[2018-06-22] $17 Billion Deleted From Cryptocurrency Market in 24 Hours

[Psicotico]

$17 Billion Deleted From Cryptocurrency Market in 24 Hours as Ethereum Falls 7%.

The cryptocurrency market has recorded a loss of over $17 billion in the past 24 hours, triggered by the loss of major cryptocurrencies including Bitcoin, Ethereum, Ripple, Bitcoin Cash, and EOS.

EOS recorded the largest loss amongst major digital assets, demonstrating a loss of more than 10 percent overnight. Ethereum, Bitcoin Cash, Litecoin, Stellar, and Cardano fell behind EOS, falling by just over 7 percent.

What Triggered the Sell-Off?
On previous reports, CCN noted that the cryptocurrency market is still in a bear cycle and that it had only initiated a corrective rally, not a bull rally. In mid-June, the market seemed more stable than any other period throughout the past two months. But, the unforeseen hacking attack of Bithumb, South Korea’s largest cryptocurrency exchange, terminated the corrective rally of the market and led major cryptocurrencies to a short-term decline.

Prior to the Bithumb hack, the cryptocurrency market had shown significant momentum, as Bitcoin rebounded from $6,300 to $6,700. But, the breach of the most widely utilized digital asset trading platform in South Korea, the third biggest cryptocurrency market behind the US and Japan, led investors to panic, even though the outcome was not particularly detrimental.

On June 21, CCN reported that Bithumb confirmed $30 million was stolen from its hot wallet and has started to cooperate with the Korea Internet and Security Agency, a sub organization of the Ministry of Science and ICT, to minimize its losses. The Bithumb team stated that the $30 million figure could decrease in the future, as KISA and Bithumb security experts initiate various recovery efforts.

“After the incident occured on June 20, Bithumb quickly followed the procedure to immediately report [the] incident to KISA announcing that about 35 billion Korean Won worth amount of cryptocurrency was stolen. However, as we undergo recovery process on each cryptocurrency, the overall scale of damage is getting reduced. Hence, we expect that the overall damage will be less than the amount we initially expected,” the Bithumb team said.

Bithumb also confirmed that with company funds, valued around $450 million, the exchange will be able compensate its investors fully with ease, as the stolen amount only accounted for around 6 percent of company funds.

Hence, the end result of the Bithumb security breach was not detrimental to the point of triggering a 6 percent cryptocurrency market correction. Rather, it was the end of an optimistic short-term corrective rally triggered by Bithumb that led the cryptocurrency market to experience a minor correction.

Where Ethereum Goes Next
Ethereum experienced the biggest loss amongst major cryptocurrencies today alongside EOS, and given that smaller cryptocurrencies and tokens follow the trend of BTC and ETH, the short-term trend of ETH is important to observe.

Various momentum indicators indicate neutral zone for ETH. The Relative Strength Index (RSI) of ETH is at 40.5 and the MACD of ETH is demonstrating a buy signal. But, a neutral signal for ETH, in a strong downward trend, could mean that its decline could be prolonged to the higher end of the $400 region, from the current price of ETH at $503.

https://www.ccn.com/17-billion-deleted-from-cryptocurrency-market-in-24-hours-as-ethereum-falls-7/

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[Kronos21]

It seems to me that such attempts to explain the situation retroactively have nothing to do with reality. I have not found a logical explanation for the fall in prices. It seems to me that only one explanation. Someone very influential with big money and opportunities is interested in reducing the price of bitcoin or Ethereum. I am generally concerned about the ease with which hackers break the exchange. Maybe there are no hackers?

[vit05]

It seems to me that such attempts to explain the situation retroactively have nothing to do with reality. I have not found a logical explanation for the fall in prices. It seems to me that only one explanation. Someone very influential with big money and opportunities is interested in reducing the price of bitcoin or Ethereum. I am generally concerned about the ease with which hackers break the exchange. Maybe there are no hackers?

I think for the last months' someone or a group of whales from Asia are in need to sell a large portion of their positions. Could be related to new KYC requirements from the exchanges. Every big exchange have changed the rules about this.

[carlisle1]

It seems to me that such attempts to explain the situation retroactively have nothing to do with reality. I have not found a logical explanation for the fall in prices. It seems to me that only one explanation. Someone very influential with big money and opportunities is interested in reducing the price of bitcoin or Ethereum. I am generally concerned about the ease with which hackers break the exchange. Maybe there are no hackers?

I think for the last months' someone or a group of whales from Asia are in need to sell a large portion of their positions. Could be related to new KYC requirements from the exchanges. Every big exchange have changed the rules about this.

x
Well if this is indeed,then maybe better for us to pray that this whales will return investing soon because lets accept the reality that whales are the most important people of crypto community .because these days they are the main reason why prices moving up and down,as the manipulation issue has been connecting unto them

[darkangel11]

It seems to me that such attempts to explain the situation retroactively have nothing to do with reality. I have not found a logical explanation for the fall in prices. It seems to me that only one explanation. Someone very influential with big money and opportunities is interested in reducing the price of bitcoin or Ethereum. I am generally concerned about the ease with which hackers break the exchange. Maybe there are no hackers?

I think for the last months' someone or a group of whales from Asia are in need to sell a large portion of their positions. Could be related to new KYC requirements from the exchanges. Every big exchange have changed the rules about this.

You're underestimating the power of fear. While the exchanges should not undermine the position of a cryptocurrency, the hack means that people are pulling money out of them and it influences the price, even if they aren't selling. How? Removing cryptocurrency from exchange reduces market depth and makes the price more prone to crashes as less money is needed to make the price fall more. Those who watch the charts and see the support lines broken so easily get scared and we have a chain reaction.

[richardsNY]

I think for the last months' someone or a group of whales from Asia are in need to sell a large portion of their positions. Could be related to new KYC requirements from the exchanges. Every big exchange have changed the rules about this.

Don't think it works like that. If whales actually want to get rid of their coins (without any intention of buying lower) they will look to get the most out of their coins as possible. There is a fiercely growing peer to peer market in Asia where large amounts can be sold to a pool of crowded buyers. I think we're in a cycle where we just have to accept the semi artificial down force created by whoever they may be. It might even be wall street trying to buy up coins at way lower levels before they strike -- they know how markets work and don't shy away from abusing their position in any market. People shouldn't sell their coins to these bastards....

[kevoh]

$17 billion is a hell lot of money   Meanwhile, I would like to know why ''deleted" was used a choice of word for the title. It makes it seem like someone went to a dedicated computer, pressed on the delete key and poof $17 Billion disappears!

[Kakmakr]

It seems to me that such attempts to explain the situation retroactively have nothing to do with reality. I have not found a logical explanation for the fall in prices. It seems to me that only one explanation. Someone very influential with big money and opportunities is interested in reducing the price of bitcoin or Ethereum. I am generally concerned about the ease with which hackers break the exchange. Maybe there are no hackers?

I think for the last months' someone or a group of whales from Asia are in need to sell a large portion of their positions. Could be related to new KYC requirements from the exchanges. Every big exchange have changed the rules about this.

You're underestimating the power of fear. While the exchanges should not undermine the position of a cryptocurrency, the hack means that people are pulling money out of them and it influences the price, even if they aren't selling. How? Removing cryptocurrency from exchange reduces market depth and makes the price more prone to crashes as less money is needed to make the price fall more. Those who watch the charts and see the support lines broken so easily get scared and we have a chain reaction.

Yes, and to make things worst, these exchanges closed their trading platform to reduce the damage. While people are not trading on these platforms, the global volume of coins in supply will increase on other available platforms and this will push up the price.

Miners that are selling coins to fund their operations has to shift to other available exchanges to sell their coins and this push up the supply. If there are less people buying and more people selling, then the price will go down. 

[gentlemand]

$17 billion is a hell lot of money   Meanwhile, I would like to know why ''deleted" was used a choice of word for the title. It makes it seem like someone went to a dedicated computer, pressed on the delete key and poof $17 Billion disappears!

I do wish market cap could be uninvented as a metric. It means nothing.

That 17 billion never existed. You could knock tens of millions off the market cap with sells that net the sellers a few thousand dollars.

[stompix]

$17 billion is a hell lot of money   Meanwhile, I would like to know why ''deleted" was used a choice of word for the title. It makes it seem like someone went to a dedicated computer, pressed on the delete key and poof $17 Billion disappears!

I do wish market cap could be uninvented as a metric. It means nothing.

That 17 billion never existed. You could knock tens of millions off the market cap with sells that net the sellers a few thousand dollars.

But, but....marketcap comparison with GDP of countries, with listed value of companies like Amazon. Can't we do that anymore?
Pretty funny how $17 billion were "deleted" with a trading volume of 10 billion 

On previous reports, CCN noted that the cryptocurrency market is still in a bear cycle and that it had only initiated a corrective rally, not a bull rally. In mid-June, the market seemed more stable than any other period throughout the past two months. But, the unforeseen hacking attack of Bithumb, South Korea’s largest cryptocurrency exchange, terminated the corrective rally of the market and led major cryptocurrencies to a short-term decline.

Can we just stop with this Bithumb ?
Nobody cares anymore about those hacks, especially since it wasn't about bitcoin but ripple and it was two days before the drop.

It seems to me that such attempts to explain the situation retroactively have nothing to do with reality. I have not found a logical explanation for the fall in prices. It seems to me that only one explanation. Someone very influential with big money and opportunities is interested in reducing the price of bitcoin or Ethereum. I am generally concerned about the ease with which hackers break the exchange. Maybe there are no hackers?

And how is that a logical explanation? Somebody is doing...what? Dumping bitcoins after he has hoarded coins driving the price up?

Stop with the conspiracies, the price went up way to fast, 18 million $ were printed mined each day (36 for a brief period), simply there were no more buyers. When the price goes up x20 times nobody talks about "whales" and "manipulation" when it goes down x3 times, it's the gubbermints fault, the whales, the octopussies the whatever.

[Lancusters]

This is speculative capital. He always promptly leaves the market and also promptly comes on it. I don't pay much attention to it. Only long-term capital can be useful for bitcoin. Falling prices is a return to the real value of bitcoin. Perhaps everyone needs a cold shower to understand bitcoin is not God. It is subject to economic laws and can not make a profit constantly.

[Carlton Banks]

$17 billion is a hell lot of money   Meanwhile, I would like to know why ''deleted" was used a choice of word for the title. It makes it seem like someone went to a dedicated computer, pressed on the delete key and poof $17 Billion disappears!

I do wish market cap could be uninvented as a metric. It means nothing.

That 17 billion never existed. You could knock tens of millions off the market cap with sells that net the sellers a few thousand dollars.

But, but....marketcap comparison with GDP of countries, with listed value of companies like Amazon. Can't we do that anymore?

You can compare the price of 1 grain of rice with the weight of gold in fort knox if you want, no-one's going to stop you


I've been using the term "monetary base" for a while now, and that's because that's what it is. I have no idea why the "capitalisation" expression ever became popular

It seems to me that such attempts to explain the situation retroactively have nothing to do with reality. I have not found a logical explanation for the fall in prices. It seems to me that only one explanation. Someone very influential with big money and opportunities is interested in reducing the price of bitcoin or Ethereum. I am generally concerned about the ease with which hackers break the exchange. Maybe there are no hackers?

And how is that a logical explanation? Somebody is doing...what? Dumping bitcoins after he has hoarded coins driving the price up?

Stop with the conspiracies

It can't possibly be a conspiracy if there's is only one person doing it, or if there is no evidence. You are in the market for one thing: a dictionary