Hackers Move 10,000 BTC
The Bitfinex hackers have moved 10,000 BTC from a stash that has been there since 2016. There have been BTC moved from the wallets previously but this qualifies as the highest in terms of dollar value that have left the account.Related Reading | Bitcoin Bears To Resume Assault? Why BTC Could Crash To $33K
BTC Price Ready To Tank?
Bitcoin’s price has done exponentially well compared to where it was in 2016. Around the time when the Bitfinex hack occurred, the price of BTC was still trading under $300. Now, a single bitcoin is trading at $38,000, greatly increasing the value of the stolen bitcoin.Related Reading | Bitcoin On Its Way To $500,000? Anthony Scaramucci Explains How
The price of the digital asset which peaked at $69,000 has helped the value of the BTC. However, the hackers continue to hold most of the bitcoin in the wallet, presumably unable to spend it.BTC trending at mid-$38,000 | Source:It is expected that if the attackers are able to dump all of their bitcoin on the market, then it could adversely affect the direction of the cryptocurrency in terms of price. With the Mt Gox compensations coming up and decisions from the Fed, BTC and the crypto market could be gearing up for further downside. But for now, the price of bitcoin is holding up at $38,300.
Featured image from Daily Advent, chart from TradingView.com