How does the crypto market reacts after an exchange gets hacked

[Blackforce]

How does a Crypto Market React when there is an Exchange hack. What's On Crypto gathered these information and puts it in a Graphic to show a month before and after market behavior.


#Credit: https://t.me/whatsoncrypto
#Sponsored by:
https://cryptosolartech.org/en/
https://t.me/cryptosolartechEN

Cryptosolartech is a project that combines renewable energy and cryptocurrency mining to make the latter have the least possible ecological footprint.

[bellamente]

Thank you for the beautiful graphics. I remember when Coinbase stopped working and was offline for 12 hours.

Bitcoin lost 25 percent during this time.

[Blackforce]

Thank you for the beautiful graphics. I remember when Coinbase stopped working and was offline for 12 hours.

Bitcoin lost 25 percent during this time.

Yes, it’s awful when you don’t know what’s happening. Bitcoin starts falling and you cannot do nothing about. Not to say the bad feeling you have when you have fiat, alts, btc and the exchange goes off, not knowing what will happen with your balances

[3acaga]

You are right to 100 percent! -finitely theft and hacking of exchangers will affect the depreciation of bitcoins.
But if you look at the fact that the third part of bitcoins is owned by China's miners, they can regulate both the rise and fall of the bitcoin rate.
P.S. The more people will be interested in crypto-currencies, the less control and the possibility of an artificial exchange rate

[Blackforce]

You are right to 100 percent! -finitely theft and hacking of exchangers will affect the depreciation of bitcoins.
But if you look at the fact that the third part of bitcoins is owned by China's miners, they can regulate both the rise and fall of the bitcoin rate.
P.S. The more people will be interested in crypto-currencies, the less control and the possibility of an artificial exchange rate

Bitmain getting at 51% of the hash isn’t good for bitcoin.... and they are close to get there.

[YuginKadoya]

It really escalated quickly when something like that happens and by this charts we can see that all is in a bad shape of decreasing and pulling the price down, Well all we can do was rage quit over the issue, But I think in time we can see the price pumps again in no time but judging by the movement and the bear market we are in right now there is no telling when another bull run might occur.

[mk4]

Huh. Nice infographic. I'm actually really surprised the MtGox hack only caused a somewhat 50% decline in price. I definitely expected a bigger drop for some reason. Also with the Bitfinex hack, $654 to $552 was definitely a smaller drop than what I remember.

[doolittle]

A good infographic. I want to say that I think the breaking of the exchange, the exchange itself is to blame. And it seems to me that every exchange hacking is possible!!!!! with the participation of the owners of the exchange. Too often began to steal bitcoins. We have ceased to hear breaking into banks, but increasingly we hear the crack of the exchange of cryptocurrencies. It is logical why the price falls, because bitcoin in a large volume immediately sell, in order to cover up the evidence and get Fiat money. I still think that the exchange itself takes some part in the hacking and attack.

[fanBit101]

Huh. Nice infographic. I'm actually really surprised the MtGox hack only caused a somewhat 50% decline in price. I definitely expected a bigger drop for some reason. Also with the Bitfinex hack, $654 to $552 was definitely a smaller drop than what I remember.

If I remember correctly about the statistics. Then the mtgox is the impact for the first move in March. Bitcoin the price point is ~ 9k and it goes down very fast within a month and the last fixed threshold is the price ~ 6k6. The second is the hacker attacks on the trading floors in Korea, Bithumb, coinrail is one of them. That made the bitcoin go down very fast in April - May and peak was a scary 5k8 mark.

[Blackforce]

Huh. Nice infographic. I'm actually really surprised the MtGox hack only caused a somewhat 50% decline in price. I definitely expected a bigger drop for some reason. Also with the Bitfinex hack, $654 to $552 was definitely a smaller drop than what I remember.

If I remember correctly about the statistics. Then the mtgox is the impact for the first move in March. Bitcoin the price point is ~ 9k and it goes down very fast within a month and the last fixed threshold is the price ~ 6k6. The second is the hacker attacks on the trading floors in Korea, Bithumb, coinrail is one of them. That made the bitcoin go down very fast in April - May and peak was a scary 5k8 mark.

Do you guys remember BTC-E? I remember it before the FBI seized it. It had DDOS attacks too often just before FBI came and closed it. Coincidence? Or was the FBI itself attacking the exchange?

[cryptohopes]

Thank You for the statistics and yes it is kinda obvious that the market will react badly after hacking of such big exchanges. It is natural that the investors will feel insecure and may even leave the market out of fear. We have seen the effect of hacking too in the next month and the whole market suffered much. Hope the exchanges will work on their security issues so that such incidents are not repeated.   

[Sinone]

It is normal Because every exchange has millions of dollar. If an exchange hacks mean millions of dollar lost in the crypto market. It will affect very bad on the crypto market. I read a news in CCN that Bithumb hacked and stolen 30 Million USD. So, after the market went to the down. Every year, Exchange hacks are happening. To me, This is a curse for the Crypto industry.

[jennacall]

Thank you for the beautiful graphics. I remember when Coinbase stopped working and was offline for 12 hours.

Bitcoin lost 25 percent during this time.

We really cant predict the price in upcoming months

[Chacon994]

Thank you for the beautiful graphics. I remember when Coinbase stopped working and was offline for 12 hours.

Bitcoin lost 25 percent during this time.

We really cant predict the price in upcoming months

No one can afford to be able to accurately predict the price of bitcoin in the future. But I think the price will increase this month and next month. Then prices will drop slightly and increase sharply until the end of the year

[virendarnagpal]

There are two type of news; first is positive and second is negative.  Economic markets like stock market; crypto markete; commodity futures trading market get effected by the news / rumors. 
Any negative news will pull down the prices and positive news will push up the prices. 
When investors / traders get any positive news they will start buying and opposite will be the action in negative case. 
Hacking is a negative news and I am of the belief that the prices will fall in such circumstances.

[Radio-Active]

I think the exchange that get hacked must take a quick action after the hacking.
Some exchanges collaborate to stop trading some token to minimize the impact, you can see for example IDEX, Bancor have was stopping
trading pundi x token some days ago because some exchange get hacked.

[pat4cryptoreal]

It is absolutely clear that there is always negative impact on the market when there is a hack or even rumor of hack. Some cryptocurrency have not recover from the negative impact of last month hack.

[Blackforce]

I remember the bitfinex one 🤦🏻‍♀️... I had some btc in btc-e and it was under ddos attack. So the price was falling hard and I didn’t had access to my btc to change for fiat. Those days I was like a kid in a roller coaster 😂

[sakahayang]

I do not see a graph by 2017. whether hacking does not occur in 2017? if there is no hacking, that might be the cause of the soaring Bitcoin price!
I really like your chart

[Caesar-Giulius]

Nice infographic done, thank you for sharing. I believe the exchange hack should be one of the factors that push Bitcoin price down. Let’s hope there are no more hacks.

[googs84]

It reacts with worst case possible attitude!

First of all weak handed catches such news, then they represent it over the forum and in the different blogs in such way that something big happened and start creating the FUD about it.

Rest of the market starts catching up the fire and this goes on and on until it reaches to every corner of the world and world thinks they gonna loose their money over huge dump that will be coming up front.

The Market Dumps!

~The End ~

 

[Blackforce]

We are glad you liked the info graphic. It means a lot for us the kind word of the crypto community as we are working hard on them. We will be more than glad to receive new ideas...

In the coming days, we will launch another one and also we are planning the second round of the giveaway. This time the prize will be 0.05btc. More details tomorrow 😌

[Webberson]

As far as cryptocurrency is concern, it is therefore, prone to hackers. It has actually been noticed that whenever a hack news is heard, the price of bitcoin tend to drop drastically, because of its negative impart on investors.

[CryptYeah]

Thank you for the visual demonstration! In principle, it is quite logical that after the hack the crypto currency is drained and its value is reduced. I hope that soon the possibility of breaking the WHOLE EXCHANGE will be excluded)

[darkangel11]

I do not see a graph by 2017. whether hacking does not occur in 2017? if there is no hacking, that might be the cause of the soaring Bitcoin price!
I really like your chart

I don't think hacks stop bull runs. I think that they just cause a dip in price in the short term. The soaring price in 2017 had nothing to do with hacks AFAIK. I think there was some hacks in 2017, but I can't recall what hacks happened.

It depends on the size of the exchange. Do you remember what happened to Mt.Gox. It was hacked, then it froze withdrawals and acted like it's all fine, and then it went offline causing the longest bear market in bitcoin's history. If a major exchange like Binance got drained of all its coins we'd be hitting lower lows right now and if those lows would happen to be below 3000 USD, we would be kissing bear's ass till 2020. 

[tunapa]

Definetly this causes drop on value of cryptocurrencies and additionally , people do panic sell even at loss. Because of he fear of losing their money, investors will try to panic sell which will cause price reduction.

[dothebeats]

I don't remember the price getting to $11k between May and June. Also, exchange hacks aren't the only news airing on the crypto ecosystem during those times, so the market movement isn't dictated by the news of hack alone. However, as of late, the market doesn't react that much to hacks and tend to keep on going no matter the weather, and we could clearly see that the Bithumb hack haven't really made a lot of fuss since the market is already tanking anyway. It's amazing how people learned to not get swept by these types of news and kept on holding despite the massive setback it could have been for the price.

[sergiom]

I think many people are loosing their faith and trust in crypto and in that exchange, so all the prices are getting dumped. And the bigger exchange gets hacked, the bigger effect is on the market.

[Blackforce]

Dear Valued Members,

As promised, we will begin the 0.05 giveaway, phase 1 Monday.

The instructions will be posted at
https://t.me/woc_giveaway.

Make sure to join and stay tuned.

Thank you,
What's On Crypto Team.

[fernandoclause]

How does a Crypto Market React when there is an Exchange hack. What's On Crypto gathered these information and puts it in a Graphic to show a month before and after market behavior.


#Credit: https://t.me/whatsoncrypto
#Sponsored by:
https://cryptosolartech.org/en/
https://t.me/cryptosolartechEN

Cryptosolartech is a project that combines renewable energy and cryptocurrency mining to make the latter have the least possible ecological footprint.

https://whatsoncrypto.com/wp-content/uploads/2018/07/Exchange-Hacks-2.jpg

this is scary news and I think the market is unlikely to be cracked and they will react after the market rebounds and this might be a disaster for investors

[Kakmakr]

If you look at the graph, you see that the bigger the exchange, the bigger the drop in the price in the month after the hack. The last two exchanges on that chart, did not even show a drop in the price after the hack and the price even increased.    I think the amount that was lost, has a bigger influence on the price, because it gets more media attention. <bad publicity>

Some of these hacks was not even just bitcoins, but a mix of Alt coins, but it still had a negative impact on the price.  

[Ava Duvall]

Huh. Nice infographic. I'm actually really surprised the MtGox hack only caused a somewhat 50% decline in price. I definitely expected a bigger drop for some reason. Also with the Bitfinex hack, $654 to $552 was definitely a smaller drop than what I remember.

If I remember correctly about the statistics. Then the mtgox is the impact for the first move in March. Bitcoin the price point is ~ 9k and it goes down very fast within a month and the last fixed threshold is the price ~ 6k6. The second is the hacker attacks on the trading floors in Korea, Bithumb, coinrail is one of them. That made the bitcoin go down very fast in April - May and peak was a scary 5k8 mark.

Your right, i have read similar information about the statistics, you make a good point