Bithumb unlocks wallets after several months, several coins dump

19 Jan, 2019
Bithumb unlocks wallets after several months, several coins dump

South Korean cryptocurrency exchange Bithumb recently opened up several wallets on their exchange that had been closed for several months. The opening of the wallets saw massive price movement of several coins.

Several projects saw their prices drop significantly on the exchange following the re-opening of their wallets. Traders took heavy advantage of the arbitrage opportunity once the wallets opened. 

The re-opening of the wallets saw projects such as PAY, REP, and POWR drop significantly on the exchange. 

The pairs that suffered the most were all pairs related to the KRW, the South Korean Won. Bithumb trades pairs against their local currency, which saw massive sell-offs once wallets were re-opened. Bithumb users took advantage of potentially buying coins on other exchanges and selling off on Bithumb once deposits were enabled. 

The closed wallets, meant the prices of several coins sky-rocketed before wallet were opened again. This was the main cause of prices dropping dramatically after wallets opened. 

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