Bitcoin rate fluctuations due to cyberattacks

Cyberattacks have big effect on Bitcoin's exchange rate 
28 June 2017   982
Bitcoin

Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.

There is a big drawdown at the crypto-exchange markets since the beginning of the week. Some currencies lost about 20%, even Bitcoin's rate declined. At the same time, new ransomware called "Petya" copies the behavior of WannCry. Virus locks PCs and demands 300$ in Bitcoin for unlock. 

WannaCry attack in May and it's Bitcoin request spread panic all over the world. Also, it showed that a lot of institutes and big companies use outdated software, for example, British National Health Service used unsupported Windows XP.

Victims want to get their files back. New users are forced to create wallets. The number of injections in Bitcoin will increase. More money, more willing to buy - above the price. More active users - network utility increases. It is the same as in May, when in a short period of time Bitcoin not only regained its positions, but also overcame the highs.

As mentioned above, it is drawdown now. So buying a cryptocurrency is profitable. Bitcoin now is good for long-term investments. But it will also affect short-term deposits. Some experts talk that Petya, as WannCry, is used for speculations.

wannacry map spreadWannaCry Spread Map

Large amount of WannaCry attacks drew enough fiat money to Bitcoin, so, this theory has a right to exist. Hackers can use it to earn money on exchange rate fluctuations.

 

On these charts, you can see the Bitcoin's exchange rate before and during the May's attack. 

Bakkt to Unveil Bitcoin Futures Test Date

Along with date announcement, COO Bakkt believes the platform will attract institutional investors and set new standards for the cryptocurrency market
14 June 2019   236

The Bakkt cryptocurrency platform has named the exact start date for testing Bitcoin futures. The first users will be allowed to test the tool on July 22.

According to Bakkt's Operations Director, Adam White, the platform will attract institutional investors and set new standards for the cryptocurrency market.

White pointed out that the wider distribution of cryptocurrencies, in particular, is hampered by unreliable pricing mechanisms and the likelihood of instantly falling rates.

Along with these problem-solving solutions that are new to digital asset markets, Bakkt also brings all the other features that institutions would expect in a versatile and broadly accessible market, including: block trades; a fee holiday through the end of the year to encourage trading; market maker incentive programs to encourage liquid markets; and integrations with ISVs and regulated brokerage platforms.
 

Adam White

COO, Bakkt

At Bakkt, two futures contracts will be presented - with daily and monthly settlements. Risk management and the securing mechanism for these contracts will meet the standards of the traditional derivatives market.