be going to lose a huge amount of profit if they invest today.

[timerland]

The markets have simply not reacted as strongly to Bithumb's hack for some reason. Perhaps it's because of people buying at prices sub-$7000 to accumulate that are keeping the prices up, or perhaps hacks just don't bother traders anymore.

I don't think that prices have bottomed though.

Personally, I think that the bottom is probably somewhere between $3-5k given how past bear markets have performed in relation to the peak of the bull market. It could be lower, it could be higher. But even though $6k is the support for now, I wouldn't be confident in saying that it's going to recover into a bull market from this point on.

[bedulook]

A cryptocurrency exchange hacked does not necessary impact the prices on the market until the exchange is big with huge volume.

[olumyd]

A cryptocurrency exchange hacked does not necessary impact the prices on the market until the exchange is big with huge volume.

Are you saying bithumb is not a big exchange and that trading volumes of over a hundred million in 24 hours isn't significant to call it's hack important? IMHO, I think what reduced the impact was clearly a press controlled effect. They promised to repay the stolen funds.

[yndye]

A cryptocurrency exchange hacked does not necessary impact the prices on the market until the exchange is big with huge volume.

There are many cryptocurrency exchange hack in the past and some are even small exchanges but it has affected the price greatly. Bithumb being a large volume exchange, it is expected too that it will affect the bitcoin price big time but the market is not moving that much since it is still sideways so maybe it is a good sign. We maybe at the bottom already and bears are already exhausted so it is a good time to buy more but do not be too confident and still have a stop loss to manage your risk.