Investors are seriously re-considering cryptocurrencies and an asset class especially after bitcoin plummeted 10%. Coinrail – a South Korean cryptocurrency exchange was robbed on Sunday afternoon and hackers got away with approximately $40 million worth of coins overall.
But it wasn’t just bitcoin that got battered; most other cryptocurrencies are in the red too. At the time of writing, bitcoin was hovering at around $6,860, closely touching the low seen in April and a far cry away from the high of around $18,000 seen in December last year.
The only thing that is certain in the crypto space is that nothing is certain. The market remains unregulated and hacks like this shows that there is very little guarantee for investors, but this doesn’t not in any way means, that cryptocurrency it self is negative thing, vice cersa, it’s becoming regulated and trusted everyday. Markets, including it’s investors, are maturing.
Speaking of losses, the other crypto currencies that recently took a hit on the back of the hacking scandal is Ethereum which dropped 6.9%, Litecoin was down 5.9%, Ripple 7.6%, IOTA plunged 9.9%, Cardano fell sharply by 11.5%, Stellar not so stellar at 8.3% in the red, Bitcoin Cash plummeted 10% and Tron dropped by a whopping 13.1%.
Only time will tell whether this South Korean cryptocurrency robbery will have negative long term effects on the crypto market. One thing is certain right now, the heist has left market participants spooked.
Stay safe and meet you on the moon.