Bitcoin Is Racing Towards $7,400, But Crypto Analysts Believe That 2 Red Flags Might Influence BTC’s Price

Yesterday morning, Bitcoin (BTC) hit a monthly high and broke the $7,000 level. Now, the most important digital asset continues to rise, and it’s priced at $7,368.66.

Experts are wondering whether the bulls are back and if we get to see BTC hitting $10,000 soon.

Cryptopotato notes that there are two scandals in the crypto space that could turn out dangerous for the price of BTC, even though until now, they don’t seem to have affected the price: the Binance hack and the Bitfinex scandal.

Binance hack

Leading crypto exchange Binance says hackers have stolen 7,000 Bitcoin.

“We have discovered a large scale security breach today, May 7, 2019, at 17:15:24 (UTC). Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info. The hackers used a variety of techniques, including phishing, viruses and other attacks. We are still concluding all possible methods used. There may also be additional affected accounts that have not been identified yet.”

According to the exchange, the stolen Bitcoin has been removed in a single transaction from the BTC hot wallet. All the other wallets are secure, according to the exchange.

Operations have been stopped for a week until there’s an ongoing investigation.

Bitfinex scandal

The Bitfinex exchange was also involved in a scandal, but this one is of another nature. BTC dropped by 6% in just a few minutes after the New York attorney general Letitia James accused the exchange of getting engaged in a coverup in order to hide a loss of$850 million.

These two issues are believed to hold the ability to influence the price of BTC.

On the other hand, some crypto experts have been saying that since BTC continues to grow even after the scandals, this is showing that the crypto has matured and its price is not influenced by the headlines anymore.

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