News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • Citi lowers China 2022 GDP forecast 4.9% from 5.5%, citing expected spillover from managed Evergrande restructuring
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here:
  • Spooz sub 50-DMA again. There’s been some selling overnight during the European sessions yesterday and today. Sure hope this doesn’t shape up into a H&S topping pattern, but has anyone else noticed lower highs and lower lows forming? 👀 $SPX $ES #SP500
  • PBoC Governor - PBoC has the conditions in place to maintain a normal and rising yield curve - Sees no need to purchase assets now
  • Not today I’m afraid. I’m on holiday in Ventnor in the lovely Isle of Wight
  • ECB's Villeroy - Inflation forecast justifies keeping loose ECB policy
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here:
  • Join @MartinSEssex at 5:30 EST/9:30 GMT for a webinar on trading sentiment. Register here:
  • Japan PM Suga - To lift Covid state of emergency in all regions at the end of the month $JPY
  • Reminder that the 21st OPEC and non-OPEC Ministerial Meeting is scheduled for October 4th
Bitcoin Plunges, Hong Kong Exchange Says Millions Stolen in Hacking

Bitcoin Plunges, Hong Kong Exchange Says Millions Stolen in Hacking

Varun Jaitly, John Kicklighter,

Talking Points:

  • Bitcoin extends fall as news of an exchange hack reignited cybersecurity fears with cryptocurrencies
  • Chinese Bitcoin exchange halts trading to investigate hack resulting in $65 Million in losses
  • Bitcoin prices rebound on open exchanges following the hack, only one exchange was effected

Bitcoin suffered one of its worst declines in years through the open of this week. News that trading was halted on “Bitfinex” exchange after a hack resulting in $65 million theft unnerved traders. Bitcoin fell a little over 24 percent through Tuesday’s low following the announcement of the hack. Bitfinex remains closed, however for though open exchanges the Bitcoin-USD pair (BTC/USD) rallied by more than 20 percent from lows through Wednesday. The hacked exchange is expected to remain closed for the next few days as investigations continue to uncover more information. Volume in BTC/USD trading spiked significantly through the decline and on the news of the hack. Average volume on for the cryptocurrency pair on the Bitstamp exchange rose to more than 22,000 on Tuesday and over 15,000 Wednesday – the 20-day average before these large movements was a comparatively restrained 4,400.

Cybersecurity remains a chief concern for the cryptocurrency and its numerous exchanges worldwide, as it is traded and used entirely over a network. The recent hack on the Hong Kong exchange is not the first. The largest bitcoin exchange in the world “Mt. Gox”, filed for bankruptcy in 2014 and admitted to being hacked, resulting in the loss of $460 Million in bitcoin. The cryptocurrency has become extremely popular since it was first introduced 7 years ago, to better understand its role in the financial markets check out DailyFX’s Forex Trading Instructor Tyler Yell piece on Bitcoin.

Bitcoin Plunges, Hong Kong Exchange Says Millions Stolen in Hacking

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.