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BTC Price being pushed upwards by ransomware attacks – Bitcoin Price News

Emisoft, a cybersecurity company, has revealed that an increase in ransomware attacks demanding bitcoin is influencing the va
Emisoft, a cybersecurity company, has revealed that an increase in ransomware attacks demanding bitcoin is influencing the value of the coin positively.

A cybersecurity company has analyzed a positive effect of the ransomware attacks on the valuation of the cryptocurrency. Emisoft has reported that such attacks are bolstering the value of bitcoin.

Ransomware attacks have hit cities on a global level, victimizing a massive amount of crypto users. The US senators also called on the Department of Homeland Security to help state and local governments endure the aftereffect. Moreover, Bitcoin is used in 98% of all ransomware payments. Victims opting to pay the attackers are assisting in pumping up the demand for BTC, which eventually pushes up the prices and encourages speculators into the market, reports Emisoft.

“There appears to be a correlation between high-profile ransomware incidents and bitcoin prices rising,” says Brett Callow, one of the company’s spokesman. The firm lists examples like the 2017 WannaCry attack, where the bitcoin price was trading at $1,845, but as soon as the attack hit the traders, the price hike to $2,446. In May of this year, bitcoin jumped to $5,350 when a spate of attacks struck the cities of the United States.

The cryptocurrency experts hold contrasting opinions. A lecturer at the University College London in information security, Marie Vasek, says, “Every trade affects the price of bitcoin in small or large ways. Maybe not individually but definitely in aggregate.” Also, Vasek states that even if the attacks did influence the price, it is certainly not the only reason. The experts point out that correlation doesn’t always indicate causation.

“With the commoditization of cybercrime, criminals are bringing an important income to the underground economy,” says Guillermo Suarez-Tangil, an informatics lecturer at King’s College London. “Ransomware is just one of the many elements in which criminals introduce crypto-capital.”

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