Today there was another dip in prices of a major part of cryptocurrencies. And around the same time a big Japanese exchange was hacked and 400 million dollars worth of NEM stolen. It's obvious this caused the dip in NEMs price, -9,50%, but did the same hack cause the dip of the entire cryptomarket? Within 6 hours the entire marketcap lost 50 billion dollars, it has to do something with the hack right?
when someone hacks an exchange plattform the market isnt immediatelly affected, only as soon as the hacker starts selling those stolen tokens,
for example if he sells them for US dollars, as many as possible instead of some over time,
the price then can dump down quickly,
since in many markets, those "nem" token were traded beforehand with other token and those defined their value by those nem token, those token then also lose some value
regards