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Hacking Continues but Bitcoin Looses Dominance

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Hacking Continues but Bitcoin Looses Dominance


This article was posted on Tuesday, 11:34, UTC.

The hacking continues today with the WannaCry virus claiming more victims across the globe but another type of hack was reported yesterday, this time in Hollywood. It seems that a group of hackers have gotten a hold of the new Pirates of the Caribbean movie and are now holding it for ransom, to be paid in bitcoin.

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The CEO of Disney has stated that they will not give into such piracy.

Seriously though, be careful what you click on. Any link or Email attachment could contain a threatening virus. If your friend sends you a chat message that is just a link, ask them what’s in it before you click.

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Please note: All data, figures & graphs are valid as of May 16th. All trading carries risk. Only risk capital you can afford to lose.

The Politics

The New French President is wasting no time. He’s already chosen a young vibrant Prime Minister and today, on his first day in office, he will be meeting with Angela Merkel. Merkel, of course, is a bit tied up with her own elections but she’s not too worried though. Germany doesn’t have a popular populist candidate threatening to rip apart the Union.

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Turkish President Erdogan will be visiting Trump today in the White House. The two have much to discuss. Trump was nice enough to be of the first to congratulate the Turkish dictator on his undemocratic referendum victory but since then has taken a drastic step to arm the Kurdish rebels, who Erdogan considers to be enemies of the state.

Trump has a lot on his mind at the moment. Currently, the administration is taking heavy fire for their alleged Russian connection. Let’s hope that he goes into the Turkish meeting with a clear head. A lot is at stake.

Market Overview

Markets are moving today and it does appear that some semblance of tradable volatility has finally returned. The FTSE 100 in the UK is currently trading at a record high level following some sour inflation data.

Higher than expected inflation in the UK is causing the Pound to drop, which is sending stocks through the roof.

We also saw a fresh record high yesterday in the CAC and the DAX. Very likely encouraged by a vibrant new Europe under Merkel and Macron.

Oil is chugging along, moving further towards the $50 level. The IEA report that came out just now seems to be very positive. Many analysts are starting to feel that the market may be rebalancing The Crude Oil inventories from the USA out tomorrow should give us further confirmation of that, or not.

Bitcoin Dominance

It seems that new digital coins are popping up left and right, but two of them have really been on a rip. Ripple and Ethereum have been growing so fast that they are now threatening the dominance of Bitcoin.

This morning, for the first time ever, the bitcoin dominance meter has dropped below 50%. Meaning, that of the total value currently distributed across all blockchains, bitcoin holds less than half. Here’s the graph.

The scalability issues of bitcoin seem persistent. Though miners were able to clear the queue yesterday, the number of unconfirmed transactions is again above 120,000 this morning.

In eToro, traders have gone from long term investing in Bitcoin to short term trading. In this excellent post from @BigFish, we can see that the trend still seems to be up, but the range is still wide enough to try and catch some downward moves on the short side.

Ethereum on the other hand still has a 99% buy sentiment on the platform and many users believe that another massive leg up is just around the corner.

Let’s have an awesome day!

This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation.
Past performance is not an indication of future results. All trading carries risk. Only risk capital you’re prepared to lose.

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Mati Greenspan

Mati Greenspan


Senior Market Analyst at Etoro.com.

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The team:
Dmitriy Lavrov
Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years of trading experience. He covers Forex, Commodities and Cryptocurrencies. He is among the top 10 most Read More
Jonas Borchgrevink
Jonas Borchgrevink is the founder of Hacked.com and CryptoCoinsNews.com. He is a serial entrepreneur, trader and investor. He shares his own personal journey on Hacked.com. // -- Discuss and ask Read More
P.H. Madore
ICO Analyst
P. H. Madore lives in Arkansas with his wife and children. He has covered the cryptocurrency beat over the course of hundreds of articles for Hacked’s sister site, CryptoCoinsNews, as Read More
Mate Csar
Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive Read More
Justin O’Connell
Justin O’Connell is a cryptocurrency journalist who works have appeared in the U.S.’s third largest weekly, the San Diego Reader & VICE. // -- Discuss and ask questions in our community Read More
Mati Greenspan
Senior Market Analyst at Etoro.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Important: Never invest Read More
Rakesh Upadhyay
Rakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use Read More
Pamela Meropiali
Account Manager
Pamela Meropiali is responsible for users on Hacked.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Read More
Joseph Young
Joseph Young is a finance and tech journalist & analyst based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering Read More
The Background This story happened in January 2008 in what…