Bitcoin price analysis: BTC/USD recovers from early losses, the reaction to Bithumb hack may be delayed, but not cancelled

• BTC/USD is about to renew the downside quest.
• Bithumb lost about $30 million due to hack attack.

While Bitcoin managed to recover from the intraday low of $6,557, but it is still vulnerable to further losses. Traditionally, the largest market movements happen during European and American hours, so, early losses may be just the beginning of a new bearish wave. Currently, BTC/USD is changing hands at $6,610, supported by $6,560/50 with both 100 and 200-SMA (hourly chart) clustered there.

Bithumb, one of the largest cryptocurrency exchanges in Asa, is reporteed to lose about $30 million in digital currencies following the hack attack. The company suspended all deposit and  withdrawal services and transfered all crypto assets to a cold wallet.  

“We checked that some of cryptocurrencies valued about $30,000,000 was stolen. Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferring to cold wallet,” the platform wrote in the official Twitter account.

While the company has not disclosed what kind of coins were lost,   it has promised to compensate the losses to the affected customers.

This is the second South Korean exchange hacked during this month. Lat week Coinrail lost about $40 million in cryptocurrecy, sending Bitcoin and other digital assets tumbling.

BTC/USD, the hourly chart