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Bitcoin's null reaction to Twitter 'hacking' "demonstrates the maturity" of the asset


The "security incident" that has affected the Twitter accounts of several celebrities such as Elon Musk, Bill Gates or Jeff Bezos that has allowed the 'hacking' of their accounts on that social network and has used bitcoin as a monetary means to carry out a possible scam, has had little or no impact on the price of the creation of Satoshi Nakamoto, which continues to consolidate its price around $ 9,000. The news is, in fact, the low price action on an asset that would have once noticed a strong shock after this incident that, on the other hand, has had a great impact on the mircroblogging social network.

The shares of Twitter came to yield 7% in the premarket, to close on Thursday with falls close to 2%, while bitcoin barely left 1%. Experts point out that a few years ago this type of event would have caused negative price behavior or, at least, would have generated certain tensions. However, “in an increasingly mature market, where the degree of adoption has been growing, where the institutional investor is gradually disembarking, and where more and more players are incorporating it as one more asset class, this type of news has no real basis for altering prices, "says Javier Molina, spokesman for eToro in Spain.

Another reason that explains the lack of repercussions on the creation of Satoshi Nakamoto is that the hacking did not happen directly in the ‘crypto’ nor in any crypto currency trading market. Bitcoin was simply the currency of exchange, but there was no theft of bitcoins or any interference with this asset, other sources point out. In addition, investors in this crypto currency know its mechanisms better than it did a while ago and they know perfectly well that the operations are completely traceable, despite the fact that their detractors highlight the opacity of its operation, reason that makes it the object of cyber criminals.

Other sources explain that bitcoin has seen its volatility drop and it is being mapped to the S & P500. “It is enough to observe the volatility of the crypto currency to verify that it has been in clear decline for several months, unequivocal evidence of a greater maturation of assets"Explains Molina. In that sense, those types of behaviors that are certainly negative for the image of bitcoin have, however, less and less impact given the magnitude reached by the digital currency today.

Bitcoin has obtained in recent weeks lower earnings compared to some of the ‘altcoins’ that are more fashionable lately. Anchored at between $ 9,000 and $ 9,200, it has failed to conquer the $ 10,000 that draws formidable resistance and marks the long-awaited turnaround in the digital currency, after the mid-May mine block reward cut.

“You have not yet seen the volatility that has permeated through ADA, Tezos and XRP. The hashrate has returned to a record high, which many believe will precede a price rise. " Personally, I do not think the same, although I do appreciate that these hashrate increases show an increase in the efficiency of the system, which entails less overhead for miners and fewer reasons to sell, ”says Simon Peters, analyst at eToro.

In this sense, it highlights that “The strong post-halving rise that many expected has not yet taken place”But, the expert stresses that “expecting a direct price jump after the event is a fundamental misunderstanding of the long-term nature of bitcoin as an investment.” All in all, “this post-halving rally will come, it may just take a spark from an external source to start it, ”he rounds.


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