From Elon Musk to Changpeng Zhao several verified Twitter accounts were victims of the recent Twitter hack. While the hackers sought Bitcoins from the followers of these personalities, the price and the volatility of the king coin remained unfazed.
Bitcoin’s “Muted Reaction”
Twitter has been one of the most prominent social media platforms, especially for the crypto industry. However, yesterday Twitter was under attack. This further affected the accounts of several celebrities, politicians as well as companies including Barrack Obama, Bill Gates, Elon Musk, Jeff Bezos, Apple and many more. Prominent crypto platforms like, Ripple, Binance, COINBASE were also victims of this hack. This hack stirred the crypto-verse mainly due to the involvement of Bitcoin.
These hackers took charge of the accounts of these famous personalities and tweeted that they would double the Bitcoin payment they would receive from their followers. This tweet was further concluded with different addresses or links. While this certainly put Bitcoin under the limelight, the volatility of the coin remained almost unaltered.
Prominent crypto analytics platform, Skew revealed that the implied volatility of Bitcoin had a “muted reaction” to the latest hack.
The tweet read,
“There doesn’t seem to be a major concern about this unexpected event triggering a move in the bitcoin price.”
The price of Bitcoin is affected by various factors. Catashrophies or any form of unrest in society have definitely triggered the price of Bitcoin in the past. However, the latest hack didn’t seem to have a significant impact on the price of Bitcoin. Bitcoin has been witnessing dainty changes in price over the last two weeks as the price of altcoins was rousing.
At the time of writing, the king coin was trading at $9,104.83 with a 1.1 percent drop over the last 24-hours. Several from the crypto community correlated the fall in Bitcoin’s price to the Twitter hack.
However, prominent analyst, Mati Greenspan pointed out that the hack wouldn’t have had a direct impact on the price of the king coin. He tweeted,
Not directly. More likely the #twitter hack caused some fear in the equity markets, which spilled over to the crypto markets. https://t.co/Qje6at6cC1
— Mati Greenspan (Tweets are not trading advice) (@MatiGreenspan) July 16, 2020
Additionally, Twitter revealed that they were rectifying the issue. However, certain Twitter accounts didn’t want to take the risk and shifted to other social platforms to keep the crypto community updated. The CEO of BINANCE shifted to Instagram and shared a post about the same.
