Bitcoin has reached something of a pinnacle in its short, yet significant existence. Recently, the currency was put to the test through a Twitter hack that saw the overtaking of some of the highest-ranking social media accounts to lure unsuspecting victims into a digital trap, and yet despite everything that’s happened, the currency is remaining strong and resilient.
Bitcoin Has Grown in Strength Despite Twitter Fiasco
The Twitter hack saw the likes of former president Barack Obama, Joe Biden, and Tesla mogul Elon Musk at the center of a scam in which hackers overtook their social media accounts and tried to get followers and users to forward BTC to anonymous crypto addresses. The plan was relatively massive in scale considering which accounts were compromised, and the asset’s reputation has since been placed in jeopardy.
Bitcoin has had a hard-enough time shaking the image that it is widely used for criminal or illicit purposes or that it is the prime currency amongst dark web users. While the currency has been utilized for such enterprises, the numbers may have been blown out of proportion in the past. The currency is also used for several positive ventures, such as the building of a ravaged economy in El Salvador.
The Twitter hack only saw $121,000 in BTC stolen from users. The figure doesn’t amount to much, and it appears that the primary damage done was to bitcoin’s status, but in all, the currency remains relatively strong when it comes to its present price.
Had something like this occurred three or even two years ago, the currency would have likely taken a hit. We likely would be witnessing a massive drop of roughly $1,000 or more. The fact that this hasn’t occurred suggests just how resilient the asset has become. Yes, the currency did incur a slight fall following news of the hack. Some sources claim the asset fell as low as $9,000, but the asset has since risen back up to $9,100, meaning it is relatively near where it was prior to the attack.
Just before the event took place, the world’s number one cryptocurrency by market cap was trading for roughly $9,200, so we’re not that far off.
The Price Wasn’t Affected That Much
Analysts are warning that the currency could potentially fall to an even $9,000 once again. Should this fail, $8,800 could be in bitcoin’s immediate future, but considering the asset has already exhibited a near $200 price spike in the past two or three days, one has to take these gloom-and-doom predictions with a grain of salt, and figure that if bitcoin can withstand the pressure of such a widely-publicized attack, perhaps it’s much stronger than we initially assumed.
Now, the only question that remains is whether any duped users will potentially garner their digital funds back somehow.