With every slide in the cryptocurrency market, Bitcoin dominance increases. As a matter of fact, Bitcoin ball park control stands at 40 percent in the last seven days or so. That’s when bears took more than $30 billion despite supportive news from the SEC. Going forward, it could be worse for cryptocurrency portfolios because any break below $6,000 and we might see BTC valuation dropping 85 percent from its ATHs to $3,000.
Let’s have a look at these charts:
From the NewsIt is attack after attack but in the case of BitGrail, ordinary account holders are set to suffer. A while back, this Italian exchange was hit by hackers who made away with $187 million worth of Nano coin. Even though the operations of the exchange took a hit, they resumed normal services a few days later. However, with formal announcement by the exchange that they were not in a position to reimburse user funds because they strongly believe hackers took advantage of Nano’s blockchain weakness, the Nano Foundation refutes these claims.
We have temporarily disabled the BitGrail exchange pending further notice.
— BitGrail Exchange (@BitGrail) May 2, 2018
This inevitably means the court is the only center of arbitration and now through the orders of a Florence Court, where bankruptcy petition for BitGrail is on-going, BitGrail’s digital assets are under state custody. We cannot make solid conclusion as the hearing continues.
3000 users of the #BitGrail fiasco have filed a petition asking an Italian court to declare the entities that operated the Bitgrail exchange bankrupt.https://t.co/x3wfor4qe1
— DeusExMachina
