Alleged DDOS attack wipes almost $2,000 off Bitcoin price

BTC now trying to stablize around $9,500.

Cameron Wilmot

Founder

Published Nov 29, 2017 3:18 PM CST
Updated Nov 3, 2020 11:53 AM CST

45-second read time

Over the past 24 hours, Bitcoin (BTC) has been on a parabolic run all the way from $10,000 up to almost $11,500. Many including myself feared a sharp correction would be due at any moment, as the kind of growth we saw was not sustainable, not even in the crazy world of crypto.

Alleged DDOS attack wipes almost $2,000 off Bitcoin price | TweakTown.com

BTC hit a high of $11, 441 on Bitfinex before tumbling quickly all the way down to $9,000 in just a few minutes. Many went to Twitter to voice opinion that the reason for the drop was a DDOS attacked on many of the largest exchanges around the world. While a mass DDOS attacked has not been confirmed yet, it seems likely it was the cause of the sudden crash.

Approximately $53 billion was wiped off the total cryptocurrency market cap in under an hour, a figure which calculates the value of Bitcoin and other alternative coins combined. At the time of publishing, Bitcoin was trading close to $9600, but appears to be facing resistance heading back to $10,000 and beyond.

Cameron Wilmot

Founder

Cameron founded TweakTown® in 1999, originally as his personal homepage. What began as a small blog quickly grew into one of the world's leading technology publications, thanks to Cameron's passion for computers and innovation. In the early days, he single-handedly produced all the content, from hardware reviews to tweak guides. Today, as Managing Director, Cameron focuses on ensuring the company and website operate at peak performance. He oversees business strategy, partnerships, and editorial direction, helping TweakTown remain a trusted source for tech enthusiasts worldwide.

Cameron's PC features AMD's Ryzen 9 9900X paired with the ASUS TUF GAMING B850-BTF, Patriot's Viper Elite 5 DDR5 6000MT/s 64GB Kit, and MSI's GeForce RTX 5090 SUPRIM LIQUID SOC. It runs Kingston's FURY Renegade G5 4TB with Windows 11 Pro, cooled by TRYX's Panorama SE 360 ARGB 360mm AIO, housed in TRYX's LUCA L70, and powered by ASRock's TC-1300T Taichi 1300W 80 Plus Titanium. Accessories include the ASUS ROG Azoth X keyboard, ASUS ROG Keris II Origin mouse, and Samsung Odyssey OLED G8 monitor.