The Fluctuations of Bitcoin Price during the Hacks
Publication Date
2020-01-01 00:00
Security Theme
Cybersecurity
Keywords
Bitcoin market, hacking, cybercrime, Cybersecurity
Description
Security breaches of the cryptocurrency exchanges usually cause the price fluctuation in the market. Approximately one hundred cryptocurrency thefts, including hacks and scams, has occurred since 2012 to 2018, half of which are hacks of Bitcoin. Based on the thirty Bitcoin hacks, this study portrays the general price pattern during the hack. And it illustrates the link between the size of the hack and the subsequent price change of Bitcoin. The tests reveal that the larger the volume of the hack, the stronger the price drop. However, a similar obvious relationship does not exist for the recovery of the price. The study might be the first piece of research focus on the hacks and the price pattern in a short time period.
The Fluctuations of Bitcoin Price during the Hacks
Security breaches of the cryptocurrency exchanges usually cause the price fluctuation in the market. Approximately one hundred cryptocurrency thefts, including hacks and scams, has occurred since 2012 to 2018, half of which are hacks of Bitcoin. Based on the thirty Bitcoin hacks, this study portrays the general price pattern during the hack. And it illustrates the link between the size of the hack and the subsequent price change of Bitcoin. The tests reveal that the larger the volume of the hack, the stronger the price drop. However, a similar obvious relationship does not exist for the recovery of the price. The study might be the first piece of research focus on the hacks and the price pattern in a short time period.
