Bitcoin hits nine-month high after Binance crypto hack


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Bitcoin hits nine-month high after Binance crypto hack

On Monday, the 13th of May 2019, the leading crypto, Bitcoin had surged more than 12 percent, while it had been hovering around $7,000 level after breaching its critical resistance at $6.750-$6,800. Although the bullish bias had been attained out of the blue amid an escalating US-China trade-war swaying investors towards safe-have assets, Bitcoin had posted its best intra-day gain in more than a year after breaching a record high of $8118.82, last seen on May 22nd 2018.

While this report was being prepared, May 13th, GMT. 23.55, Bitcoin was hovering near 7,800 level. Nevertheless, a fund manager of London-based Cryptocurrency broker GlobalBlock, David Thomas said that a breach of technical resistance level at $6,000 had fueled investors’ optimism, while a majority of crypto analysts had been pointing towards a latest Bitcoin hack on the largest bitcoin exchange platform, Binance, where hackers had stolen more than 7,000 bitcoins and creating a bullish bias by purchasing Bitcoins in order to sell the stolen Bitcoins at a much-higher price could have been possible by a racket of bitcoin exchanges, analysts suggested.

Nevertheless, Bitcoin had surged more than 104.50 percent this year after experiencing a lacerating 2018 and suspiciously, most of its gains had emerged after the latest theft of around 7,000 Bitcoins from Binance, the world’s largest crypto trading platform.