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Cryptopia website down for around 8 hours; Users panic as speculations of another hack rise




Cryptopia website down for around 8 hours: causes panic among users as speculation of another hack rises
Source: Unsplash

Cryptopia, the New Zealand-based exchange that made headlines earlier this year due to a security breach, is back in the limelight. According to a Redditor, Fallenkeith2018, the exchange’s website has reportedly been down for around eight hours now, with the platform citing maintenance as a reason.

The Redditor stated,

“Cryptopia has been down for 8 hours, did it get hacked again? I woke up this morning to check Cryptopia to see if there was any updates on the website about new trading pairs. When I went to Cryptopia mainsite, it says: Don’t Panic! We are currently in maintenance. Thank you for your patience and we apologise for the inconvenience.”

Additionally, a Twitter user, @IsatuSaristaa, has alleged that the website has been down for around 48 hours now. Notably, the concern arises from the lack of notification provided by the platform’s social media channels, Twitter and Discord.

Source: Cryptopia

Source: Cryptopia

The last update provided by the exchange on its Twitter handle dates back to 26 April 2019, when the platform notified its users of maintenance for a 1-hour period.

Source: Twitter

Source: Twitter

This has led to some people speculating that either the exchange has been hacked again, or the team is bailing-out on its customers due to its previous hack.

@XiuanL, a Twitter user commented,

“I think they bailed! – no communication – no updates on exchange Unprofessional team and behavior. If they will come back (I really doubt) I’ll put the coins I still have access too on a much more #safu place! They wont see me again!”

@MiroVanDyro, another Twitter user, said,

“I sold all my tpay coins against btc and withdraw my btc from shittopia before they run away…..”

@Davis_AlexD tweeted,

@Cryptopia_NZ ummm how come you guys didn’t announce this maintenance or allow us to view our accounts, did you guys get hacked again? Please work on your transparency”

AMBCrypto has reached out to the team, seeking a reason for the unscheduled maintenance.

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.


JP Morgan: Big banks stand corrected as Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise




JP Morgan: Big bank stands corrected at Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise
Source: Pixabay

Big banks are riding a FOMO wave as the Bitcoin bull-run is just beginning. Spearheaded by the changing colors of JP Morgan, which recently forayed into the digital assets world, the banking elite is now suggesting that their initial stance on Bitcoin and the larger cryptocurrency world might have been off.

A recent chart by JP Morgan shows the current BTC price veer upwards chiding the “intrinsic value” the big bank placed on the virtual currency.

Based on the article by Bloomberg, the price of the coin would reverse towards the end of December 2018 and then make marginal gains until May 2019, all under the $5,000 mark. In reality, the BTC price, after dropping to “rock bottom” at just above $3,100 in early December 2018, edged upwards.

Several spurts of growth were seen in early January and February, prior to a massive April ascendance. On April 2, Bitcoin did away with the bank’s value mode and amassed a daily gain of over 15 percent, fuelling its current rise. Breaking the $5,000 ceiling in the process, which was pegged to remain intact well into May 2019, the king coin is now almost $3,000 ahead of the mark and is not looking to stop.

Source: Bloomberg

It should be noted that JP Morgan’s “intrinsic value” is calculated on the basis of the marginal cost of production, electricity prices, and hash rates. This model does not take into account, at least on absolute terms, the anticipatory effect of the 2020 halving, which, according to a slew of analysts is the behind the price rise.

Nikolaos Panigirtzoglou, the MD in the Global Market Strategy team at JP Morgan stated that Bitcoin breaking through its “intrinsic value” showed signs of mirroring its 2017 bull run. He evidenced this move by comparing the pre-December 2017 slump to the one seen prior to the current bullish swing.

The analyst added:

“Over the past few days, the actual price has moved sharply over marginal cost. This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.”

With the analyst admitting that the imparting of an “intrinsic or fair value” to a cryptocurrency, much less a volatile one like Bitcoin, is a “challenging” ordeal, a mere JP Morgan acknowledgement of a Bitcoin bull-run is a remarkable sign for the digital assets industry, especially given the bank’s and its CEO Jamie Dimon’s Bitcoin-bashing in the past.

Mati Greenspan, senior market analyst at eToro attested to the same, adding a key point that JP Morgan failed to take into account in their calculation. He stated:

“Great to see JPM finally admitting that Bitcoin has intrinsic value.
Now wait till they understand that miners who run a surplus tend to begin hording.”

Despite Bitcoin slumping at press time, recording a 1.23 percent decline against the dollar, the prospects look positive. After recording a massive gain on 19 May, briefly surging past $8,000 for the second time in a week, Bitcoin created a High-Low [HL] at $7,100, which many analysts look at with glee.

This HL immediately following last week’s pull-back caused due to post-Consensus bears, a Bitstamp sell-order and market correction showed the king coin’s bullish persistence and can even be a foundation for a $9,000 ascendance, defying any “intrinsic value” expectations.

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