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

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  • Yuri Molchan
    📰 News

    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

Bitcoin Price Ironic Bullish Forecast after UpBit Loses $50 Mln in ETH
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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 Other altcoins were also withdrawn to an unknown wallet, as Whale Alert Twitter account reports, such as Tron, EOS, XLM, etc.

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

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.

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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.

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Bitcoin Price Likely to Surge to $8,200 Before Surprising Bulls: Crypto Analyst

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  • Yuri Molchan
    📰 News

    A crypto analyst says that Bitcoin follows ‘standard crypto games’ and expects BTC price to surge to $8,200 before making a market reverse

Bitcoin Price Likely to Surge to $8,200 Before Surprising Bulls: Crypto Analyst
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

After Bitcoin bulls reclaimed the $7,400 level earlier, the flagship currency is holding in the $7,500 area. A crypto analyst says that these are ‘standard crypto games’ – Bitcoin is likely to surge into the $8,000 area before plunging again.

Bulls, get ready to rock - $8,200 on the horizon

At press-time, Bitcoin is swapping hands at $7,544. For a long while prior to that the price was trading flat in the $7,200-$7,300 area.

However, on Friday, the Bitcoin price managed to recover to the $7,500 level.

BTC price CMC
Image via CoinMarketCap

The analyst @CryptoMichNL reckons that Bitcoin is following a standard pattern of the volatile crypto market and is going to please the bulls before giving them a nasty surprise of a bearish reversal.

‘Bitcoin halving is the main catalyst’

The next Bitcoin halving programmed by Satoshi Nakamoto, the Great and Terrible, is to happen in May 2020. Many in the community believe it to accelerate the Bitcoin price surge since miners have not priced it in.

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Tim Draper Says His $250,000 Bitcoin Price Prediction Is Not Based on Halvening

Tim Draper Says His $250,000 Bitcoin Price Prediction Is Not Based on Halvening

Doubts about the BTC halving impact

However, a co-founder of the Morgan Creek Digital Jason Williams, the less Twitter-active than his colleague Anthony Pompliano, reckons that the Bitcoin price is likely to dip after the halving. The thing is that miners are going to get twice as fewer BTC for each new block than now and many of them are going to have to sell their BTC to pay the bills.

Besides, chances are high that small mining pools will quit since mining will stop giving them enough profit.

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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.

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