In keeping with Lee, the worth drop is a typical response of the market to the information in regards to the hack, and “it occurs on a regular basis,” as a result of folks get scared. In keeping with Lee, the hack of a crypto trade doesn’t have an effect on Bitcoin’s (BTC) fundamentals simply in the identical approach as a financial institution theft shouldn’t have an effect on the worth of gold:
“If the trade doesn’t shield the cash properly sufficient and will get hacked, it doesn’t actually change the basics of the coin they’re defending.”
Contemplating the latest hack, Lee claimed that crypto exchanges proper now are exploring and studying the methods to higher shield prospects’ funds. As per Lee, the method is bettering, however nonetheless “there’s a lot to enhance.”
Lee additionally burdened a “paradigm shift for private funds with Bitcoin,” that means that individuals need to get used to defending their cash, “a lot better than conventional funds.”
In keeping with Lee, regardless of the drop by 60-70 p.c over the previous yr, Bitcoin remains to be “going very well,” claiming that its community has grow to be a lot stronger over the previous few years. Lee says that the present worth of Bitcoin appears to be “disjointed from the precise improvement of Bitcoin,” and means that the worth will rebound and “come again up pretty quickly.”
Within the interview, Lee additionally urged that the market is presently in a bear place, however it’s laborious to say how lengthy will final — three to 4 years, or in the future:
“I’ve been on this area for seven to eight years now and I’ve seen bear markets final three to 4 years now. So, this one might be a 3 to 4 yr market or it may recuperate tomorrow.”
On June 19, South Korea's main crypto trade Bithumb was hacked, resulting in the lack of $30 million price of cryptocurrency. The trade needed to briefly droop all deposits and funds. In keeping with Coinmarketcap, Bithumb’s 24-hour commerce quantity has dropped to round $236 million from $374 million reported June 19, transferring the trade from the sixth to the seventh largest crypto trade by commerce quantity.