Bitcoin’s Recent Price Dive: Did WannaCry Malware Cause It?

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Bitcoin took a dive from its $1,800 territory down to $1,600 Friday, but it has since managed to recover and as of late Saturday was back in high $1,700 territory. The drop naturally alarmed the market, given the steady gains the currency has made in the last two weeks.

The Friday dip could have been caused by the WannaCry bitcoin malware infection that has afflicted 36,000 computers. The malware automatically encrypts files on the victim’s computer and tells the user to send $300 in bitcoin to a particular bitcoin address.

Hackers Seek To Short Bitcoin?

If the attackers are motivated by making a fast profit, they could be trying to manipulate the bitcoin price with the intention of shorting the currency. The hackers have given their victims a short time frame to unlock their computers.

Given the small size of the bitcoin market compared to other commodities, such price manipulation might be possible.

The malware infection is an alarming story with international implications that casts bitcoin in a highly negative light. It wouldn’t be unreasonable

Read more ... source: CryptoCoinsNews

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