For the time being the legendary cryptocurrency is making landmark achievements while maintaining its dominating power over other cryptocurrencies. As per the news sources, it is confirmed that today’s Bitcoin price is US$ 12,058.
Overall the month of October brought huge fortunes for the Bitcoin investors and owners. But various complaints have been emerging on social media websites regarding the crypto exchanges. Complaints suggest that though Bitcoin price is trending high yet the rate being offered by crypto exchanges is very low. When asked by the customer, the exchanges respond that due to the crypto crash in March, the rates are continuously dropping.
Glassnode’s data suggested that in the months of March to July, rates for Bitcoins were kept at minimal with exchanges. Similarly, a huge decline in Bitcoin’s quantities with crypto exchanges was also prominent, data suggested.
However, another import aspect for low price offerings at exchanges is attributed to the incidents taking place at OKEx and BitMEX. It is said that the incidents have seriously jeopardized the trust of potential investors. Resultantly, no large number of investors are being inducted within the crypto exchanges.
Similarly, the decline of Bitcoin’s availability with the crypto exchanges also indicates that the beneficiaries are most feared. The experts suggest that their fears are logical. If something bad can happen to exchanges such as BitMEX and OKEx, then it could happen to them as well, they added.
The current state of affairs is therefore strengthening a popular perception regarding the cryptocurrencies and crypto exchanges. (It is said that it is not wise to keep crypto-assets with exchanges for a considerably long period. Otherwise, there are bright chances that the crypto assets will be stolen.)
As suggested by CoinDesk in its 3rd Quarter Report of 2020, there have been plenty of incidents taking place. CoinDesk told that KuCoin got hacked for over US$ 281 Million. Similarly, other hack victims include popular exchanges such as Cashaa, Eterbase, and Balancer.
Bloomberg has recently published a survey that it had completed in September this year. The survey suggested that a growing number of hacking/scamming incidents is depriving the crypto industry of highly potential investors.
However, the incidents that occurred with BitMEX and OKEx may have been the breaking point for the investors.