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Bitcoin: the Twitter hack doesn’t affect the price of BTC
Bitcoin: the Twitter hack doesn’t affect the price of BTC
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Bitcoin: the Twitter hack doesn’t affect the price of BTC

By Federico Izzi - 16 Jul 2020

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Not even the Twitter hack that took place yesterday affected Bitcoin‘s sleepiness, which saw the day close with an oscillation between opening and closing levels of just over $50.

As it happens in these cases, in the media the scam perpetrated seems to have Bitcoin as its motive, whereas instead it’s a flaw in the security of Twitter

To date, at the time of writing, the wallet of the hacker who is collecting funds has a total of 13 bitcoins for a value of more than 110 thousand dollars

The hack against Twitter appears to be a demonstrative attack rather than intended to steal funds. Previously we have seen even more serious hacker attacks that involved more than just the Bitcoin and crypto community. 

Initially, yesterday’s early alerts involved large exchange operators or influencers and direct players in the crypto world, including Vitalik Buterin, Justin Sun, Charlie Lee and Changpeng Zhao. In the following minutes, the attack continued to spread to large political, governmental and fintech personalities, such as Apple and Uber.

The biggest losses were recorded in the first two hours of this major attack, in particular for a transfer of $42,000 from a single Bitcoin address.

coin360 2020716
Source: COIN360.com

But the news does not particularly affect the cryptocurrency industry. 70% is in decline, but that’s within the ordinary. 

Looking at the list of the top 20, only a handful of rises emerge. Chainlink (LINK) continues to attract attention, even if the jump has been smaller in recent days, consolidating its position among the top 10 and now reaching the 8th position, the highest level recorded since its listing in autumn 2017. 

LINK 20200716

Chainlink yesterday, after breaking the absolute historical record recorded the day before, managed to leap even higher to almost $9, a level where hedges have prevailed, without affecting the bullish trend that sees Chainlink’s prices gain more than 500% from the lows of mid-March. A value that has multiplied 5 times in 4 months.

Chainlink is among the best rises of the last week. Since last Thursday’s levels, it has been earning more than 30%, the best increase among the top 30. 

ADA 20200716

Cardano (ADA) consolidates its 7th position in the standings, despite the fact that it continues its head-to-head for the 6th position, which it managed to achieve in some parts of yesterday. Between Cardano and BSV there is a difference of about 30 million dollars, hence oscillations of a few cents cause the sixth position to be interchanged between the two. 

Cardano tries to consolidate the prices above 12 cents, and now aims to attack the 14 cents, a level reached on July 8th, the top of the last two years, a price that had not been recorded since August 2018. 

Other positive signs (both +1%) are those of Crypto.com (CRO) and Monero (XMR), mentioned in the messages hidden in a handful of small transfers during the hack, an ironic transaction that seems to mock and alert the authors of this hack. 

The purpose was clearly to send a message inside the hash, which said: 

“You are taking risks when using bitcoin to play on Twitter. Bitcoin is traceable, why not use Monero”. 

This is the message within 7 transactions that originated from a single wallet, for a total of 50 cents with a total fee of 11 dollars. 

Twitter Hack 20200716

Each transaction contains what would appear to be more of an anagram game that highlights how risky it is to use Bitcoin to launch this type of scam because Bitcoin is traceable. As a challenge, it asks “why not use Monero?”.

Returning to the list of the top 20, another notable rise is Tezos (XTZ), +3%, similar to the Leo (LEO) token, which are the two that rise the most in this first section of the ranking. 

Scrolling through the top 100, Swissborg (CHSB) and Elrond (ERD) rise by more than 10%. 

On the opposite side, the most evident declines are Waves (WAVES), Zilliqa (ZIL), Matic (MATIC), which drop by more than 10%.

The first 7 are all in red with low declines: Bitcoin drops 0.5%. Ethereum -2.5%, and Ripple -3%.

DeFiPulse 20200716

Today DeFi continues to record gains of a few million compared to yesterday’s levels with the TVL at $2.530 billion. 

Maker‘s market share is up again, which brings the total of collateralized tokens to 625 million dollars. Compound remains at 693, a difference that is getting narrower and narrower. Compound and Maker hold just under 60% total dominance. 

The total market cap fluctuates around $270 billion

Yesterday Bitcoin recorded the weekly day with the lowest trading volume, just over $1 billion, the lowest level since late January, when BTC was just below current levels. 

Today the daily volatility on a monthly basis falls below 1.4%, the lowest level since December 2016 and not seen for about 4 years.

BTC 20200716
Bitcoin chart by Tradingview

Bitcoin (BTC) price

With low volumes and reduced volatility, Bitcoin does not register substantial changes. Prices have remained in the range since the beginning of July. For a few minutes, today prices have gone below $9,100, a threshold that was later recovered. 

The trading volumes can trigger fluctuations of hundreds of dollars, but with low volumes the resistance remains valid at 9,450 and then 9,700 dollars, these are the first levels that could give an upward thrust.

Downwards, the 9,000 dollar holding remains crucial, corresponding to the double minimum last seen on June 27th and July 5th.

Unlike the volumes, the use of the word Bitcoin on Twitter is soaring, with the hashtag #Bitcoin among the trend topics of the day, followed by #twitterhacked.

ETH 20200716
Ethereum chart by Tradingview

Ethereum (ETH) price

Today’s drop of -2.5% brings Ethereum’s quotations back to test the $230, last seen on July 6th. ETH failed the attempt to break the 245 touched in the last week, highlighting how the lack of new purchases has missed the break of $245-250, levels that are central to the coverage of professional operators who see in this target the first wall to break down where the call hedges are placed. 

The options continue to give clear signs of wanting to cover any downturns that for Ethereum are positioned at $225 and then $215, a fateful level, which sees more and more hedging since the end of June, when the $215 level was touched with the downward movement of June 27th. 

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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