Quote from: Sithara007 on August 11, 2021, 03:50:07 AM

Quote from: vabchgent on August 10, 2021, 09:48:25 PM

Despite the bad news about the infrastructure bill and all the uncertainty that is circulating for cryptocurrencies, the market holds incredibly strong and even makes gains. This alone is good news enough to cover the bad news that popped up in a lot of outlets and online media. Everyone expected a harder crash also with the hack of Polygon, which was massive, but no, coins are performing well.

Now the market knows how to react when a rumor surfaces regarding the government actions. Also, hacking of wallets happen every now and then, and what happened to Polygon was not unique. If they can't keep their coins secure, then it is their problem. Ideally such hacks should not have a major impact on the exchange rates of other coins. And there is one correction to your post. The victims were Poly Network, and they are different from Polygon (MATIC). Poly network is a Cross-Chain DeFi platform.

Thanks for the correction, noted!!

Anyway, yes sometimes it does have influence because there might be a huge backlash from stolen cryptocurrency. For example if they steal a billion dollar worth of Bitcoin, there is a good chance the might convert it to Monero and dump it. Or any other coin that is likely to be converted. I know it is not like the whole market should suffer, but it can definitely have an impact on other coins as well if hacks are of a certain magnitude.