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The cryptocurrency market has recorded a loss of over $17 billion in the past 24 hours, triggered by the loss of major cryptocurrencies including Bitcoin, Ethereum, Ripple, Bitcoin Cash, and EOS.

EOS recorded the largest loss amongst major digital assets, demonstrating a loss of more than 10 percent overnight. Ethereum, Bitcoin Cash, Litecoin, Stellar, and Cardano fell behind EOS, falling by just over 7 percent.

What Triggered the Sell-Off?

On previous reports, CCN noted that the cryptocurrency market is still in a bear cycle and that it had only initiated a corrective rally, not a bull rally. In mid-June, the market seemed more stable than any other period throughout the past two months. But, the unforeseen hacking attack of Bithumb, South Korea’s largest cryptocurrency exchange, terminated the corrective rally of the market and led major cryptocurrencies to a short-term decline.

Prior to the Bithumb hack, the cryptocurrency market had shown significant momentum, as Bitcoin rebounded from $6,300 to $6,700. But, the breach of the most widely utilized digital asset trading platform in South Korea, the third biggest cryptocurrency market behind the US and Japan, led investors to panic, even though the outcome was not particularly detrimental.

On June 21, CCN reported that Bithumb confirmed $30 million was stolen from its hot wallet and has started to cooperate with the Korea Internet and Security Agency, a sub organization of the Ministry of Science and ICT, to minimize its losses. The Bithumb team stated that the $30 million figure could decrease in the future, as KISA and Bithumb security experts initiate various recovery efforts.

“After the incident occured on June 20, Bithumb quickly followed the procedure to immediately report [the] incident to KISA announcing that about 35 billion Korean Won worth amount of cryptocurrency was stolen. However, as we undergo recovery process on each cryptocurrency, the overall scale of damage is getting reduced. Hence, we expect that the overall damage will be less than the amount we initially expected,” the Bithumb team said.

Bithumb also confirmed that with company funds, valued around $450 million, the exchange will be able compensate its investors fully with ease, as the stolen amount only accounted for around 6 percent of company funds.

Hence, the end result of the Bithumb security breach was not detrimental to the point of triggering a 6 percent cryptocurrency market correction. Rather, it was the end of an optimistic short-term corrective rally triggered by Bithumb that led the cryptocurrency market to experience a minor correction.

Where Ethereum Goes Next

Ethereum experienced the biggest loss amongst major cryptocurrencies today alongside EOS, and given that smaller cryptocurrencies and tokens follow the trend of BTC and ETH, the short-term trend of ETH is important to observe.

Various momentum indicators indicate neutral zone for ETH. The Relative Strength Index (RSI) of ETH is at 40.5 and the MACD of ETH is demonstrating a buy signal. But, a neutral signal for ETH, in a strong downward trend, could mean that its decline could be prolonged to the higher end of the $400 region, from the current price of ETH at $503.

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Written By: Joseph Young

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Judith Toensing didn’t just teach her students, she inspired them. A sixth-grade teacher from Yuma, Arizona, Toensing made a strong impact on one of her students 21 years ago. At the end of the school year in 1997, Mrs. Toensing, wrote a note on the student’s report card: “It has been a joy to have you in class. Keep up the good work! Invite me to your Harvard graduation!.” This week, the student, Christin Gilmer graduated from Harvard as a doctor of public health.

Mrs. Toensing wrote a note on this 12-year-old's report card back in 1997.

Mrs. Toensing wrote a note on this 12-year-old’s report card back in 1997.
 Gilmer who is now 33, was only 12 at the time, but she kept the message all these years.
“It meant a lot to me to know that outside my mom, someone who knew me so intimately believed in my dreams and my ability to accomplish them,” Gilmer told CNN. Gilmer, who wrote a thank you note prior to her graduation, said Toensing was the first person to encourage her in the journey of studying public health.
“Ms. Judy Toensing, taught me about current events, global health, and human rights. She was the first person who passionately conveyed the plight of people living with HIV/AIDS to me,” the letter said.
This letter quickly grabbed the attention of school administrators, who decided to honor Toensing by inviting her to the 2018 Harvard T.H. Chan School of Public Health’s convocation, at no cost to her.

Mrs. Toensing and Gilmer's mom posed for a photo after the ceremony.

Mrs. Toensing and Gilmer’s mom posed for a photo after the ceremony.
Dean Michelle Williams thanked Toensing — and all public school teachers — for the “immeasurably important” work they do.
“You don’t just teach young people. You inspire them, and you propel them along a path of fulfillment and service to others. Your work is what makes our work possible,” Dean Williams said.
This came to a surprise to Toensing, who felt “shocked, flabbergasted, humbled” when she received the invitation from Harvard, which was personally delivered to her by Gilmer.
“I have high expectations of all my students, so to hear that Christin had achieved this goal did not surprise me in the least,” Toensing told CNN. “I feel honored that Harvard chose to tell Christin’s story, her journey, and that I was a small part of that journey,” she added.

Christin Gilmer received her doctor of public health degree on May 23, 2018.

Christin Gilmer received her doctor of public health degree on May 23, 2018.
Gilmer who got her master’s degree in public health at Columbia University, says that Toensing always encouraged her students to think of ways to help others.
“She lit a fire in me that helping people is a powerful tool, and through education, you can better serve populations in need. I will never forget her passion for others,” Gilmer told CNN. As a student in Toensing’s class, she and others wrote a 100-page advertisement, interviewed the mayor and envisioned how recycling could work in their town 15 years before it actually happened, and helping others is something she plans to focus on.
“I would love return to southern Arizona to work in health, politics, and community development,” Gilmer said. “I wanted to learn from the best institutions in the world so that I could bring back the knowledge and skills I have obtained and share them with the communities from which I came.” Toensing, who says this experience revitalized and energized her to become a better teacher for her students, praised all the hard work Gilmer has done and believes this is just the beginning of a great future.
“She has many more miles to go, I know with her tenacity, her dedication, and her passion for helping humanity, she will be highly successful and that we will all be the better for knowing her,” Toensing said.
Toensing, who taught Gilmer all her sixth-grade subjects, now teaches sixth- and eighth-grade Social Studies.
Written By: Andrea Diaz, CNN
CNN’s Carma Hassen contributed to this report