Bitcoin Price Makes U-Turn, Adding $500 After Upbit Hack

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Wed, 11/27/2019 - 13:55
Alex Dovbnya
The Bitcoin price made an unexpected move that resulted in a lot of pain for those who shorted the Upbit drop
Cover image via 123rf.com

The crypto king has played traders like a fiddle once again.

On Nov. 27, nearly $50 mln worth of Ethereum was ransacked from UpBit, one of the biggest South Korean cryptocurrency exchanges. After an initial drop to the $6,800, the price made a sharp move in the opposite direction, reaching an intraday high of $7,299. At press time, BTC is changing hands at $7,265, according to CoinStats data.

image by coinstats.app

Related
Crypto Analyst Says Bitcoin Longs at a Nine-Month High

Well-known crypto trader posted a rare tweet to pour some salt on the wounds of those who sold Bitcoin because of the fake Upbit dump and missed out on substantial gains.

Meanwhile, VanEck's Gabor Gurbacs states that the most recent Bitcoin price pump proves that the top coin can indeed act as the safe-haven in the crypto space. 

"Daniel" believes that it's traders who drive Bitcoin prices. Anyone who thinks that the crypto market is primarily influenced by news could lose his or her money. 

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Bitcoin Price Reaching $250,000 Is No Joke. Tim Draper Might Be Right Again

Speaking of Bitcoin's next move, Bitcoin needs to breach the $7,500 mark to see more fireworks, according to trader "Galaxy." 

As reported by U.Today, Galaxy Digital CEO Mike Novogratz opined that Bitcoin needed to breach the aforementioned level in order not to get trapped in the $6,000-$7,400 range once again.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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