Cryptocurrency Falls on News of Coinbase Hacked

Coinbase "Hackers Access to Internal Systems"
"$400 Million Needed to Recover from Damage"
BTC Holds $13,000...Altcoin Falls 1% On Average

The cryptocurrency market, including Bitcoin(BTC), fell slightly on May. 16 as news broke that Coinbase, the largest cryptocurrency exchange in the U.S., was hacked.

Coinbase announced on its official blog on May. 15 that Coinbase customer support officers colluded with professional hackers and accessed the internal system from May. 11 to steal user account data.

Coinbase took less than 1% of its user data, and its important information such as passwords, private keys, and funds were not affected. The stolen data revealed by Coinbase are the last four digits of ▲Customer Name ▲Mail and e-mail address ▲Phone number ▲SNS.

Coinbase said it costs about $400 million to recover from the hacking damage.

The cryptocurrency market, which fell on the morning of the 16th, rebounded slightly in the afternoon due to fear in the market due to the news of Coinbase's hacking. Bitcoin traded sideways at $103,000 and a number of altcoins fell about 1%.

◇Bitcoin = Bitcoin price is $104,106 at 4:30 p.m. on May. 16, 2025. The Bitcoin share(dominance) was 63.06%.

The long(up) and short(down) betting ratios in the Bitcoin futures market stood at 41.06% and 58.94%, according to the on-chain analytics platform Sigbtc.

Despite Bitcoin's decline, predictions have been raised that Bitcoin's return will surpass gold in the second half of this year.

In a report published on the 15th, the JPMorgan research team pointed out ▲ the U.S. state government's proposal and passage of the Bitcoin reserve bill ▲ the movement of large companies in the U.S. to buy Bitcoin, claiming that the return of Bitcoin will exceed gold at the end of this year.

◇Upward Coin = The cryptocurrency that recorded the largest increase from the previous trading day at 4:30 p.m. on May. 16 was Kaito(KAITO), up about 8% on the day alone.

Kaito is an artificial intelligence (AI)-based data platform. It aims to build an infofi network in which the value of information is determined by participants, rather than a structure with a lot of revenue and authority like the existing centralized platform.

Kaito aims to establish a fairer, transparent and efficient information distribution channel by providing an open market where creators and consumers based on their own platforms and points systems decide which brands or topics deserve attention and receive a fair share of rewards according to the degree of participation.

The cryptocurrency Kaito is the key currency of the Kaito ecosystem and is used for staking and governance.

◇Fear Greed Index = Digital asset fear-greed index provided by Alternative has entered the 'greed' phase with 71 points. The Greed phase is a phase where price volatility and trading volume increase, and the price increases. The government should be cautious about selling products as it is highly likely to form a short-term high.

The cryptocurrency relative strength index(RSI) provided by Sigbtc was 56.2, which was in a 'neutral' state. RSI sets the relative strength between the upward and downward pressure of a particular asset price and is an indicator of a measure of over-purchasing and over-selling of a particular asset.

권승원 기자 ksw@blockstreet.co.kr