Home Cryptocurrency News Bitcoin Hacking Will Make Bitcoin, Ethereum, And Ripple Stronger

Hacking Will Make Bitcoin, Ethereum, And Ripple Stronger

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Hacking will cool off the hype for Bitcoin, Ethereum, and Ripple, and other cryptocurrencies in the short-run, but it will make them stronger in the long-run.

Hacking of cryptocurrency exchanges has always been a scary thing for cryptocurrency investors. It sounds like a run on the bank back in the old days when there was no central bank to guarantee deposits.

That’s why cryptocurrency investors sold off almost every cryptocurrency following news of hacking of South Korea’s Coinrail cryptocurrency exchange—see Tables.

Table 1

7d Performance of Major Cryptocurrencies

Cryptocurrency %7d Change
Bitcoin -7.64
Ethereum -9.24
Ripple -9.32

Source: Coinmarketcap.com 6/12/18 at 3.30 a.m.

Table 2

Number of Cryptocurrencies That Advanced/Declined In The Top 100 Ranks

Cryptocurrencies Advance/Decline Number
Advance 6
Decline 94

Source: Coinmarketcap.com 6/12/18 at 3.30 a.m.

[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment. Disclosure: I don’t own any Bitcoin.]

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Shutterstock

Hacking will cool off the hype for Bitcoin, Ethereum, and Ripple, and other cryptocurrencies in the short-run, but it will make them stronger in the long-run.

Hacking of cryptocurrency exchanges has always been a scary thing for cryptocurrency investors. It sounds like a run on the bank back in the old days when there was no central bank to guarantee deposits.

That’s why cryptocurrency investors sold off almost every cryptocurrency following news of hacking of South Korea’s Coinrail cryptocurrency exchange—see Tables.

Table 1

7d Performance of Major Cryptocurrencies

Cryptocurrency %7d Change
Bitcoin -7.64
Ethereum -9.24
Ripple -9.32

Source: Coinmarketcap.com 6/12/18 at 3.30 a.m.

Table 2

Number of Cryptocurrencies That Advanced/Declined In The Top 100 Ranks

Cryptocurrencies Advance/Decline Number
Advance 6
Decline 94

Source: Coinmarketcap.com 6/12/18 at 3.30 a.m.

[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment. Disclosure: I don’t own any Bitcoin.]

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