Bitcoin Price Ironic Bullish Forecast after UpBit Loses $50 Mln in ETH

News
Wed, 11/27/2019 - 12:03
Yuri Molchan
Bitcoin price keeps fluctuating in the $7,000 area, UpBit loses around $50 mln over an inside job and the community starts going ironically bullish before Thanksgiving
Cover image via 123rf.com
Contents

While the crypto market in suffering from bearish domination and is bathing in the red, Bitcoin price keeps dropping below $7,000 and coming back to this mark, the community starts going self-ironic on BTC bullish forecasts ahead of Thanksgiving.

Josh Rager: Pre-Thanksgiving hopium

A prominent crypto trader and analyst John Rager is encouraging the community to offer their best bullish forecasts on Bitcoin. 

Despite the numerous bullish forecasts the Twitter has seen lately, the BTC price has merely recovered after plunging below $7,000 earlier today.

Some believe this was due to the reported hack of the Korean branch of the UpBit exchange which led to a loss of around $50 mln in Ethereum. Other altcoins were also withdrawn to an unknown wallet, as Whale Alert Twitter account reports, such as Tron, EOS, XLM, etc.

Related
UpBit Crypto Exchange Suffers Hack with 60 Bln KRW Lost in Crypto

CZ Binance promises to assist UpBit

In a recent tweet, CZ Binance stated that he and his team will work with UpBit that earlier today confirmed the unauthorized withdrawal of the $50 mln in ETH.

Binance will make sure that any of the stolen funds that come to the exchange are frozen right away.

UpBit loses 60 bln in Korean won

The reports of a possible hack of UpBit earlier today are being heatedly discussed on Crypto Twitter. Many point out that the head of UpBit confirmed not a hack but an unauthorized funds withdrawal of around 60 mln KRW (approx. $50 mln) in Ethereum.

A crypto expert and columnist Joseph Young believes it was an inside job.

Apart from the aforementioned ETH, large amounts of funds in other altcoins are also believed to be stolen from UpBit – TRX, EOS, XLM, etc.

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy