Opinions

Bitcoin Price Unaffected After ETC Hacking Incident

In the past, whenever a hacking incident was reported, the cryptomarket was hit by a huge backlash and the valuations dropped significantly. Surprisingly this time around, after the confirmation of the 51% attack on ETCs network with news of double spendings and deep chain reorganizations, the overall market cap, specifically the price of the highlighted currency Bitcoin was unaffected, the opposite actually.

The market cap is subtly rising and after the news of the double spending incident broke in, the market cap rose from $135 billion to $138 billion which might actually be a great sign for crypto as a whole. The bear market might actually be over. Although the market cap of ETC has been stripped down 10%, the other currencies are still going strong and Bitcoin managed to float above the $4,000 mark.

Ran Neu Ner recently tweeted that the bear market might be over saying,

Similarly, Mati Greenspan seemed delighted that the other currencies were not affected by the news of the double spending attack. He tweeted,

The market might be going well even after the attacking incident but yesterday has been pretty harsh for ETC. Coinbase has stopped all activity related to ETC and there is a chance they might delist the currency is the security standards are not fulfilled. Yesterday, in their blog, Coinbase reported that the loss amount was observed to be 88,500 ETC (equivalent to $460,000) but recently, the blog was updated recently with the amount increased to $1.1 million.

Shehryar Hasan

Performing artist, guitarist and sub-editor at BlockPublisher. Shehryar is an electrical engineer and blockchain enthusiast. He holds investments in bitcoin, ethereum, OST, TRX and Ripple. Email: shehryar@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

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