Mt. Gox DDoS and the Panic-Sell Price Drop
Distributed Denial-of-Services (DDOS) attacks conducted against Mt. Gox over the last few days were responsible for server lag and downtime which lead to a ripple of panic-selling and, ultimately, a brief non-sustained drop in the trading price on Mt. Gox and other online exchanges subsequently. The event found mainstream media coverage, with unusual....
Related News
Over the past few days, leading bitcoin exchange Kraken has tried to implement advanced DDoS protection, after a series of large DDoS attacks were launched by an unidentified group of hackers, directed to disrupt their operations. According to the Kraken team, the attacks began on October 31, when an increasing number of users reported server issues and connection problems while logging into their Kraken accounts. The majority of its users were unable to access their funds and withdraw bitcoins due to gateway error and server glitches. During this time, Kraken announced on Twitter:....
You're probably waking up this Monday morning asking yourself what has happened to the price of bitcoin. At Mt. Gox, about $827 USD, and $784 at Bitstamp - down from the high $800s this weekend. So what happened? A panic sell, of course. There's a rumor spreading on the internet that transactions to BTC China (which includes fiat withdrawals) may be banned in the very near future. This information comes allegedly from two payment processor CEOs in China, who later deleted their posts on Chinese microblogging site Weibo after triggering the panic. There is reportedly a meeting with....
Bitcoin exchange BTE-C has reported via its official Twitter account that it is, at this time, experiencing a DDOS (distributed denial of service) attack that may or may not be affecting all services. The uncertainty comes from the lack of explanation from BTC-E. The tweet, which only reads "DDos #btce" (pictured above), seemingly speaks for itself, however. Bitcoin exchanges are often targets of DDOS attacks, but many have learned to deal with these situations as a result of being victims multiple times (see Mt. Gox). More updates as they become available.
Sunday's bitcoin price panic caused altcoin market caps to evaporate and made most altcoin prices drop as well. The litecoin price bore the brunt of the market's wrath, falling 7% and dropping the Litecoin market cap by almost $8 million in a single day. However, the bitcoin price recovered, which in turn inflated many altcoin prices to previous levels. Nevertheless, although litecoin's market cap grew by 5%, its bitcoin trading pair price failed to recover. Also Read: Bitcoin Price Decline Makes Altcoin Market Caps Bleed. Litecoin Price Fails to Rebound from Bitcoin Price Panic. Monday's....
Bitcoin value in USD took a nosedive over the first couple weeks of 2015. The price dipped well under US$200 earlier this week but is back over that mark at the time of writing. The catalyst is unclear, but many big events could have contributed to the spiraling price: Bitstamp's temporary closure, the pause on CEX.io cloud mining, and Russia's crusade against Bitcoin websites. Additionally, others noted that Ethereum has been selling off their bitcoins and there are also rumors swirling that investor giants have been selling off in the run up to the Winklevoss ETF IPO. The typical....