What happened to cryptos over the weekend?

Highlights

  • Bitcoin’s price dropped from US$57,500 to US$45,000 on Saturday in the biggest dive since the mid-year crash
  • Crypto exchange BitMart suffered a security breach over the weekend
  • Cosmos’ ATOM token’s chart is showing a bullish continuation pattern

Crypto Weekend Bloodbath

Bitcoin has bounced back slightly after plummeting over US$12,000 on Saturday.

The price dropped from US$57,500 to US$45,000 on Saturday. This is the biggest dive since the mid-year crash where Bitcoin lost more than half its value.

The price rebounded on Sunday, however, climbing back over 4 percent to approximately US$49,400.

Crypto Market Bloodbath I Crypto Exchange BitMart Hacked I Cosmos Atom Rally I Crypto Top Gainers

 

Many altcoins also lost ground on Saturday, with Ethereum dropping from nearly US$4,700 to around US$3,500. However, as Bitcoin gained back ground on Sunday, many of the top altcoins were back in the green on Sunday too. Ethereum’s price rebounded back to just over US$4,200 – a daily rise of 7.5 percent.

The price movement of Bitcoin at the weekend is a prime example of cryptocurrency’s volatility.

Hackers Get Away with Close to US$200 Million

Crypto exchange, BitMart, suffered a security breach over the weekend with hackers getting away with US$196 million.

The hackers managed to break into Ethereum and Binance wallets with a flurry of transfers starting around 2:30PM Eastern Standard Time on December 4th, followed by the looting of tokens that included Shiba and USDC.

While it’s not yet known who is responsible for the heist, BitMart is currently reviewing its security measures and has frozen withdrawals until further notice.

Altcoin News

Cosmos’ ATOM token’s chart is showing a bullish continuation pattern, traders say, giving it the potential to record major gains in the coming weeks.

The price pattern, known as a “bull flag” appears as the asset trends lower, as ATOM has, while bouncing between two downward sloping lines.

Traditionally, the line breaks out of the range with a profit length equal to the size of its previous uptrend, which in the case of ATOM is potentially US$35.

The bullish setup comes as the coin previously rose around 330 percent from its June low of US$7.82 to last week’s high of above US$32.

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