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Treading the Floods: Cryptocurrency Prices Stable Following Bithumb Attack 

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Cryptocurrencies emerged unscathed Wednesday following yet another security breach of a South Korean exchange, as the market continued to favor a corrective rally for bitcoin and the major altcoins.

Crypto Prices Hold Steady

Bitcoin fell by as much as $200 Wednesday on news of a cyber attack targeting South Korea’s Bithumb exchange. However, the coin quickly recovered and now sits just shy of $6,800, according to data provider CoinMarketCap. Prices peaked at $6,821.56 at 12:34 UTC.

Compared with 24 hours ago, bitcoin’s per-coin value was virtually unchanged.

The ten biggest altcoins by market cap exhibited the same pattern, with prices treading water compared with Tuesday afternoon. The total cryptocurrency market was valued above $290 billion, up from an earlier low of around $282 billion.

Bitcoin and the major altcoins have more or less retained their bullish bias, which suggests that a continuation of the upward trend is likely. Since bottoming last week, coins have rebounded $26 billion.

Bithumb Attack: What We Know

Hackers made off with roughly $31 million in stolen cryptocurrency on Wednesday as Bithumb suffered its third cyber breach in 12 months. The attackers reportedly targeted users’ holdings of XRP, the third-largest cryptocurrency by market cap, by running a series of unauthorized access attempts.

Bithumb was unable to prevent the attack despite spending upwards of 10 billion won ($9 million) on security enhancements. This includes complying with new guidelines for financial institutions requiring 5% of company staff be made up of IT specialists. Bithumb has reportedly exceeded that quota by a wide margin.

The Seoul-based exchange confirmed that it had migrated outstanding crypto balances to cold storage and said it will fully refund affected users. Transactions on the exchange remain suspended for now.

Although news of the attack hit the airwaves on Wednesday, some analysts believe the theft occurred several days earlier as part of Bithumb’s data upgrade. However, the exact cause of the breach remains unclear.

Goldman Sachs Weighs Crypto Trading as an Option

U.S. multinational investment bank Goldman Sachs is considering taking a bigger dive into cryptocurrency by launching a full-scale trading operation, according to COO David Solomon.

“We are clearing some futures around bitcoin, talking about doing some other activities there, but it’s going very cautiously,” Solomon said during an interview in China, as reported by CCN. “We’re listening to our clients and trying to help our clients as they’re exploring those things too.”

Currently, the Wall Street investment giant is clearing bitcoin futures contracts. It has also announced plans to introduce a new bitcoin trading operation, which includes using its own money to trade with clients in a variety of contracts linked to bitcoin.

Institutional traders are awaiting the arrival of custodial services dedicated to cryptocurrency before taking the full plunge into digital assets. To that effect, the San Francisco-based  Coinbase exchange is leading the charge by announcing a new line of crypto custodial services to unlock up to $10 billion in institutional capital.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 609 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Altcoins

UNICEF and Goldman-Sachs Backed Investors Adopt Stellar; XLM Overtakes EOS

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Stellar (XLM) was the beneficiary of two promising pieces of news over the weekend; first that Goldman-Sachs backed financial platform, Circle, has added XLM to its array of investable assets. And secondly that world aid organization UNICEF has expanded its breadth of donatable currencies to include Stellar (XLM).

Just like with XRP a couple of days ago, two big pieces of news was enough to trigger a flurry of buys for the coin in question. While XRP’s flurry cascaded into 115% growth and an influx of $5 billion to daily trade volumes, XLM’s performance has been a little more understated, but still significant.

Stellar (XLM) Displaces EOS

As sentiment began to turn for XLM last night it’s coin price went on a run that eventually resulted in 28% growth by 10:30 UTC Sunday morning. Stellar’s market cap jumped from $4.3 billion to $5.6 billion in that time, displacing EOS as the fifth most capitalized cryptocurrency in the process.

The overnight surge saw XLM trade at a near two-month high of $0.299126 during this morning’s peak – that’s up from Saturday’s low of $0.233491. And just like we saw with the majority of altcoins during the market surge of the last few days, a significant chunk of the action is coming from the eastern markets.

Over 25% of the day’s trades have come in the form of the XLM/KRW (Korean won) pair, based on the Upbit exchange. Likewise today, Cardano (ADA) can also attribute the majority of its 13% to Upbit’s ADA/KRW pair.

Upbit and Bithumb were the source of the majority of the recent market surge, and even today as the XRP hype dies down, Upbit’s XRP/KRW trades still represent the highest concentration of daily action.

XLM Making Moves

The Circle team announced the addition of XLM to their investment platform via this blog post, in which they detail the addition of EOS (EOS), Qtum (QTUM) and Ox (ZRX) as well as Stellar. The post states:

“These 4 assets were selected specifically based on their potential to contribute powerful infrastructure to the broader crypto ecosystem.”

Details on how Circle decide which assets are beneficial to the broader ecosystem can be read here. XLM, along with the other cryptos mentioned, will be available for individual investment or as part of a pre-packaged array of assets.

Over the weekend the Stellar team also took to Twitter to announce that the French division of UNICEF will now be accepting donations in XLM. The announcement by UNICEF  (French language) details the addition of Stellar as well as XRP in the last few days, taking the organization’s list of acceptable cryptocurrencies to nine.

The current batch of cryptocurrencies is now made up of Bitcoin, Ethereum, Ripple, Bitcoin Cash, Dash, Monero, EOS, Litecoin and Stellar.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 60 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Why Investors Should Pay Attention to RHOC

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In every industry, there is one company that tries to become so technologically superior that it can overcome all the other challenges posed by their competition. Whether the other competitors have first mover’s advantage or are just plain better marketers, one company can disrupt this by being so much more advanced where it matters.

Bitcoin is constantly criticized for its scaling ability. The speed and safety of the network has proven to be lacking, but the story and community behind it have allowed it to become massive. RChain was formulated with the core belief that by creating a solution that solved all the problems Bitcoin couldn’t, it could gain dominance.

RHOC’s Main Value Proposition

To sum up the entire goal of RChain (or RHOC), they aim to be the fastest and most efficient solution on the market. From there, it should be simple to take advantage of the core communities that have been built around media favourites like Ethereum and Bitcoin.

RChain gets its name from the mathematical innovations that are used to fuel it: Reflective High-Order Calculus. This calculus was invented by the founder, Greg Meredith, and it allows for concurrent calculations to be done in a way that will enable the continued scaling of the network.

There are 3 benefits that are constantly highlighted about RChain. Speed is first and foremost, since it is a key selling point for everyone. With the ability to process 40,000 transactions per second (and high hopes of scaling to 100,000 transactions per second), this puts it way ahead of the current capabilities of Bitcoin.

Then you have the tools provided for developers, which should greatly improve their ability to create apps and products that work well with the platform. But most of all, RChain has put a lot of work into creating their own RChain Collective. The collective is a public group composed of developers, investors, and users of RChain. By creating this inclusive collective, the RChain team has guaranteed that every member has some say in the future of the platform.

RHOC’s Recent Performance

2018 has seen a slow but consistent rollout of the features promised by the RChain Cooperative, and now many of the promises are starting to come to fruition. As more features are offered and the mainnet demonstrates its ability to handle a higher number of transactions, RChain will become much more appealing for investors and developers.

In situations like this, the first thing people usually say is that it is a pump n’ dump scheme, but there is one key reason why this doesn’t fit RChain. They are continually updating their development timeline, and have released consistent offerings along the way. Their testnet is planned to be released in September 2018, with the mainnet following sometime in Q1 2019.

Although RHOC is down 31.4% in the last month, it is well-positioned for a comeback. Its total market capitalization is $121 MM, which places it in the top 20 of ERC-20 tokens. Making a bet on RChain is really about making a bet on the team they have in place, and their ability to deliver on the massive promises they have made. Because if they do, then it could mean massive disruption in a sector that has mostly been focused on Bitcoin and Ethereum from the beginning.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Altcoins Share the Spoils as $6 Billion Enters Global Market Overnight

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The cryptocurrency market just felt the sharp influx of $6 billion to global trade volumes within the space of twelve hours. That’s a 54% increase on the $11 billion recorded late on Thursday night, and on Friday morning (UTC) the altcoin market appears to have reaped the benefit.

The Big Two

Only $1.6 billion of that $6 billion influx found its way into BTC, and the 5% rise by Bitcoin overnight was steady rather than spectacular. It’s difficult to separate the wash trading and transaction mining from the official numbers, since CMC actually includes the excluded trades in its calculation of the daily percentage.

Ethereum’s trade volumes rose by $0.7 billion overnight, but the coin price surged 10% during the height of the flurry. This carries on ETH’s trend of outperforming BTC ever since the crash of early September. The morning’s surge saw ETH threaten the $230 mark – the first time since before the dip on September 5th.

BTC dominance fell by 2.2% overnight as the altcoin market picked up once again. Several tokens recorded north of 50% gains overnight, with some of the majors heavily involved in the action.

XRP +49%

XRP’s trade volume rose by $1.4 billion overnight; from $400 million to $1.8 billion – a volume that competes with Ethereum. Good news for XRP holders, the $1.8 billion volume hasn’t been seen since early April, in the lead up to +40% gains during the height of Q2’s brief market surge.

The early morning price in the $0.47 range hasn’t been seen since the middle of July, effectively cancelling out all of XRP’s losses over the autumn period. This compounds a strong week for Ripple and XRP that has seen them takes huge steps forward in their quest for mainstream adoption.

Stellar, Cardano, Tron

Stellar (XLM) spiked 22.4% at its peak before a slight pullback. The early morning peak of $0.252320 takes XLM back to early August.

It takes less to float altcoins than the big two, and Stellar’s surge came off the back of an $80 million influx to trade volumes, with most of it finding its way to XLM/BTC and XLM/USDT pairs on Binance.

Cardano (ADA) gained 20% on its value overnight, climbing from yesterday’s low of $0.071630 to this morning peak of $0.086385.

ADA’s numbers are weighted similar to Stellar, with an influx of $100 million to trade volumes resulted in gains of around a fifth of its starting value. Upbit’s ADA/KRW (Korean won) trades account for more than a third of the daily total. In fact, Upbit’s KRW trades are present in the majority of the major altcoins’ trades this morning.

TRON (TRX) began its climb yesterday before a brief pullback, but when the volumes returned TRON took its fair share. TRX trades rose by just under $100 million, and the resultant surge took the coin to a valuation of $0.023455 – a price not seen since during early September’s dip. That’s up 17% from last night’s low of $0.019994, and once again the Korean influence is felt with 16% of the daily trades coming in the form of the TRX/KRW pair.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 60 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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