Bitcoin Investors Unfazed By Great Twitter Hack, as Volatility Remains Stable – Markets and Prices Bitcoin News


Bitcoin Investors Unfazed By Great Twitter Hack, as Volatility Remains Stable

Bitcoin traders seem unfazed by the massive Twitter hack on Wednesday, as the price of the top cryptocurrency has largely remained steady.

Prominent U.S. figures including billionaires Bill Gates, Elon Musk, and Jeff Bezos were targeted by hackers in an apparent Twitter bitcoin (BTC) scam. The official accounts of former president Barack Obama as well as aspiring presidents Joe Biden and Kanye West were also hacked.

According to data from crypto analytics firm Skew, bitcoin’s implied volatility “is having a muted reaction to the Twitter hack.”

Bitcoin Investors Unfazed By Great Twitter Hack, as Volatility Remains Stable

Over the past one month, bitcoin’s implied volatility has averaged 55%, said Skew. The figures suggest that the BTC price may remain subdued for a time, perhaps until around September or October, say analysts.

“There doesn’t seem to be a major concern about this unexpected event triggering a move in the bitcoin price,” Skew observed.

Implied volatility measures the market’s expectations of the bitcoin price over specific periods. It is usually used to price options contracts, and the fact that the price didn’t move the earth in the wake of the Twitter breach means traders might not be concerned about the event.

It is likely that investors are clear that the hack is not an attack on bitcoin – well, because Bitcoin cannot be hacked – but a breach on the social media platform Twitter is possible.

Now, amidst the potentionally reputation-damaging widespread media coverage, there was some expectation that the hack would lead to panic selling and a crash in the bitcoin price.

But BTC held steady, sliding a marginal 0.72% over the past 24 hours to $9,127, according to figures from The benchmark cryptocurrency has largely traded in the lower $9,000 range in the last few days, as investors exercise caution.

Bitcoin’s implied volatility hit 200% in March, when the BTC price lost half its value in a matter of minutes – the great crash that has become to be known as the Black Thursday. However, the metric has been in decline ever since, at one point averaging around 45% early this month.

Tags in this story
Barack Obama, bill gates, Bitcoin implied volatility, bitcoin traders, Elon Musk, jeff bezos, Joe Biden, Kanye West, Skew, twitter hack

What do you think about the bitcoin price response to the Twitter hack? Let us know in the comments section below.

Jeffrey Gogo

Jeffrey Gogo is an award winning financial journalist based in Harare, Zimbabwe. A former deputy business editor with the Zimbabwe Herald, the country's biggest daily, Gogo has more than 17 years of wide-ranging experience covering Zimbabwe's financial markets, economy and company news. He first encountered bitcoin in 2014, and began covering cryptocurrency markets in 2017

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