BLOW TO CRYPTOCURRENCIES AFTER ANOTHER $60M HACK
After falling to the lowest level since August, the price of Bitcoin rose during the Asian session to reach $6440. This price action was after a new report of a cryptocurrency exchange hack in Japan. According to CoinDesk, Zaif, a Japanese crypto exchange was hacked and digital assets worth more than $60 million were stolen.
The recent hack was a major blow to the cryptocurrencies industry. Originally, cryptocurrencies were created to make online payments safer, faster, and anonymous. The current hack means that the trust among crypto holders will go down. This was the second major hacking of a Japanese cryptocurrency exchange this year. In January, hackers stole more than $520 million of NEM tokens. By April this year, cryptocurrencies worth almost $700 million were stolen.
The current price action also happened as the Consensus event in Singapore continued. Consensus is an event by Coinbase that gathers influential people in the cryptocurrencies industry. Early this year, cryptocurrencies declined after the Consensus event failed to deliver key news.
The BTC/USD pair is now trading at 6320. This is within the narrow range of 6090 and 6514 that the pair has been trading in since last week when it dropped sharply from above 7200. With the pair trading within this range, it means that an upward or downward breakout could happen. Most likely, the pair will move lower as it lacks catalysts to push it higher.