When something as profitable as cryptocurrency comes around, it is only a matter of time before it is attacked in some way. That is exactly what happened June 10th, when an undersized South Korean cryptocurrency exchange named Coinrail was hacked. Now this cryptocurrency exchange may be small, but in response, Bitcoin fell nearly 10 percent, which was its lowest since April 9th. June 10th, Bitcoin was valued at the low price of $6,647.33, but fear not… this is temporary. In a period of 24 hours, Bitcoin was valued at $6,723.14 last Sunday, at 3:30 pm and then back up to $6,797.71. It is only a matter of time until the price is back up from the 10 percent it lost meaning now is actually NOT the time to worry, but actually the time to ACT SMART AND INVEST while the price is low.
Ethereum also had its price affected in the last 24 hours, but LIKE BITCOIN, it is already starting to recover. 24 hours ago, at 3:30 pm Sunday, it was valued at $505.09, but in only 1 day, it has risen to $536.22. Chad Cascarilla, CEO and co-founder of Paxos (owner of cryptocurrency exchange ItBit) had the response:
“We support all market participants, exchanges, regulators in having a dialogue and find common ground.”
Bitcoin and Ethereum may not have been hacked, but the hack did affect them. Instead of taking the hack in a negative way, act on the lower prices and invest now before the value of Bitcoin and Ethereum (among other cryptocurrencies) return to their previous prices and continue to rise afterwards. This was just a scare tactic, was it enough to scare you? Do you realize the worth of the cryptocurrency market? Will you invest more now or wait? How do you feel about this temporary price drop? Tell us, we want to know!
Check out more information here:
https://www.globalnews.ca/news/4267320/bitcoin-price-drop-cryptocurrency-exchange-hacked/.
