The recent fall in the price of Bitcoin to the support level of €29,000 has left investors and enthusiasts concerned about the future trajectory of the digital currency. As the market tries to make sense of this downturn, various factors and expert opinions come into play to give an idea of what could happen with Bitcoin.
In this update, we will examine the key indicators that affect the price of Bitcoin and discuss the possible results of its performance in the near future.
Mysterious €10 million Ethereum theft: how did the hacker pull it off?
A baffling €10 million hack has targeted advanced crypto users, leaving security experts baffled. Taylor Monahan, former CEO and founder of Ethereum wallet manager MyCrypto, revealed that more than 5000 ETH, worth €10,4 million, had been stolen since December.
The alarming aspect is that the hack has affected hardware wallet users who have emphasized security. Monahan has developed a large-scale wallet drain operation targeting experienced and confident crypto users. The nature of the attack is highly sophisticated and the method remains unknown.
The impact on Bitcoin of such a sophisticated hack in the crypto space can vary. This may raise concerns about the safety of digital assets, prompting increased caution among investors and traders.
This heightened sense of insecurity could cause a temporary drop in market confidence, which could lead to volatility or a decline in the price of Bitcoin and other cryptocurrencies.
However, as the crypto community continues to strengthen security measures and develop solutions, the market is likely to recover and regain stability over time.
bitcoin price
Bitcoin had seen limited price movement, hovering in a narrow band between €30,200 and €30,500. However, during the US trading session, BTC rose all the way to the €30,200 mark, which turned from a support level to a resistance level.
If the price continues its bearish decline below the €29 level, it could further decrease the value of BTC, possibly falling to €700.