Crypto market derails after South Korean Exchange hacking

Crypto market derails after South Korean Exchange hacking

This week the digital assets market derailed dramatically after the upward trend that had enjoyed in the last two months.

This Thursday we woke up with a low market capitalization compared to previous weeks, with a total of $272.72 billion USD. In just seven days the sector lost $73.99 billion, causing great uncertainty among millions of investors around the world.

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Although the Top-10 cryptocurrencies showed a slight recovery in the early hours of this Thursday, in the graphs we can see the steep losses they suffered during the week:

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Speculators still believe these losses are just market corrections caused by the massive gains in the digital sector in 2017.

However, this time the main reason was the hacking of the South Korean Exchange Coinrail during the past weekend, which led to a massive sale-off due to the perception of lack of security and weak regulation of global cryptocurrency markets.

But the trust in the technology that supports digital assets continues growing. The use of the Blockchain is increasing in different sectors and markets. Many companies are studying the possibility of incorporating these security protocols to protect the classified information in their internal operation, as well as the information of users and/or clients.

For instance, Thomson Reuters incorporated a sentiment data feed about Bitcoin on its MarketPsych Indices, which has allowed them to analyze more than 400 news sites directly related to cryptocurrencies.

Thomson Reuters Managing Director, Pradeep Menon, said that “Adding a cryptocurrency-focused sentiment feed to our suite of cross-asset solutions has therefore enabled us to provide our customers with invaluable insights that may help them make strategic investment decisions.”

As we can see, multiple companies are actively trying to keep people informed about this new digital economy, so people not only recognize an evolution in the financial sector, but also better understand the technology that will be used more and more as time goes on.

 

By Omar Cortés

Graphics: Coin Market Cap

  • Lic. Omar Cortés

    Lic. Omar Cortés

    El Mtro. Omar Cortés cuenta con estudios de Licenciatura en Psicología y Grado Master en Administración de Recursos Humanos. Se especializó en Psicoterapia a través del enfoque de Carl G. Jung, además de Ética y Valores Humanos.

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