from upbit to ETH rise
What I learnt from the recent hack by upbit?
- After the hack news, ETH fell to as low as 133 USD
- But the fall is rather short-lived and quickly bounced back to 146 USD to which this is actually an up day.
- Per today, the price is 156 USD which is 1x% of the bottom few days ago
- After the back, the wallet is quickly identified which reduce the ability to sell the coin, this in turns limit the supply.
- upbit announced they will compensate the loss of the holders, this means this also need to buy back ETH from market
- rationale trader will put up trade knowing upbit needs to buy back ETH --> when your exposure and move are exposed, you are the target by the traders.
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