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Bitcoin Price Outlook: $200 Million Hack Threatens Digital Markets

Today's Cryptocurrency analysis on behalf of Wael Hammad - Chief Commercial Officer XS.com

 

September 25, 2023 (Investorideas.com Newswire) Bitcoin's price has seen a 1.79% decrease in the past seven days. Additionally, it experienced a 1.49% drop in the last 24 hours, but in the past hour, it has risen by 0.13%, currently sitting at $26,143.90 per Bitcoin. These price fluctuations began as trading commenced on Monday, September 25, after the cryptocurrency platform Mixin Network announced that a group of hackers had targeted its cloud service provider, resulting in a loss of nearly $200 million in a significant cyberattack. The company stated that this incident forced it to temporarily suspend deposit and withdrawal operations.

The platform further explained that it would reopen the suspended services after identifying and rectifying security vulnerabilities. It added that transactions would remain unaffected during the evaluation period. Mixin's CEO, Feng Xiaodong, will address the incident today at 05:00 GMT and the team will guide how users can recover their lost assets thereafter. It is worth noting that Mixin Network is a decentralized P2P exchange platform for cryptocurrency projects, supporting 48 currencies and holding assets valued at over $1 billion.

In response to this incident, Mixin's XIN token saw a sharp decline early in Monday's trading, losing approximately 10% and trading at $195. Bitcoin's prices also dropped by around 1.49% in the past few hours, reaching a low of $26,055.

Furthermore, the NFT platform OpenSea warned its users of a potential security breach with one of its suppliers. Platform officials explained that the incident might not have immediate effects on users, but it could expose customer API keys. OpenSea advised users to refresh their current keys and replace them immediately with newly generated options, confirming that the existing API keys would expire on October 2nd.

Therefore, I believe this news will have a significant negative impact on Bitcoin's price, which often leads to the prices of other cryptocurrencies. Additionally, I see regulatory measures tightening against digital currency platforms and companies reaching their peak after these events, ultimately causing a sharp decline in Bitcoin prices, possibly reaching $20,000. This downward pressure will also adversely affect other digital currency prices. I do not foresee any significant market recovery until the end of the current year unless positive actions or clear regulations for traded Bitcoin funds and digital asset sector security are implemented to ensure investor confidence.

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