Investors Seem Determined to Grab Some Bargain-Priced Bitcoin Before Thanksgiving

Siamak Masnavi

Wednesday (November 27), which started with the announcement (around 9:00 UTC) by South Korean crypto exchange Upbit that it had become the victim of theft of 342,000 ETH, looks like a lucky day for Bitcoin HODLers as the BTC price surges to over $7,600.

As CryptoGlobe reported earlier today, in a notice posted on its website at 08:56 UTC, Upbit explained that at 04:06 UTC (13:06 Korean time) on November 27, 342,000 ETH (worth approximately $49 million) was transferred from its hot Ether wallet to "an unknown wallet". The address of this wallet is 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029. The only consolation was that Upbit would be covering this loss fully out of its own funds and that its users would not incur any financial losses.

Initially, rumors of the theft, which had first surfaced a couple of hours before Upbit's announcement confirmed what had happened, may have contributed to the price of Bitcoin taking a dive around 08:40 UTC from $7,077 to an intraday low of $6,896 50 minutes later:

BTC-USD 24-Hour - 27 Nov 2019.png

However, the market's downbeat mood did not continue for long and by 18:00 UTC, the Bitcoin price had surged almost 8% to $7,643 (although, at the time of writing, the price has very slightly retraced to $7,616).

Over on Twitter, crypto analyst/trader Luke Martin (@VentureCoinist), who is also the host of the Venture Coinist podcast, had this to say about Bitcoin's price action today:

 

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