Market dumps $6 billion on Binance hack news, BTC holds strong above $5,800

08 May, 2019
by Joeri Cant
Market dumps $6 billion on Binance hack news, BTC holds strong above $5,800

The whole crypto community is still recovering from the news that Binance suffered a 7,000 BTC hack, and although the price of Bitcoin took a dip, it seems to hold well above the $5,800 price mark for now.

Prior to this shocking news, Bitcoin was trading at around $5,925, well on its way to the $6,000 price mark.

However, since this news broke, the world's most popular cryptocurrency plunged, by around 3% within the hour, finding itself at $5,720 on Coinbase and Bitstamp.

Perhaps somewhat surprisingly, Bitcoin managed to recover quite well towards $5,870.

BTC/USD chart provided by Tradingview

At this point it is still not clear if there will be a further fallout from the Binance hack event, as new information may come to light as Binance performs a complete security check and investigation, but for now it looks like the price of Bitcoin is holding strong.

PoET, a compliance trading protocol built on multiple blockchains, points out on Twitter that some perspective might be in order, and makes a comparison with the Mt Gox hack and its recovery in 2014.

The entire cryptocurrency market took an immediate plunge of more than $6 billion in less than an hour. The total market capitalization sat at around $188 billion and took a steep fall towards $182 billion, but has since then recovered $2 billion.

The altcoins, especially Ethereum, Binance Coin and Cardano, have been experiencing the dip as well. Interestingly, a much more severe dip than BTC itself.

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