Cryptocurrencies Lose $46 Billion After South Korean Hack

mothered · 06-11-2018, 06:20 AM

Greetings everyone,

Upon reading the thread's title, It's pretty much self-explanatory as to the latest developments In the cryptocurrency market. As a result, Bitcoin Itself has dropped 11 percent. To get a better understanding, please view the video In the article- It's only around 2 minutes as Is certainly quite Informative.

Quote:A cryptocurrency exchange hack in South Korea jolted holders of digital assets, fueling a $46 billion selloff and extending this year’s Bitcoin slump to more than 50 percent.

The hack brought an abrupt end to two weeks of calm for the biggest virtual currency and reignited concerns about the security of lightly regulated crypto exchanges. The venues have come under growing scrutiny in South Korea, the U.S. and other large economies in recent months amid a range of issues including thefts, market manipulation and money laundering.

Bitcoin has dropped 11 percent since 5 p.m. New York time on Friday and was trading at $6,781.19 as of 11:43 a.m. in Hong Kong on Monday, bringing its year-to-date loss to 53 percent. Most other major virtual currencies also slumped, sending the market value of digital assets tracked by Coinmarketcap.com to a nearly two-month low of $294 billion. At the height of the global crypto-mania in early January, they were worth about $830 billion.

Source.

Losi · 06-11-2018, 08:26 AM

YOUCH 11% since 5pm? I don't even want to look again...

mothered · 06-11-2018, 11:23 AM

(06-11-2018, 08:26 AM)Losi Wrote: YOUCH 11% since 5pm? I don't even want to look again...

It may not seem much, but when you look at It's Impact, 11% Is quite significant.

Pin74 · 06-11-2018, 04:40 PM

Cryptocur is coming to an end.
Soon my vague statement will become investors/traders worst nightmare.

mothered · 06-11-2018, 09:30 PM

(06-11-2018, 04:40 PM)Pin74 Wrote: Cryptocur is coming to an end.

This Is simply a temporary setback due to the hack.

In my views, I don't believe It's an Indicator of future developments In cryptocurrency.

Pin74 · 06-12-2018, 04:32 AM

mothered Wrote:
Quote:Cryptocur is coming to an end.
This Is simply a temporary setback due to the hack.

In my views, I don't believe It's an Indicator of future developments In cryptocurrency.

My conclusion is built from a logical perspective, i did not provide premises to clarify the conclusion so it was deemed to be illogical.
I'll write about it in few days, it will make much more sense then.

mothered · 06-12-2018, 08:52 AM

(06-12-2018, 04:32 AM)Pin74 Wrote:
mothered Wrote:
Quote:Cryptocur is coming to an end.
This Is simply a temporary setback due to the hack.

In my views, I don't believe It's an Indicator of future developments In cryptocurrency.
My conclusion is built from a logical perspective, i did not provide premises to clarify the conclusion so it was deemed to be illogical.
I'll write about it in few days, it will make much more sense then.

All good.

I look forward to reading your thoughts.

xyzo · 06-12-2018, 10:17 PM

Well, i did notice my overall crypto portofolio going down.
However i would rather just wait until everything goes back to normal - in the meantime i will be buying up more eth!

mothered · 06-13-2018, 03:34 AM

(06-12-2018, 10:17 PM)xyzo Wrote: in the meantime i will be buying up more eth!

I believe It's a wise move to Invest.

Bitcoin (for example) Is at a two-month low and It will Inevitably Increase over time- more so sooner than later. This Is a positive for Investors.