Lately, Korean bids have become altcoin holders’ best friend as Korean traders aim to make new listings on the country’s major centralized exchanges (CEX).
Last week, Korean CEXs Bithumb and UpBit listed two mid-sized altcoins, Centrifuge altcoin. $CFG and the espresso $ESPboth tokens soared. $CFG Up 177% from $0.088 to $0.24, $ESP It rose 103% to $0.195.
$CFG Chart – CoinGecko
The Bithumb and UpBit effects have become commonplace at this point, and South Korea’s CEX has been responsible for a large one-time pump of small and medium-sized altcoins. These CEX traders are happy to jump in and speculate on new listings, but the effect typically disappears within days or weeks as trading volumes return to pre-listing levels.
Earlier this month, South Korea’s CEX Bithumb also accidentally gave more than 200 users 2,000 $BTCwhich at the time was worth $140 million instead of 2,000 won.
As a result of “airdrop”, $BTC It fell 18% from its actual market price on Bithumb as recipients rushed to sell their tokens to save money. However, the exchange managed to freeze “most” of the accounts before the funds could be withdrawn.