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Bitcoin reaches $6 000 amidst $40 million hack

Phumzile Ngcatshe



MALTA – In the wake of a hack which saw $40 million stolen from Binance, the Bitcoin/US Dollar trade has successfully risen above $6,000 on Thursday.

Even though the news regarding the latest hack is still making the headlines, the BTC/USD exchange is holding firmly.

According to latest market updates, the tumultuous ride ever since this leading cryptocurrency hit $19,000 in December 2017 caused it to crash to a low $3,100 in 2018.

With its demand and value continuing to grow, Bitcoin has grown by over 60% in value as more investment institutions express their interest in trading in Bitcoin.

Despite huge debates ranging worldwide on how viable this is as a currency, the rising prices seem to confirm that traders deem it reliable enough.

However, leading Bitcoin critics continue to insist that crypto is one of the biggest bubbles in the financial markets.

Meanwhile, the $6,000 level looks to be holding as BTC trades at around $6,260.

Phumzile is an experienced Journalist having launched his career in 2007. He has written for News24 Travel and a number of Football websites and publications covering the South African Premier Soccer League (PSL), African football such as the CAF African Cup of Nations and CAF Club competitions. He recently joined FX Magazine to offer more balanced and unbiased financial reporting.