Bitcoin price was stabilizing close to $6000 on May 8 after new controversy over a cryptocurrency exchange sent markets tumbling. 

What Hack?

Data from Europe-based trading platform Bitstamp, which tends to offer Bitcoin price tracking at the lower end of the spectrum, put BTC/USD at $5840 as of press time Wednesday.

The modest 0.6 percent daily loss for the pair follows a volatile 24 hours, during which fellow exchange Binance reported a hack worth over $40 million.

Long considered one of the most stable exchanges in the industry, the news that hackers were able to find a loophole in Binance’s security sparked dramatic cold feet on the markets — Bitcoin price dropping $200 in minutes.

A subsequent upward correction took BTC/USD from a low of $5700 to current levels over the following 12 hours, with support above $5800 so far holding. 

btc usd

As Bitcoinist reported, Binance appeared surprised yet unfazed by the event, with CEO Changpeng Zhao promising full reimbursements to affected users.

“While it is a very expensive…

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