So I have just heard that the pump or rise in bitcoin value was due to the recent Ransomware attack. And after the recent drop, it makes sense too, I mean the price went up considerably as the demand of bitcoin went up, and now probably they are cashing in their rewards and hence the value is going down.
What do you think?
I don't think the price increase happened due to the ransomware. What the hackers tried to do was not good and many people started thinking bitcoin as an illegal currency due to this. However, we can't deny that fact, that due to ransomware attack, the bitcoin received unexpected boost and people actually started researching about bitcoin to know more about the crypto currency.
And the recent decrease in price was due to the investors who booked their profit, which is very normal and you can see the price going up again. This is a normal ups and downs for the bitcoin industry and we traders always look for such opportunity. I strongly believe that ransomware has nothing to do with the recent price surge.