After maintaining its ground around the remarkable value of around $400, the Bitcoin price has unfortunately lost its momentum to soar higher and crashes into its stoic market price in just a span of 14 hours.
The sudden price drop left bitcoiners in a daze. After all, Bitcoin showed positive signs of crossing the expected price border but abruptly reverted to about $320 as of press time.
Considering the other factors that may have contributed to the irreversible fate of Bitcoin, OKCoin’s recent attack shows significant influence to the value drop.
OKCoin attack prompts blocking Bitcoin price boost
OKCoin recently experienced a notorious cyberattack that temporarily halted its cryptocurrency services. Being the Bitcoin exchange with the largest volume of Bitcoin transactions, it became the primary target for cybercriminals who wish to take advantage of the increasing Bitcoin price.
According to reports, users started to send out queries at approximately 3 a.m. of Nov. 5 that they were unable to access their accounts registered on the website.
Complaints from users flocked Bitcoin forums, which eventually led to OKCoin’s announcement that it will temporarily shut down its services to contain the damage of the attack.
Alena Vranova, Co-Founder at OKCoin, shared in an online interview that each time the Bitcoin price trades for favorable amounts, cryptocurrency hackers flock Bitcoin exchanges, making these platforms the ‘honey pot’ for thieves.
Alongside this issue, the Bitcoin price drop started to take place.
Being a world-renowned platform, this Bitcoin exchange processes approximately 40 percent of Bitcoin transactions. Given this statistics, this cyberattack may be one of the greater hurdles that hindered the Bitcoin price to rally back to the $400 price mark.
Based on the CoinDesk BPI, Bitcoin’s value started to decline on the same hour of the attack from the astounding $434.71 price down to $387. Although its price maintained its stability around the $380 price range, it barely reached $400.
After days of frolicking around the decent price scope of over $350, Bitcoin has unfortunately plunged down to $300 on Nov. 11.
Bitcoin is down again. What now?
As of late, OKCoin has successfully negated its attackers from adding more damage. The Bitcoin price, however, maintains to be on a weaken state. Due to this sudden flop, several cryptocurrency analysts, including financial experts of the mainstream market, are wary about the value of Bitcoin in the long run.
In fact, some experts have speculated that there is a slight possibility that the value of Bitcoin may further regress to the point of reaching a negative status by the end of 2015.
According to an online report, the constant discouraging activity of Bitcoin’s volatility further proves that the cryptocurrency still is not ready for mainstream adoption.
Others suggest it is still best for the Bitcoin price to just stay in a reasonable and conventional rate. After all, having a normal value does not only remove the spotlight off Bitcoin, but it also makes the cryptocurrency less intimidating for mainstream consumers.
As for Bitcoin gamblers, the Bitcoin price drop may be of an advantage since they will be able to purchase more Bitcoin to play on various Bitcoin slots and other gambling games. However, the jackpots will not be as grand as compared before, unless they cash out strategically when the value is trading higher than the average.
Nevertheless, with these matters at hand, Bitcoin still has a long way to go before it may prove to skeptics that it is ready for mainstream consumption.