Many crypto exchanges have undergone security flaws that led to a hack losing a huge amount of user funds.
On the contrary, Bitcoin is expected to attain greater ATH soon which may increase the frequency of such hacks
Bitcoin expected to attain ATH very soon
The whole crypto space is awaiting bitcoin to surge above the $11000 mark and touch the resistance levels which are formed around $11400. But unfortunately, Bitcoin is contented in trending in a very narrow range.
Bitcoin which touched above $10,700 levels earlier settled down at $10,686 at the press time with a gain of 0.44 percent. As Coinpedia reported earlier that Bitcoin can be considered as a secured investment compared to the other digital asset, it seems that the hacks also occur with the surge in Bitcoin price.
Are Bitcoin Price and Hack correlated?
Bitcoin is considered as the most dominant crypto ever and it is observable that the hacker too intends to collect the hacked funds in BTC. Therefore there might be a deep correlation among the BTC price and crypto exchange hacks.
If we consider the hacks that occurred in the last year until the recent one that occurs with the KuCoin exchange, the maximum hacks occurred when the Bitcoin price was jumping to attain ATH.
On the contrary, hacks presumed to be less occurred when the bitcoin price dropped significantly. Therefore, the crypto space, if expecting the Bitcoin price going to the moon, attaining more ATH in the coming days, needs to be cautious of the hacks that might occur.