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Did the Twitter hack affect the price of Bitcoin?

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Yesterday was the biggest Twitter hack in history. The security of several dozen famous accounts was compromised, including celebrities such as Kim Kardashian, personalities like Barack Obama and Jeff Bezos. But how could this affect the price of Bitcoin?

And the answer is that, until now, the main purpose of the massive attack was to scam using a BTC address to receive the funds, damaging the image of cryptocurrencies as a form of payment.

Aside from the accounts of famous various personalities, a large group of accounts have something in common, and it is their closeness to the crypto ecosystem.

In this group we find the accounts of the exchanges Binance, Bitfinex, Coinbase and Gemini, as well as that of crypto influencers Changpeng Zhao, Justin Sun, and Charlie Lee.

Accounts associated with the cryptocurrencies that were part of the great Twitter hack, requesting Bitcoin as a "donation".
Accounts associated with the cryptocurrencies that were part of the great Twitter hack, requesting Bitcoin as a “donation”.

Without a doubt, the followers of these profiles are excellent prey for a cryptocurrency scam. Also, as a result of the big hack, 12.86 BTC was collected by scammers yesterday, which is equivalent to about $ 116,000 today.

Address used to receive the funds. Source: Blockchain
Address used to receive the funds. Source: Blockchain

Despite how powerful the Twitter hack was, the profits were not too great. However, a good number of people were affected, and it may continue to affect the reputation of cryptocurrencies, is this what lowered the price of Bitcoin?

How Twitter hacking affected the price of Bitcoin

The daily decline in the BTC USDT chart is barely noticeable. It cannot yet be assured that hacking has been the cause of Bitcoin’s price losses, but it is certainly an important factor.

For almost 2 weeks the behavior of the BTC has been quite heavy, and although a small bullish intention could be witnessed at the beginning of last week, today we see the bears taking control again, and they could test nearby supports.

Still the price is on a big side, with support at about USDT 8,720 and resistance at USDT 9,940. As long as it continues within this consolidation, no movement will be of great relevance.

In the medium term, the trend remains bullish, and the consolidation may be a break before the continuation of the trend.

Technical analysis of the daily Bitcoin price chart. Source: TradingView
Technical analysis of the daily Bitcoin price chart. Source: TradingView

With yesterday’s decline, intra-day supports are breaking, so the very short-term bullish trend was hit.

The 8-EMA and 18-day SMA moving averages are crossing lower. For its part, the 200-day SMA is still bullish, supporting the gains generated from the lows reached in March.

Moving averages on the daily chart of BTC USDT. Source: TradingView
Moving averages on the daily chart of BTC USDT. Source: TradingView

Temporality of 1 hour

Intraday charts of Bitcoin vs Tether is where the bearish intention for the short term begins to be clearly seen.

The 1-hour candle time frame shows strong bearish direction.

The 8 EMA and 18 SMA moving averages observed in this chart are cross-descending and quite far from the current price. The 200 1-hour period SMA is also bearish.

For the rest of the week the odds are in favor of a continuation of the decline.

Twitter hacking affects the price of Bitcoin. Source: TradingView
Twitter hacking affects the price of Bitcoin. Source: TradingView

All our publications are informative, so they should not be activated as investment advice under any circumstances.



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