Bitcoin rate fluctuations due to cyberattacks

Cyberattacks have big effect on Bitcoin's exchange rate 
28 June 2017   1049
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 Also, it showed that a lot of institutes and big companies use outdated software, for example, British National Health Service used unsupported Windows XP.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. 

Layer1 to Receive $50M Investments

These investment helped the startup to reach $200M market value and and will be used to enter mining market
16 October 2019   111

Layer1, backed by the Digital Currency Group (DCG) raised $ 50 million from a number of well-known venture capitalists, including PayPal co-founder Peter Thiel.

According to The Block, thanks to the successful closure of the Series A financing round, the company's market value reached $ 200 million.

Initially, the company focused on supporting the ecosystem of confidential cryptocurrency Grin. However, now the San Francisco-based firm intends to focus on bitcoin mining and plans to compete with Chinese miners over time.

We expect our chips to be competitive for at least eight years now...you want to have your own chips in hand. We also have our own electricity substations: effectively that's as close you can get to owning your own power plan.
 

Alexander Liegl

CEO, Layer1

To implement this plan, the company acquired land in Texas for the construction of substations, entered into a partnership with a Beijing manufacturer of semiconductors and built its own infrastructure for cryptocurrency mining. Ligl added that Layer1 intends to become a vertically oriented company that controls every element in the mining business process chain.

The company also intends to enter the lending and crypto derivatives markets.