Charles Hoskinson, co-founder of Cardano and former CEO and co-founder of Ethereum, wrote on Twitter that Wall Street will bring “tens of trillions of dollars” into crypto world in the future. His statement came after all of the cryptocurrencies declined and the cryptocurrency market cap lost $13 billion.
Bitcoin transaction fees have soared over the past 24 hours — likely due to Bithumb cleaning out its hot wallet in an effort to secure its remaining funds after hackers allegedly stole $31.5 million from the exchange.
Popular South Korean cryptocurrency exchange Bithumb has suspended all deposits and withdrawals following a hack resulting in the theft of more than $31 million worth of cryptocurrencies. This marks the second Korean exchange hack in as many weeks.
Humanity’s reliance on centralized financial institutions is coming to an end thanks to the power of decentralized cryptocurrency platforms.
Ever since the arrival of Bitcoin, many people have predicted that “soon” all of the cryptocurrencies will crash. The trends in cryptocurrencies have been compared to global events such as tulipmania, the 1929 stock market crash and the dotcom bubble. However, even after the recent fall in crypto prices, the industry continues to attract new investors.
Former Wall Street macro trader and vocal Bitcoin proponent Mike Novogratz has expanded his involvement in the cryptocurrency field, investing $15 million in a startup company which aims to facilitate the launch of trading platforms and tokenizes assets through blockchain-based technology. Despite the current market correction, Novogratz remains overly positive towards the field in general.
42.8% of cryptocurrency investors intend to ‘hodl’ their funds over a long period, South Korea exchange Bithumb revealed June 7.