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.
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.
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.