The cryptocurrency market began its downward ascendancy when "Santa Claus" returns to hibernation in the wake of the Christmas celebrations that have just ended. The downturns saw the market slide back into red. Bitcoin is leading the retracement closely followed by some major altcoin, XRP, BCH and ETH. Two reasons could be coined as key factors that influenced the cryptography market and provided a large bearish influence. One is the news of the Japanese Internet technology company announcing the closure of their mining software by GMO, while the other is the news of 250 bitcoins worth more than 1 million dollars stolen by Electrum Wallet hack .
Limited recovery in the face of low trading volume
The attack on the bitcoin wallet, revealed yesterday by Electrum developers on GitHub, used phishing to trick users into providing password information through a fake version of the wallet. People trying to access their wallets were asked to provide a two-factor authentication code, something not used by Electrum. The hackers then moved the balance of the wallet on another that they controlled. The attack on wallet users began last Friday, December 21st, and seems to have stopped after the administrators of GitHub have acted, according to the developers of Electrum. Bitcoin exchanges and hackers have previously been accused of sudden falls in the price of bitcoins, however markets have recovered from this downward trend once the damage from security breaches has been contained by the parties involved.
Bitcoin hovers around the $ 3600 level. The first digital currency has so far lost over 4% and has entered a short-term consolidation phase amid reduced holiday market conditions. While the price has recovered from the intraday low at $ 3,567, the bullish momentum is nowhere to be seen as the volume of trade is very limited. Ethereum is changing hands at $ 116.43, consolidating losses after a strong sell-off at the end of Thursday. The currency has lost almost 9% in the last 24 hours, despite a slight recovery during the Asian session. The market value of Ethereum is recorded at $ 12.1 billion, while an average daily trading volume is equal to 2.5 billion. ETH is expected to continue to suffer in the short and medium term while the titles suggest that ICO projects are selling off Ethereum.
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