Kucoin Hacking and Its Impact on The General Market Situation

Why has Bitcoin risen but most currencies are still in place?

A state of uncertainty prevails in the market now, after Bitcoin rose from 10200 to 10700 and approached the previous level, which it was before the decline, but the currencies did not return as they were.

In the sense that there is no correlation between the rise of Bitcoin and the rest of the currencies, while there is a proportion of the decline. If we were waiting for Bitcoin to stabilize, we would continue for a long time after crossing the 10500 barrier and approaching previous levels.

So what happens? From my personal point of view, this is an exceptional event. We always notice that when Bitcoin falls, rises, and then stabilizes, the Altcoins rise in turn, but perhaps the market is currently not ready for this rise.

This may be due to the withdrawal of some investors from the market, even if they are not in a large way, and the expectation of pumping new funds into the market. This may be due to the hacking of the Kucoin platform, which caused many doubts among investors, and although the Kucoin platform ranks eighth in Exchanges, it remains among the top ten that many people trusted.

Another thing is that the stolen money has been transferred to the Uniswap platform, and the hacker is happy to extract his money, and since the Uniswap platform sponsoring the Defi project, this puts more doubts about the safety or even the future of digital currencies in general.

And if the penetration of the eighth-ranked platform and the theft of nearly $ 150 million has only led to all these doubts and a drop in the market, what if the matter happened with Binance?

*I know that the doubts that haunt me a lot, but I speak on behalf of the big investors who develop a capital plan and carefully study risks, even if it is at a rate of 1%.