Recent Bitcoin Volatility due to Binance Hack ? Market Manipulation

[btj]

Hi,

Since most of the cryptocurrency traders and investors are in Binance, and the price can mostly be followed from there due to the larg coin market cap traded,

And with recent hack, it seem that the hacker gained access to many users accounts using API of users affected by the breach, don't you think that the market manipulation come from there ?

Because the price change by up to 500$ in a period of one day or less.

Waiting your opinion.

[Pursuer]

in case you missed it, Binance is an altcoin exchange not a bitcoin exchange. so your topic doesn't even make sense! you talk about hacker gaining access to people API (which is not correct by the way) and then manipulating the market but then talk about bitcoin price moving up $500! not to mention that a $500 rise or more precisely a 7% rise is not a big deal at all. it is one of the most common percentage rises that bitcoin has specially when it is coming out of a long downtrend and prior manipulation keeping the price down.

[pakhitheboss]

No way this is possible, How can Binance control the price of Bitcoin? Where did this come from? Whats price of Bitcoin to do with Hackers who hacked Binance? Where do you see the manipulation?

It is normal for the price to go up by $500 or more, if it can go down by the same amount in a day or couple of days, this is natural and that is why it is called Bull run.

Stop thinking negative and remember this - if the price goes down it will also go up and vice versa.

Cheers 

[btj]

in case you missed it, Binance is an altcoin exchange not a bitcoin exchange. so your topic doesn't even make sense! you talk about hacker gaining access to people API (which is not correct by the way) and then manipulating the market but then talk about bitcoin price moving up $500! not to mention that a $500 rise or more precisely a 7% rise is not a big deal at all. it is one of the most common percentage rises that bitcoin has specially when it is coming out of a long downtrend and prior manipulation keeping the price down.

Empty your anger on something else I'm not your punch bag

And do not play the little genius like you're expert in everything related to the universe, take your breath and take it easy ... i didn't forced you to comment here, take a little air and do a little sport to relieve you ...

Meanwhile, to answer your questions:
- Do a little reading from here:
https://binance.zendesk.com/hc/en-us/articles/360028031711-Binance-Security-Breach-Update

We have discovered a large scale security breach today, May 7, 2019 at 17:15:24 (UTC). Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info. The hackers used a variety of techniques, including phishing, viruses and other attacks. We are still concluding all possible methods used. There may also be additional affected accounts that have not been identified yet.

And Security Update: API Key Reset from here: https://binance.zendesk.com/hc/en-us/articles/360027851252-Security-Update-API-Key-Reset

They didn't mentioned the number of users affected, but 7000 BTC mean a lot, and with that amount of users affected it's easy to make a market manipulation ... and notice that it's possible that the hacker withdrawen to another bitcoin address an incridible amount aswell.

Binance is an altcoin exchange not a bitcoin exchange

The way you wrote it, it seems that you just learned it! I followed the developement of Binance from the first ICO in 2017 so, i think i knew it just like you !!

but then talk about bitcoin price moving up $500!

It is normal for the price to go up by $500 or more (Market Change In Dollars, thank's for the percent number).

it is one of the most common percentage rises that bitcoin has specially when it is coming out of a long downtrend and prior manipulation keeping the price down.

Anyway thank's for your opinion.

No way this is possible, How can Binance control the price of Bitcoin? Where did this come from? Whats price of Bitcoin to do with Hackers who hacked Binance? Where do you see the manipulation?

It is normal for the price to go up by $500 or more, if it can go down by the same amount in a day or couple of days, this is natural and that is why it is called Bull run.

Stop thinking negative and remember this - if the price goes down it will also go up and vice versa.

Cheers 

I am not negative, just looking to understand this situation before making any move

[yoseph]

No way this is possible, How can Binance control the price of Bitcoin? Where did this come from? Whats price of Bitcoin to do with Hackers who hacked Binance? Where do you see the manipulation?

It is normal for the price to go up by $500 or more, if it can go down by the same amount in a day or couple of days, this is natural and that is why it is called Bull run.

Stop thinking negative and remember this - if the price goes down it will also go up and vice versa.

Cheers 

Most of the time, the hacking and theft of cryptos from crypto exchanges tend to have a negative effect on all cryptos but in the case of Binance it seems that the very opposite is happening. There is no market manipulation going on here, its just a strong bull run thats all.

[||bit]

It is a volatile market because some days were stable, we can't expect it to be stable every time.

Withdrawing of binance and bitfinex are disabled in this period and if there were a dump we could have blamed them. But hack and tether news are just bad news but bitcoin still rises. So we can't blame them, and we can give them any credit because of the pump. Right now the only effect they did is people who likes to arbitrage.

[izanagi narukami]

If we talk about logic, the hacker still not dumping yet,right ?
For me, the current market situation is not affect with the hacker incident but pure of positive trading of the traders around the world.

If you want the real answer, time will answer it for you ( waiting )

[Ailmand]

No way this is possible, How can Binance control the price of Bitcoin? Where did this come from? Whats price of Bitcoin to do with Hackers who hacked Binance? Where do you see the manipulation?

It is normal for the price to go up by $500 or more, if it can go down by the same amount in a day or couple of days, this is natural and that is why it is called Bull run.

Stop thinking negative and remember this - if the price goes down it will also go up and vice versa.

Cheers  

Well most platform hacks affects the market especially bitcoin price. However, the recent security breach in binance did not even stop the momentum of bitcoin price hike since there had been a lot of good news coming out in crypto. Binance even rest assured that they will handle everything as soon as possible.

[Vaskiy]

The traders have actively involved into the cryptocurrency market making buying and selling. This keeps the crypto market stable without any impact of the hack being felt over the bitcoin market. There is no such market manipulation, the market is completely normal and as an user stated the hacked bitcoin isn't dumped to the market. If something is done automatically the market will be affected.

[traderethereum]

Well, right now we see bitcoin price is down so load more bitcoin as you can while it's cheap.
I don't think 7000+ bitcoin can move the price to go up and down because it needs more than 7000+ because we know that in the big exchanges, the volume of bitcoin was more than that.
So I think it's normal to see the price is volatile even now the price is down again, but it will go to the higher price again.
That will happen over and over, and if there is a manipulation of the price, then it will need a big balance of bitcoin on every exchange.

[btj]

If we talk about logic, the hacker still not dumping yet,right ?
For me, the current market situation is not affect with the hacker incident but pure of positive trading of the traders around the world.

If you want the real answer, time will answer it for you ( waiting )

Yes right now logically the hacker is out of any price manipulation.

But he is the trigger of all this, he is the one who stirred the whole sea... and purhapse launched a bull run (Who Knows).

Binance have a positif impact on the bitcoin price ... first time it happens that when a crypto trading platform hacked the price increase (Knowing that we are tlaking about 40$ millions ... market price changed for lower than this with others hacks before).

7000 BTC = 48 620 000$ at the time of writing (1 BTC = 6 942$).

[Genemind]

I don't believe that Binance is being manipulated. We might just be mistaken bitcoin's volatility to an exchange manipulation. Bitcoin is just too strong for hackings and investors still trust it despite the said incident.
Binance has done its part but I don't think it could change the prices of both bitcoin and altcoins. 

[akela04]

Bitcoin continues to grow so actively that all those who predict a turn and fall have switched to attempts to find the reasons for growth. Maybe really manipulator Binance, which artificially pushes the price up.

[CryptoBry]

No way this is possible, How can Binance control the price of Bitcoin? Where did this come from? What's price of Bitcoin to do with Hackers who hacked Binance? Where do you see the manipulation?  It is normal for the price to go up by $500 or more, if it can go down by the same amount in a day or couple of days, this is natural and that is why it is called Bull run. Stop thinking negative and remember this - if the price goes down it will also go up and vice versa. Cheers 

There is absolutely no connection in between the two events that recently transpired in the world of Bitcoin and cryptocurrency. Now, the hack should have been a catalyst for Bitcoin to dump but instead it ignored the hacking news and went on ballistic. The recent rise of Bitcoin is actually overdue as if a volcano that has already build up all the materials to spew to the sky. This can be the start of the bull run and for Bitcoin it is normal if there are no triggers actually. With Bitcoin, there can be a pump or there can be a dump and there is no need to look for reasons for them. Yes, there is no manipulation this time but maybe just speculations which can be normal with Bitcoin.

[Argoo]

Hi,

Since most of the cryptocurrency traders and investors are in Binance, and the price can mostly be followed from there due to the larg coin market cap traded,

And with recent hack, it seem that the hacker gained access to many users accounts using API of users affected by the breach, don't you think that the market manipulation come from there ?

Because the price change by up to 500$ in a period of one day or less.

Waiting your opinion.

The recent hack of the Binance exchange, as we see, did not affect the continued growth of Bitcoin and the cryptocurrency market as a whole. After the hacking itself, the market continued to rise for several days. Today began the usual correction rate of Bitcoin. This was supposed to happen. Correction is necessary for its further growth.

[Adriano2010]

I also think is something interesting and i asked why this grow happen after bitcoin Binance hack, but maybe this happen because of the money coming on crypto and people start buy it.

[Haunebu]

What is up with all of these threads mentioning that the Binance hack is somehow related to the current Bitcoin surge? Grow your brains people.

BTC has been surging in value from quite sometime in recent times and has been unfazed by the recent controversies(Tether etc) and this is completely organic growth overall.

[bL4nkcode]

BTC has been surging in value from quite sometime in recent times and has been unfazed by the recent controversies(Tether etc) and this is completely organic growth overall.

Not really, last time bitcoin touches 7k$ was last year on September, then today. There's no even major news to get the price surge to this price, not until binance was hacked and considerably managed to cover the loss without any major decline of price, yet it goes down -300$ but it recovers just hours then keep surging til today.
Though that might be conventional that there's no connection, of what had happened from an altcoin to bitcoin but this is something not common from recent hacks

Anyway, I just visited cmc and saw the top 10 largest exchanges' volume in 24 hours, most are unknown to me. However, I smell fishy out there.

[figmentofmyass]

Since most of the cryptocurrency traders and investors are in Binance

mistake #1 is drastically exaggerating binance's importance. it's an altcoin exchange with zero fiat channels. "most crypto traders and investors" are definitely not holding funds on binance.

And with recent hack, it seem that the hacker gained access to many users accounts using API of users affected by the breach, don't you think that the market manipulation come from there ?

Because the price change by up to 500$ in a period of one day or less.

binance was lagging behind the other exchanges. they weren't driving this rally.

the price was being driven up much higher/faster on bitstamp, coinbase, and kraken primarily. the USDT market was lagging behind (same as bitfinex) and so was binance's USDC market. this was legit fomo on real fiat exchanges driving the market. it doesn't look like binance had a thing to do with it.

[Jeborn]

This absolutely wrong. How is the amount of bitcoin hack form binance has effect of the influx of money in the market in the last couple days. 7000 BTC was stolen this is minute in the amount of bitcoin in circulation