Bitcoin has been a quite unhackable currency for those who choose to invest, but some systems have been hacked leading to an unsettling feeling for some. One of the most recent forms of this hacking is the collapse of the Mt. Gox exchange. The fall of this exchange led to the idea that transparency in financial systems is something that is rare and could work well if it is implemented correctly.
The size of this attack is not big by any metric and that is reflected in the price action of the currency. The currency dropped to as low as $7,800 where it then bounced back to $8,200. Around $31 million in currency was taken by another hijacking, which is nothing in comparison to the $450 million taken by Mt. Gox. News of this most recent hacking has already caused an effect in the market, but as mentioned above, the price managed to shoot right back up.
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This is a positive in the market as it shows the resilience to speculative price action that the coin is working to build up. It also does something negative. This type of price action shows that the high promise of instant liquidity is something that is false. Tether was one of those that got hacked recently, and built its name on an extremely high promise of internet security and real world monetary value. Although Tether is supposedly backed by a 1 to 1 ratio from hard currency, those who trade it are no longer feeling that this is true.
Banks are not able to help either, and the government is not allow to insure any money lost. Hopefully those who have invested in these get their funds back, and the reputation of cryptocurrency also bounces back as well.