Cryptocurrency market rises as bitcoin reaches USD50K amid UN probe into North Korean hacking groups


(MENAFN) During Tuesday's trading session, the digital currency market experienced a collective upswing, propelled by Bitcoin's ascent to the USD50,000 mark. Recent reports have shed light on an ongoing investigation by the United Nations into hacking groups allegedly linked to North Korea. These groups stand accused of orchestrating cyber-attacks on cryptocurrency companies, resulting in the theft of an estimated USD3 billion over a span of six years. The UN Sanctions Committee is poised to release a report on the activities of these groups within the next two months, underscoring heightened scrutiny surrounding North Korean cyber operations.

The scrutiny faced by North Korean hacking groups has intensified due to the significant financial losses incurred by cryptocurrency companies as a result of purported hacks attributed to these groups. Against this backdrop, Bitcoin saw a notable increase of 3.77 percent, reaching USD49,872. This uptick follows Monday evening's milestone when Bitcoin surpassed the USD50,000 threshold for the first time in over two years. The resurgence of Bitcoin's value signifies a robust rebound following a tumultuous period marked by scandals and bankruptcies within the cryptocurrency industry.

In tandem with Bitcoin's rise, other major cryptocurrencies also experienced positive movements. Ethereum's price surged by 5.87 percent to USD2,646, while Binance Coin recorded a 2.16 percent increase, reaching USD326. Cardano witnessed a gain of 2.75 percent, with its price standing at USD0.5533, while Ripple (XRP) saw a more modest uptick of 0.86 percent, reaching USD0.52239. Dogecoin (DOGE) also registered a rise of 2.05 percent, reaching USD0.082071. This collective improvement across various digital currencies underscores the overall positive sentiment prevailing in the digital currency market.

The ongoing fluctuations in cryptocurrency prices continue to captivate investors' attention, with many anticipating further volatility and positive movements in the foreseeable future. Amidst regulatory developments and geopolitical factors, investors remain vigilant, closely monitoring the evolving landscape of the digital currency market for potential investment opportunities and risks.

MENAFN13022024000045015682ID1107846167


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.