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

BTC now trying to stablize around $9,500.

@camwilmot
Published Wed, Nov 29 2017 3:18 PM CST   |   Updated Tue, Nov 3 2020 11:53 AM CST

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 founded TweakTown in 1999 after it originally started off as his personal homepage. Cameron was once, many years ago, the only person at TweakTown producing content, but nowadays, he spends his time ensuring TweakTown operates at its best in his senior management role.

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