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Market Wrap: What Twitter Hack? Traders Stay Busy Buying Bitcoin at $9,000
Bitcoin suffered a short period of selling in early trading but has bounced back, seemingly immune to Wednesday's Twitter hack.
Updated Apr 10, 2024, 2:43 a.m. Published Jul 16, 2020, 8:45 p.m.
A crypto-related Twitter hack didn’t deter traders from snatching up $9,000 bitcoin.
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- Bitcoin trading around $9,109 as of 20:00 UTC (4 p.m. ET). slipping 0.66% over the previous 24 hours.
- Bitcoin’s 24-hour range: $9,005-$9,229
- BTC above 10-day moving average but below the 50-day, a sideways signal for market technicians.
Read More: Twitter Says ‘Coordinated Social Engineering’ Attack Caused Bitcoin Scam
Wednesday’s Twitter hack didn’t seem to bother traders very much.
“The attack may have harmed bitcoin’s public perception, but the fact that the market has hardly reacted is a positive sign,” said Rich Rosenblum, co-founder of New York-based trading firm GSR. Investors continued to buy in when bitcoin dipped to $9,000. The price headed that low in early Thursday action before traders scooped up more of the world’s oldest cryptocurrency.
Read More: Twitter Hacker Is a BitMEX Trader, On-Chain Data Suggests
“I can see some traders considering the Twitter hack to be a negative. But we all know that given the transparency of the bitcoin ledger, there are safer ways for scammers to scam,” said George Clayton, managing partner for New York-based Cryptanalysis Capital. “I don't see anything about this hack changing the value proposition of bitcoin or any other cryptocurrency.”
Even Twitter’s stock (NYSE:TWTR) has recovered Thursday from a brief spate of selling late Wednesday before the U.S. stock markets closed.
Traders are more concerned about the broader equities markets affecting bitcoin than anything else. “Bitcoin’s price at this moment seems highly correlated with the stock market,” said Alessandro Andreotti, an Italy-based bitcoin over-the-counter trader. “It will probably see some pressure if the stock market enters a correction phase.”
Read More: Correlation - Crypto’s Most Enigmatic Metric
Ethereum fees at one-month high
Ether , the second-largest cryptocurrency by market capitalization, was down Thursday, trading around $232 and slipping 2.3% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
Fees on the Ethereum network are now higher than they have been in a month, as the price per transaction crept up to 0.003691 ether Thursday, according to data from aggregator Blockchair. Ethereum is the backbone behind most DeFi platforms, and the rise in fee price means increased demand for the network as well as the possibility of constraints in the near future.
“Due to the hype around DeFi, the gas fees on the Ethereum network are in the higher range in the past month, reflecting a strong network demand,” said Johnson Xu, head of research and analytics at TokenInsight. “Further strong growth of DeFi could be restricted by the Ethereum blockchain network bottleneck.”
Johnson is optimistic that scaling solutions will allow DeFi to continue growing, however. “Multiple solutions to scale the Ethereum network, the slow but progressive ETH 2.0 development, the layer-2 proposals, will add significant value to the Ethereum ecosystem, lifting the limit on how the DeFi ecosystem can grow in the future.”
Read More: OKCoin Joins Coinbase in Supplying Oracle Feed for Compound
Other markets
Digital assets on the CoinDesk 20 are mostly in the red Thursday. Notable winners as of 20:00 UTC (4:00 p.m. ET):
- tezos (XTZ) + 2.7%
- basic attention token (BAT) + 2.2%
- stellar (XLM) + 2.1%
Read More: $1.4B in ‘High-Risk’ Crypto Flowed Onto Exchanges in H1 2020
Notable losers as of 20:00 UTC (4:00 p.m. ET):
Read More: Zcash Latest Hard Fork ‘Heartwood’ Makes Mining Private
Equities:
- The Nikkei 225 in Japan ended the day down 0.76% as increasing coronavirus infections and decreasing retail sales in Asia dragged the index lower.
- Europe’s FTSE 100 in London closed in the red 0.56% as the European Central Bank held off any new actions at its scheduled rate-setting meeting.
- The U.S. S&P 500 index fell 0.30% amid losses by tech stocks and data on joblessness more dismal than expected.
Read More: ‘Boring’ Bitcoin Shrugs Off Twitter Hack
Commodities:
- Oil is slipping 0.67%. Price per barrel of West Texas Intermediate crude: $40.71
- Gold is down Thursday at $1,795 per ounce
Read More: CoinDesk Quarterly Review, Q2 2020
Treasurys:
- U.S. Treasury bonds all slipped Thursday. Yields, which move in the opposite direction as price, were down most on the two-year, in the red 6.5%.
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