The crypto market has again turned bearish following more negative news this week, including a hack in one of the biggest crypto exchanges. Bithumb based in South Korea had over $31 million worth of cryptos stolen.
The news contributed to another dip in the crypto market which had seen a slight recovery. The market has been pretty much bearish since the turn of the year as crypto has come under constant attack. Exchange hacks has been common place recently and is expected in this new market.
Japan have ordered six exchanges to implement more stringent money laundering checks which has also led to a negative sentiment in the market.
To Bithumb’s credit they were swift to respond to affected users stating they would be reimbursed for any lost cryptos. Bithumb also moved cryptos into secure cold wallets to prevent further theft and ceased trading until they are able to add further security to their exchange.
Fear causing investors to sell
Investors are selling their cryptos as they fear further hacks may affect them and as they fear crypto will drop further. Many investors still do not understand the technology behind cryptocurrency. We are still at a very early stage, exchanges need to improve and we need to see real world uses to see the true potential of cryptos.
In other news John McAfee, creator of the famous antivirus software, and big supporter of Bitcoin and Bitcoin Cash has been hospitalised after he claims he was spiked by his “enemies.”
McAfee tweeted the following:
I apologize for my three day absence but I was unconscious for two days at the Vidant Medical Center in North Carolina and just woke up. My enemies maged to spike something that i ingested. However, I am more difficult to kill than anyone can possibly imagine. I am back. (@officialmcafee)
Let’s hope this week brings brighter news for the crypto world. Have a great one everyone!
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We are not investment or financial advisors and are here to provide news and our opinions. Please be fully informed regarding the risks and costs associated with trading the financial markets and the Cryptocurrency market, it is one of the riskiest investment forms possible.