passwordnow
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August 13, 2024, 09:22:01 PM |
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Sometimes, there really is an effect to the market when an exchange is hacked. But at most times specially during the bull run, we see little to no effect of it. We've seen lately about the interest rate adjustments of FED and Japan's bank, the market moved a lot. So, we can say that sometimes it is with exchanges, sometimes it is with global markets and the correlation happens but then, we can't be sure why we might be surprised about it.
And with these hacks with exchanges, we sometimes think that they're scripted and playing an exit.
You definitely have a point, first of all the popularity or rather the number/amount of liquidity on that exchange will be the determinant of its effect on the crypto market, the coins involve or stolen by the hackers will also play it’s own role and then the situation of the bitcoin market as at that period. If we look at Waziri X as an exchange it has very low liquidity due to it been a local exchange Also it doesn’t have bitcoin involved in the hack. One key thing aside those listed that puts out a difference between this hack and that of FTX in 2022 leading to the bitcoin dump to $16k region was because this particular one was right in the middle of when there was already a Fear caused by economic FUDs like the Japan increase rate. Bitcoin can only fall or dip when there is supply and that was already set in with a much bigger FUD and that’s why the Waziri X case was not that huge as an impact Yeah, that debacle of FTX was quite big and that's why the entire market has been moved. And also, it's not just all about hacks and such, as well as those craziness of the ceo's of those tokens or coins like what we've seen with Luna and UST. The market crashed a lot even though it is not an exchange but something like having that kind of scammy behavior of the owners of it really can blow the market down. So, when there's a sudden move of the market and the prices of basic cryptos of course with Bitcoin first are reactive. That means that everyone is getting involved and the money is seriously flowing out of the market and people are moving it somewhere else. However, when the market is moving oppositely and it is recovering, the confidence of most investors are back and we mostly think that they are coming from the institutions.
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AmoreJaz
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August 13, 2024, 09:29:49 PM |
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Depends on the exchange of course like everyone said. The volume and the amount matters for the hack too, no matter how big, if they stole something small then it doesn't really matter. Like let's say some hackers stole 40 million dollars worth of bitcoins, even if they sell it all, all at the same time, the price won't go down much because that is a small amount and won't matter to anyone, hence it is not a big deal at all.
We should realize that amount matters here more than anything else, there are a lot of people who do not understand that part. As long as we have small amounts, it will not impact the market, it could be a huge amount for you personally, like how 40 million would be huge for any of us, but it's small for the market.
And if the amount is quite significant, it may have impact on bitcoin's price, but usually it will only be short. As we have seen in the previous hackings, the downward movement were observed for short period of times and it went up again. Just think of the time when China banned crypto, given that this country is one of the top economies in the world, their influence in btc market was only quite short. It didn't collapse the btc market. What more of a crypto-exchange with no to little amount of btc involved? So just like what has mentioned in earlier posts, the hacking in Wazirx didn't make any impact in btc as there was no btc stolen.
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Mahanton
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August 13, 2024, 09:56:26 PM Merited by Koadharber (1) |
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Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?
So its normal, it wont really be giving out some impact not unless if we are talking about Binance,OKX,Kucoin or Coinbase on which it would really be getting hacked specially if the said funds that we are talking is huge and enourmous then there's really that probability that there would really be that a huge sell off. We've seen a couple of exchange hacks in the past and it did really make out some bad impact. Going back int that WazirX on which i havent heard it off but since this would really be that local then it wont really be creating that too much buzz when it comes to this. This is why its never been that recommended that putting up some funds or money on exchange platforms. You dont possess the keys and once it do get hacked then youre fucked up. Also, not all exchange hacks incidents would really be creating such negative impact or even into those other incidents about hacks or exploited funds or bridges but still the market didnt really react according into it. This what makes it really hard for you to apply some fundamental analysis in regarding into your trades because the market cant really just that easily make out those immediate effect because it could neither be dumping or would be moving sideways or would be even going upwards.
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dezoel
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August 15, 2024, 09:04:32 PM |
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Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?
It depends on the number of people affected by the hack and whether they have lost Bitcoin or other assets. The price would only get affected by hacks if Bitcoin is directly involved which sends out a message among less knowledgeable masses that Bitcoin got hacked, they don't know that Bitcoin can't get hacked but it's an exchange or another platform that got hacked and hackers stole bitcoins from it, but it still spreads a lot of FUD and negativity causing a lot of sell-offs and eventually a drop in the price. Bitcoin or any other cryptocurrency, drops its value based on the demand and supply they have in the market. When there is FUD and bad news circulating in the market, newbie retail investors start selling their assets because they are always on the verge of selling due to the fear of losing money. In incidents where only a small number of people are affected, things don't spread much which is why the price doesn't get that much of an impact from it.
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Stepstowealth
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August 15, 2024, 09:13:06 PM |
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Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?
I will say that maybe formally when Bitcoin was not as strong as it is right now, the market would have been affected but currently people do not really care because even for someone like me I never heard of the news about the hack of this so called big Indian crypto exchange. I mostly only consigned with news about exchanges in my country because they are facing problems from the government and not even threats from hackers, although I never know but I think that even if there is a hack somehow, it still will not affect the market price because it is not a global situation, and bitcoin is global.
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mirakal
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August 16, 2024, 12:20:34 PM |
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Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?
Not really for me, but if we talk about trust, it is something that would matter a lot. Why? We think that by using exchanges, we are confident that our money is secure. But in a case like this, that will create doubtful emotions and distrust. This will cause traders and buyers to ignore new sites and choose those exchanges that show exemplary performance and a high level of security. Of course, we understand the underlying risks and hacking incidents, but as much as possible, exchanges should take extra care and develop a high level of security. It was their responsibility because users trusted and expected them, which is why they should deliver the right service as much as possible.
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CageMabok
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August 16, 2024, 02:05:55 PM |
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Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?
The answer is very simple because it depends on how big the hacked exchange is and even if an exchange like WazirX has a huge amount of Bitcoin in it, it still depends on the hacker himself, whether he will immediately sell all the Bitcoin obtained through the hack of the exchange or even store it in another wallet without selling even a little. So it will not directly affect the Bitcoin price if the hacked exchange is only a small exchange and there is no sale of Bitcoin by the hacker in large amounts to other exchanges.
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TheUltraElite
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August 16, 2024, 02:46:06 PM |
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Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?
It depends on the exchange characters. It is not an internationally run exchange and not the high traffic ones. So the impact if any was shrugged off by the market very quickly. Also of note among the coins lost, bitcoin was not present but altcoins were and hence the immediate dumping of coins did not happen Again the exchange immediately informed the FIU (Financial Intelligence Unit) of India and cooperated with many exchanges to prevent dumping of the lost coins. These are the possible reasons I think which led to minimal impact on the price. It does not mean that exchange hacks dont cause market crashes, as per past experience, they do.
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glendall
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August 16, 2024, 03:06:09 PM |
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Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?
It depends on the exchange characters. It is not an internationally run exchange and not the high traffic ones. So the impact if any was shrugged off by the market very quickly. Also of note among the coins lost, bitcoin was not present but altcoins were and hence the immediate dumping of coins did not happen Again the exchange immediately informed the FIU (Financial Intelligence Unit) of India and cooperated with many exchanges to prevent dumping of the lost coins. These are the possible reasons I think which led to minimal impact on the price. It does not mean that exchange hacks dont cause market crashes, as per past experience, they do. reasons that don't involve the link between hacking and bitcoin. because BTC went down because there was negative news to attack BTC so that it returned to a price below the target,
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Antotena
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August 16, 2024, 07:12:25 PM |
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Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?
I don't know for WazirX exchange and probably they don't have large amount of Bitcoin and that's why it never affect the price or Bitcoin. If such jack happen to exchange like Binance, Bitcoin will shake, I mean the price will bleed but there is something I love about Bitcoin, it's an asset you can still and wouldn't be able to liquidate it. Why still Bitcoin you can't sell? The authorities will catch you if you try to sell that Bitcoin even in the black market. Just an advice, don't become victim of exchange negligence. You can be own your bank and keep your Bitcoin with you and heaven will not fall but because exchange has a lot to deal with, they can make a mistake and forget about somethings and in that process, they might lose and tell you sorry later because you already signed up to their terms and conditions.
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krishnaverma (OP)
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August 22, 2024, 04:08:39 PM |
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Recently , there was a big hack in Indian crypto exchange WazirX but the Bitcoin prices were not affected by it. So, do these exchange hacks have no impact on Bitcoin prices ?
I don't know for WazirX exchange and probably they don't have large amount of Bitcoin and that's why it never affect the price or Bitcoin. If such jack happen to exchange like Binance, Bitcoin will shake, I mean the price will bleed but there is something I love about Bitcoin, it's an asset you can still and wouldn't be able to liquidate it. Why still Bitcoin you can't sell? The authorities will catch you if you try to sell that Bitcoin even in the black market. Just an advice, don't become victim of exchange negligence. You can be own your bank and keep your Bitcoin with you and heaven will not fall but because exchange has a lot to deal with, they can make a mistake and forget about somethings and in that process, they might lose and tell you sorry later because you already signed up to their terms and conditions. The amount stolen was large , almost half of their total reserves. It was not in bitcoin though.
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