Bitcoin Price Regains Ground as Traders Brace for Bitfinex News
Following a 20% decline in the price of bitcoin this week, uncertainty continues to cast a shadow on broader market activity. Bitcoin prices fell to a low of $480 on Tuesday amidst news Hong Kong exchange Bitfinex had lost nearly 120,000 BTC in a high-profile hack. But while the price has recovered to $580 at press time, the $68m loss and the subsequent shutdown of the exchange has sent shockwaves throughout the industry. Days after Bitfinex first halted trading, much about the path forward for the company remains unknown, including whether it will be able to reimburse investors who lost....
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Matching our analysis, Bitcoin price plunged to near $500 BTC/USD today. That is if you were looking at the Bitstamp exchange price. BitFinex, on the other hand, saw $460 followed by a return to $500 only to slam down to $451 a few seconds later. Is this the result of some systemic error or perhaps manipulation being exercised via the BitFinex exchange? Could it be that some early adopters are cashing out, or perhaps the news? Far from it, as the following explanation will clarify. BitFinex is one of the few major exchanges that offers traders the option of margin-based trading. The others....
The cryptocurrency news cycle was dominated last week by the announcement that Bitfinex was the victim of a theft to the tune of 119,756 BTC. The market continues to struggle with the implications of this event. Drama returned to Bitcoinland last week as Bitfinex was taken for ~120K coins and subsequently the price dropped over $100 on all exchanges. The outcomes of Bitfinex hack. While it initially looked as if they would be able to resume operations within a few days, it now appears as though they might be down for quite some time. Despite the near term hit to price and the logistical....
After a steady week of hovering in the $650 range, the bitcoin price has been dealt a massive blow. Investors and enthusiasts were shocked to discover that the world’s favorite coin had fallen by more than $100 into the low $500s. At press time, the price has rebounded, and hovers around $571, a near $200 drop since reaching a high of $700 just a few months ago. Community consensus on the cause of the drop points the blame at Bitfinex, losing around $65 million in bitcoin after being hacked. Bitfinex Tanks the Market. One source explains that the horror is not yet over, and coin-lovers....
The Hong Kong-based exchange announced today that it is considering making all of its bitcoin traders pay the price after the theft of $68 million worth of bitcoin, earlier this week. In a Bitfinex blog post it said that the company was expecting to ‘socialize’ the loss among its bitcoin users even those who weren’t originally affected. The blog said: We are still working out the details so nothing is set in stone, however we are leaning towards a socialized loss scenario among bitcoin balances and active loans to BTCUSD positions. The theft of the 119,756 bitcoins means that this is the....