Market shows solid recovery following Binance hack as BTC back above $5,900

08 May, 2019
by Richard Allen
Price Action
Market shows solid recovery following Binance hack as BTC back above $5,900

It’s been a full 12 hours since the Binance hack made the news, and while the market took a hit then, it’s already begun recovering.

Reported at the time, Bitcoin was well on its way to $6,000 trading $5,925. Following the news, it sunk $5,720 on Coinbase and Bitstamp removing $6 billion from the market. However, it had already begun showing signs of a recovery then and has managed to maintain this momentum with the current price of BTC at $5,918.67, with 3.50% in the red.

The rest of the market is also showing some mild losses. Unsurprisingly, Binance Coin has seen the biggest loss of all the top 10 coins, losing 6.24% of its value in the last 24 hours, trading at $20.76 at the time of writing. Ethereum, Bitcoin Cash, Litecoin and Stellar are all down over 3%. Tron is one of a handful of cryptos to see gains, up 3.28% trading at $0.024.

 BNB/USDT chart provided by Tradingview

Waltonchain is today’s top 100 loser, sinking nearly 10% at the time of writing, while the overall winner is Arcblock, surging over 41%. Other notable earners are ABBC Coin with gains of 16.45%, Aurora up 13.86%, and Maximine Coin with 13.32% in the green.

Total market cap is sitting at $185.7 billion, with BTC’s dominance at 56.4%.

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