Bitcoin climbed to its highest level in 2019, reaching 5,925 USD and attacking the 6,000 USD mark for the first time since November 2018. Yesterday, the cryptocurrency appreciated by 5% and attacked the key price level, but today returned in correction and fluctuates near the mid-5,900-dollar area.
Other cryptocurrencies are mostly into the red with Ethereum falling by 3.72% to 170.69 USD and XRP declining by 0.82% to 0.30137 USD. Bitcoin Cash, Litecoin and EOS wiped out between 1.3% and 3.5%.
The biggest decrease was registered by Binance Coin, which loses almost 7% today to 20.62 USD after the news that cryptocurrency exchange reported that lost 7,000 BTC after being hacked. The news worsened the moods on the markets and pushed the cryptocurrencies down.
The total cryptocurrency market value is 185.808 billion USD.
Binance lost 7,000 BTC from hackers attack
Earlier today, the cryptocurrency exchange Binance lost about 7,000 BTC after being hacked.
Only a few hours later, its CEO, Changpeng Zhao (aka CZ), said that after consulting with several prominent members of the Cripto community, Binance had decided not to try to rollback the Bitcoin network to recover the stolen funds.
The attack on Binance was opened at 7:15:24 UTC on May 7, when a single transaction moved approximately 7,074 BTC from the stock exchange.
It’s amazing that hours after the announcement for the hack, Changpeng Zhao continued with a session of Periscope Ask Me Anything (AMA), which was scheduled for 03:00 UTC on Wednesday (May 8). During this session, he stated that Binance works with other exchanges to block deposits from these addresses.
“After speaking with various parties, including @JeremyRubin, @_prestwich, @bcmakes, @hasufl, @JihanWu, and others, we decided NOT to pursue the re-org approach”, wrote Changpeng Zhao on Twitter.
In his words, the main advantages of such action will be revenge to the hackers, deter future hacking attempts, as well as explore the possibility of how bitcoin network would deal with rollback. However, the main negatives are damage the credibility of BTC, split in both the bitcoin network and community, higher costs.
Bitcoin performs better than oil and technology stocks
Bitcoin, the world’s biggest cryptocurrency, has gone through a thrilling new year as rising prices prove that critics are wrong. The latest report, produced by Binance Research, has provided more evidence to support this, with figures showing that Bitcoin’s profits exceed most traditional asset classes in 2019.
YTD (year-to-date) BTC’s returns from the beginning of the year are compared to crude oil, technology stocks, the US real estate market and other commodities such as global stocks and natural resources.
Statistics show that Bitcoin’s YTD return was 53%, compared with 33% of crude oil and 24% of technology stocks. The study also points out that assets such as gold and agro-cultures generate a negative value of 1% and 5% since the beginning of the year.
Bitcoin, generating higher profits than gold, is a key focus due to the conflict between gold as a standard store of value and digital money, which claims the same. This race was also highlighted by a report presented by the World Gold Council [WGC] recently.
“Physical gold can be purchased for a small percentage above the spot price, and purchasing gold through distributed, physically supported ETFs may cost less than a base point above spot through buy/sell spreads and outbound and inbound positions”, says the statement of the World Gold Council.
Binance’s survey has been conducted to prove that the bearish sentiment that engulfed the crypto market last year has no lasting effects on the world’s largest cryptocurrency.