HI friends! how is the crypto market treating you ? I understand everyone is still hoping to see altcoins moon. It was really a bad day in crypto space yesterday as $1.5 billion in Etherium was stolen from Bybit exchange. Before this event, Bitcoin was almost $99k attempting to survive the previous drop by few %s. However, The execrable event with Bybit caused the price of bitcoin to drop drastically down to about $94k.
It's so awful to keep experiencing hacks from both centralized and decentralized exchanges. This bring heavy insecurity and fear into the crypto space. We have seen many of these events occurs in the past;
Mt.Gox 2011, which appears to be the first biggest crypto hack. Kucoin attack, event date on 2020. Binance attack, event date 2019, which led to the lost of about $40 million, over 7,000 BTC was successfully withdrawn. Bitfinex; attacked date 2016. Coins worth over $60 million was successfully stolen.
Crytopia; attacked event date, 2019. The attackers successfully withdrew $15 million worth of coins from the exchange. FTX; attacked event date, November 2022, about $600 million was successfully withdrawn. FTX crypto attack was one dreaded event of crypto space, among many unpleasant event in 2022 which caused BTC to depreciate almost 70%.
Yet in all these, BTC grows more stronger, with many interest from global companies and firms. It is said that Bitcoin is the currency of the future. Many attacks in an attempt to kill Demands for Bitcoin by the government proves abortive. They found bitcoin/ crypto as a very strong threat against fiat currency by weakening it value. Biden administration blamed bitcoin for many of the problems that has caused the banking crisis. with Much, attempting to turned people against crypto and drain interest from the market.
COINERS' EXPECTATIONS:
So being the currency of the future, Investors who had the opportunity to get into the project earlier before now when bitcoin was worth few dollars made it to a successful investment. Many coiners are getting into project with the hope of success. The reality of success differs from persons to persons.
The truth is, Not many people will actually be wealthy from crypto investments. The expectation is to see your crypto investment yield good profits and probably makes you a millionaire, so to get out of dept, build your own house and quit that job and get yourself and family wonderful life. It's everyone dream though. But to see this accomplished, One has to be completely valorous and daring. yet in all these, there are no guaranty for success.
No body knows what may become of the space tomorrow. We all hope and expect the best to come, but we are never guaranteed until the best is here. That's why it's necessary to always do your own research before throwing in a dollar or investing your life savings into this crypto world. DYOR should always be the first moves before jumping in.
Thanks for stopping by.
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