As South Korea plays one of the main roles for the crypto community, the hacking of the Korean exchange CoinRail is considered the main reason for yesterday’s fall. But we must bear in mind, that it is a fairly small exchange that is even out of the list of the top 80.
Every time someone hacks an exchange, a panic attack begins. But the volumes of stolen assets (around $ 40 million) could not have a significant impact on the market (excluding an emotional effect). Even if all these assets had been sold immediately after the hacking, that could not cause such a massive decline. Even after the massive sales made by the Mt.Gox trustee, the rates did not decrease so sharply.
The manipulation probe carried by US regulators has much more meaning for the market. Unfortunately, many investors perceive this information as a signal to sell their assets. But the news itself is not negative at all.
Anyway, the shock stopped, but their additional movements are still difficult to predict. We recommend you rest from active negotiation. If you want to continue making money, enter the operations with small parts of your deposit and only if you have reliable and expert signals to do so.
Cryptocurrencies continue to fall, which adds up to a total depreciation of 60 percent since April. Not only Bitcoin but other currencies such as Litecoin have dropped to $ 98 and its highest price was $ 120 earlier this month.
Now there are people who care about investments in Bitcoin, on the one hand, and then there are people like John McAfee and Tim Draper, some Bitcoin enthusiasts who hold high valuations. McAfee says that:
“Do not worry about the drop in Bitcoin’s price, it’s an overreaction to the news that Bitstamp, Coinbase, itBit and Kraken are being investigated for price manipulation, which will delay the bull market in no more than 30 days. in fear, buy the coins. “
* In ALTINDEX we think that it is risky to trade short-term cryptocurrencies at the moment, but for long-term investors, a good opportunity presents itself. We must wait for stabilization. Above all, do not let your emotions take control of your decisions. *
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