Cryptocurrency markets are doing much better the day after the digital asset exchange Binance lost roughly 7,000 BTC ($40 million). Immediately after the trading platform officially announced the multi-million dollar loss, the cryptoconomy shed billions but since then most digital assets have recovered and markets are doing surprisingly well.
May 7 was a crazy day for crypto enthusiasts when the exchange Binance announced the loss of $40 million worth of BTC. The company claims it was hacked and has been forced to suspend deposits and withdrawals for one week. After the official announcement began to virally spread across social media,
Binance hack is a tragic situation and this will impact binance for sure in negative way as the exchange failed to comply with the requirements. Though exchange is going to pay to the affected users and from the use point of view there is no loss however it will be difficult to regain the trust that exchange had earlier.
Apart from this hack, currently Bitcoin price is heading up and its good for the crypto community. from the process of Dec'18 BTC price has gone up by almost 90%.
Many are saying that its the start of bull run but personally I don't think so. Crypto market will surely make it ATH but it will take time. We need to be have patience and keep an eye on the market movement.
Thank you so much.
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