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Bitcoin Price Watch: Currency is Unmoving at $6,700

At press time, the father of cryptocurrencies has not moved and remains at $6,700, which is where it has been for several days, now.

This is both good and bad in a sense. On one hand, bitcoin refusing to grow in price or get any larger is never a good thing; the market comes to a standstill, and investors lose out on making money.

On the other hand, considering bitcoin’s expensive drops over the last two weeks, the fact that it has managed to sit on its laurels and dig its heels into the ground is a positive sign, especially considering the major hack that’s taken place over the last 24 hours.

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That’s right, folks. It’s happened again. Following the Coinrail hack last week that is still partially being blamed for bitcoin’s decent to $6,700 from $7,600, Bithumb – the sixth-largest cryptocurrency exchange in South Korea by market capitalization – has been attacked by hackers, which has resulted in the disappearance of over $30 million in crypto funds. At press time, the exchange is claiming all customer assets are safe, though it is halting withdrawals and deposits for the time being until a full audit and examination of its security systems can be completed.

Executives announced on Bithumb’s website:

“All assets of our customers are securely saved in Bithumb’s cold wallet; hence, all assets are completely safe and secured. However, due to implementing enhancement, as well as ongoing safety checks on deposit/withdrawal servers, cryptocurrency deposit/withdrawal and KRW [local currency]withdrawal services will be halted for the time being and until services are thoroughly reviewed. Further announcements will be made in due course. We sincerely apologize for the inconvenience. Our priority is to secure our customers’ assets at all time, and we will continue to better serve our customers.”

This is now the second hack on a South Korean cryptocurrency exchange inside of a week. This suggests that South Korea really needs to up its security game if it’s going to be taken seriously in the digital asset arena. Professor of cybersecurity at Ulster University Kevin Curran even comments:

“Unlike traditional banking mechanisms, blockchain currencies can be stolen and moved to thieves’ accounts with no means of recovery. Nothing can bring them back. This is a real and ever-present danger with cryptocurrencies, and there have been ever-increasing incidents of coins being stolen, as seen recently. Ultimately, remember that the European Banking Authority and others have warned that bitcoin users are not protected by refund rights or chargebacks. Because of this, many people believe the risks outweigh the benefits.”

However, one piece of good news is that every major cryptocurrency – from Ethereum to Ripple to Litecoin – incurred price drops following the hack… All except bitcoin. The currency stands at the same price of $6,700, which suggests that the currency has built itself up and developed appropriate resistance to snafus like these.

What’s also intriguing is that Coinrail is particularly small in comparison to Bithumb, which means bitcoin’s present resistance against security threats may truly be beefing up.

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Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

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