The cryptocurrency market showed a significant decline against the background of breaking news from one of the largest stock exchanges, Binance.
As soon as the Internet was filled with rumors that Binance had been cracked, Bitcoin fell to $ 1000 in just an hour. A similar situation was observed with the majority of altcoins.
The fall did not stop there: Bitcoin continued its decline in the following days, dropping to a peak of $ 8539, losing more than $ 3000 in just a few days.
Ethereum, which reached $ 869 this week, has dropped to $ 651. Some Altcoins suffered even more: NEO, EOS and Cardano lost almost 30% in a week, and this is not a complete list of Coin who experienced such a massive fall.
The total capitalization of the cryptocurrency market fell to $ 342 billion at its peak, losing $ 132 billion in a few days.
To date, the market has begun to recover, but its pace is incomparable with the decline in recent days. Bitcoin has reached $ 9000, other cryptocurrencies are recovering at a similar pace.
Recall that March 7 began to spread rumors about the breaking of the Binance cryptocurrency exchange network, during which funds disappeared from the users ’accounts and the withdrawal was not available. However, the company soon released an official statement in which it explained what happened: a hacker attack did take place, but the attackers could not steal the users' funds. Hackers got access to user accounts using phishing sites and API keys, after which they began placing orders to buy Viacoin coins paired with Bitcoin. The rate of this coin has grown rapidly in 3 times, in connection with which the automatic risk management system, blocked withdrawals, has worked.
Also, the cryptocurrency market was influenced by the statement of the US Securities and Exchange Commission (SEC), in which the regulator made it clear that the exchanges will have to go through official registration if they provide services for the sale of tokens, which are securities.