Topic: Binance hacked. How can this affect altcoin market? - page 2. (Read 1160 times)
The side effects already started to show up. Latest hacking news was a bad experience considering the bullish aura on the crypto market. Binance already refunded the losses to the investors who lost the funds on the last event and this is part of the exchange SAFU program. The reverse effect pushed price higher that will be next support for the anopther wave of the bull trend.
it seems that the hack did not affect bitcoin, on the contrary it has made it rise with force but the altcoins did suffer enough (they fell too much) especially BNB
In my opinion i think will not affect so much the altcoin market and also bitcoin not look affected, and even if someone sell the stolen coins i think will try sell little by little and can't affect so much the price.
The fact that they have hacked Binance will not have any impact on the market, that works just as much as you have money in a bank and close it, there are many more banks that can offer you the same service that you were previously.
If they hacked Binance it is because they were doing something wrong, and they can not offer security to an Exchange that is allowed to hack, they failed in security, which in my opinion is unforgivable.
Therefore I do not think it has an impact on the market, in fact, if those stolen Bitcoins are massively sold, it will easily be bought by an operator that wants to buy at that price level and the accumulation stage is shortened, so the impact that can have is almost null, in fact, bitcoin is increasing in price.
In Bitcoin's speculative market, the biggest impact is the operations that are generated by the movements of the market, that's where the reasons for impact must be studied.
If they hacked Binance it is because they were doing something wrong, and they can not offer security to an Exchange that is allowed to hack, they failed in security, which in my opinion is unforgivable.
Therefore I do not think it has an impact on the market, in fact, if those stolen Bitcoins are massively sold, it will easily be bought by an operator that wants to buy at that price level and the accumulation stage is shortened, so the impact that can have is almost null, in fact, bitcoin is increasing in price.
In Bitcoin's speculative market, the biggest impact is the operations that are generated by the movements of the market, that's where the reasons for impact must be studied.
Judging by the fact that Bitcoin has grown to $ 6400 in the market, this is not reflected in any way. I thought the pace would slow down. And we will see bitcoin around $ 6000. But it is clear that the bull will not stop the theft of 7,000 bitcoins. Good sign for investors.
But I still see the problem. Do not leave the day on the exchange.
But I still see the problem. Do not leave the day on the exchange.
Binance was one of the safest and best exchanges. If it was able to get hacked this means that there are other less good exchanges that might get hacked as well. This is not good news for crypto but the prices of coins has gone up a lot since the hack.
It can’t have a significant effect because just 7000 btc was moved and it’s too low to shake the total cap of the crypto market
It will also give nerves to investor about where is safe to trade
It will also give nerves to investor about where is safe to trade
Why are you making a big deal out of binance hack? The 7000 bitcoin stolen will never have any negative impact on altcoin market or even bitcoin itself ,binance is no small exchange
You are right, it will absolutely have no effect on the market but will only make people loose complete trust in the system of Binance, as big as they are, I believe they will be using highly professional security engineers to guard against any form of hacking, just like bank does, how the hackers now managed to enter into them is what is really a debatable one.Anyway, that one is past already, we are already going about our normal businesses, it has even helped majority of us who is found of storing our coin on exchanges to quickly transfer it to a more secured wallet, and I mean wallets where we can have our private keys.
Lol! Are those Binance bandwagons still believing that a list of an altcoin there will surely give them a pump? An old joke from long ago but it is the altcoin itself and not the Binance's blessing. Would those still using it after that 7000 Bitcoins stolen, wouldn't they? Ask for yourself again. Binance is just a highly protected exchange that is why it is popular but that thing they praise for had been ended few days ago. So what now dawgs?!
This surely affect both the market and the community and for sure that volume of bitcoins on Binance will surely decrease and its reputation on the community will also do decrease. An opinion from a former bandwagon. Okex is much better exchange tho.
This surely affect both the market and the community and for sure that volume of bitcoins on Binance will surely decrease and its reputation on the community will also do decrease. An opinion from a former bandwagon. Okex is much better exchange tho.
It didn't have much effect as seen on the market. Bitcoin continued to increase. Such events are commonplace for a technology that uses the Internet infrastructure. In order to prevent them, it is necessary to work harder in the long term.
investors don't care anymore about binance hacking.they prefer focus on fidelity news that will provide their services in couple weeks.after several time exchanges hacked investors get alot important lesson, they not panic at all now.
It didn't have much effect as seen on the market. Bitcoin continued to increase. Such events are commonplace for a technology that uses the Internet infrastructure. In order to prevent them, it is necessary to work harder in the long term.
That was big surprise for me when i heard the binance hacking. The binance has billion of dollar daily volume and as far as i know it is the biggest cryptocurrency exchange. If some scammers could brake their website i would make great unhappines and i believe the Binance lost some trusts with this unpleasant situation. And also i am aware that the BNB coin is loosiing value in last 1 week..
Whenever an exchange gets hacked, it is going to impact the alts more than BTC.
The reason is that altcoin holders tend to hold their coins in exchange wallets, while the Bitcoin holders seldom do so (since online wallets are not available for all the coins). And we need to remember that Binance is an exchange which is primarily considered as a market for the altcoins and tokens.
The coin that is going to be the most affected will be Binance Coin. But the other alts such as TRX, EOS, WAVES and XRP will also be affected, although at a smaller scale.
The reason is that altcoin holders tend to hold their coins in exchange wallets, while the Bitcoin holders seldom do so (since online wallets are not available for all the coins). And we need to remember that Binance is an exchange which is primarily considered as a market for the altcoins and tokens.
The coin that is going to be the most affected will be Binance Coin. But the other alts such as TRX, EOS, WAVES and XRP will also be affected, although at a smaller scale.
It had to happen. I always say to everyone "no king rules forever." I think this should affect the entire market, but most of all for the exchange itself.
I do not know why people think that binance hack will have effect on altcoins. Binance is not the only exchange where altcoins are traded and as such, the hack should not be a case.
Well IF the 7000 bitcoin didn't really flow out from the market after withdrawing (As most exchanges are taking note on this)
That would result 7000 bitcoin depleted from the supply but i believe just the matter of time, it will leak to the market hmmm
Anyhow, since CZ repaid with the SAFU funds
Guess everything is fine
That would result 7000 bitcoin depleted from the supply but i believe just the matter of time, it will leak to the market hmmm
Anyhow, since CZ repaid with the SAFU funds
Guess everything is fine
Indeed, CZ recover all investor funds and i think its good for binance reputation. I am agree as long the coin not dumped in exchanger, everything is fine and not affected to altcoin price. Bitcoin price recently reach $6300 after hacking and i think this hacking not affecting on the price
Well IF the 7000 bitcoin didn't really flow out from the market after withdrawing (As most exchanges are taking note on this)
Some exchanges support Binance and crypto market by claiming to frozen all bitcoin deposits from hacked addresses. Furthermore, downward movements of market (altcoins) don't come from Binance Hack, they mainly come from the end of the wave of Bitcoin. After long journey from below $5000 to above $6000, bitcoin has to be considerably corrected. We will soon see such deeply correction in coming days, and when it occur altcoins as well as general crypto market will be affected. The hackers should be caught and face punishment and the authorities should not do any delay in this regard. Cryptocurrency is being affected by hackers and scammers. And it is the duty of all of us to make the market clean and discourage fraudsters and hackers. This is not the only case of hacking. Many such incidents have occurred in the past and ways must be sought to curb it.
I think its hard to identify whos the owner of bitcoin wallet because its anonymous. I am agree that with more hacking activity, investor must be aware about security system on exchanger or wallet because its about security of funds or assets. But i am believe exchangers team always improve their security to prevent hacking activity again in the future
The hackers should be caught and face punishment and the authorities should not do any delay in this regard. Cryptocurrency is being affected by hackers and scammers. And it is the duty of all of us to make the market clean and discourage fraudsters and hackers. This is not the only case of hacking. Many such incidents have occurred in the past and ways must be sought to curb it.
Well IF the 7000 bitcoin didn't really flow out from the market after withdrawing (As most exchanges are taking note on this)
That would result 7000 bitcoin depleted from the supply but i believe just the matter of time, it will leak to the market hmmm
Anyhow, since CZ repaid with the SAFU funds
Guess everything is fine
That would result 7000 bitcoin depleted from the supply but i believe just the matter of time, it will leak to the market hmmm
Anyhow, since CZ repaid with the SAFU funds
Guess everything is fine
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