Bitcoin Rebounds After Tether Hacked
Last night Tether was hacked by malicious action by an external attacker which ended up in the theft of nearly 31 million dollars of USDT. This sent the markets into a bit of a sell off as people where unsure of the ramifactions that could come of it. But as we have seen in the past stuff like this unfortunately happens but the markets continue to rise shortly after.
This is what we saw again in the last 24 hours as bitcoin slumped quickly down to $7,800 and has now rebounded quickly up to an all new high of $8,350 showing off how resilient but also how quickly markets still react on news that is confusing at first.
Trading Firms
To get a little more into the growth of bitcoin we are now moving towards trading firms now taking orders. 3 50 million dollar deals where just made which is a drop in the bucket for bitcoins now 138 billion dollar market cap however is the opening to a flood gate of new money that will flow in in what I believe to be early 2018. My hope is to now see a 1 trillion dollar market cap some time in 2018 instead of waiting till 2022 as first predicted.
Heck we thought we might barely make it to 5k by years end but we are now talking about 10k being a real possibility by the end of this year.
People should stay away from altcoins. They shouldn’t underestimate the potential power of mBTC, uBTC or even satoshi.
I like your last part! Bitcoin has been making headlines and publicity (either positive or negative) is somehow building confidence on the platform. Soon it will hit 10k+. Thanks for the insight.
one trillion is possible by the end of 2018 but for crypto overall. doubtfull that bitcoin alone would be 1 trillion in a year. But who knows. everything can happen
1 trillion in market cap and if bitcoin holds majority of this that would mean around ~500 billion in value. I hope you are right and bitcoin continues its up trend.
A 1 trillion dollar market cap for bitcoin itself would land us at about $50,000 - $60,000 per bitcoin but some people see it going as high as $200,000 per bitcoin and that very well could be possible with a 4 trillion dollar market cap. 67 trillion locked up in the stock market and another 8 trillion in gold right now those are real possibilities.
That's a lot of money gone very fast. Now when a specific coin gets hacked does that make each exchange its on more vulnerable or are those things mutually exclusive?
I think we don't get to 1 trillion without at least one 70% correction which may last a year or two. $10000 may be a magic number because for some reason big round numbers seem to have some sort of psychological importance. Don't forget we hit $1000 then up to $1100 then down to like $220 over a couple year period.
Nothing should go up in a straight line. Although maybe Bitcoin will prove me wrong?
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does suck for anyone using tether which is why I try to avoid lower mined coins as they are subject to attacks. Bitcoin has son much mining power behind it its difficult to hack it.
:) @bitcoinflood
Bitcoin plummeted after Tether, a start-up company offering dollar-supported digital tokens, said its systems had been hacked and about $ 30.95 million of its chips had been stolen.
Bitcoin, which is known for its strong fluctuations, tends to bounce back quickly.
Bitcoin has grown more than 700% this year, with three separate corrections of more than 25%, all of which have given way to subsequent rallies. At current prices, bitcoin has a total market capitalization of approximately $ 134 billion.
Recent volatility came from a slight rise in investors who turned to alternative cryptocurrencies, including Bitcoin Cash, which pushed it to record highs.
This post has received gratitude of 3.28 % from @appreciator thanks to: @bitcoinflood.