6 REASONS WHY BITCOIN PRICE IS DOWN — (AND SOME POSITIVE NEWS TOO)

OH LOOK, ANOTHER EXCHANGE HACK!

Tuesday evening, popular South Korean cryptocurrency exchange Bithumb reported a system breach that resulted in approximately $31 million worth of cryptocurrencies being stolen. Coincidentally, in the days following the hack, there was a large marketwide dip — Bitcoin and Ethereum dropped 11 and 15 percent, respectively.

Even those who don’t use Bithumb weren’t very pleased after the hack — as Bitcoin transaction speeds and fees soared, due to the exchange moving huge amounts of cryptocurrencies away from its hot wallets.

On a small positive note, Bithumb promised to fully reimburse all those who had cryptocurrency stolen from them.

(MORE) TROUBLE IN PARADISE FOR EOS

Decentralized application platform EOS has had a bumpy road since finally rolling out their mainnet last week — which was two weeks behind schedule. EOS drew more criticism this week when the team of 21 voted block producers circumvented their own council of arbitration and froze seven accounts that were accused of holding stolen funds. Many critics argue that EOS is guilty of violating ‘decentralization’ and ‘immutability’, the most basic essences of blockchain technology.

[source] http://bitcoinist.com/6-reasons-why-bitcoin-price-is-down-and-some-positive-news-too/