Why didn't the Kucoin hack or legal action against BitMEX seem to impact Bitcoin?

Why didn't the Kucoin hack or legal action against BitMEX seem to impact Bitcoin?


BitMEX recently faced major U.S. legal action, and KuCoin suffered a significant hack, all inside a several-day span — but why did these events not affect Bitcoin’s price in a more negative way? Aleks Svetski, CEO of Bitcoin investment app Amber, said it has to do with a number of factors, including big players buying Bitcoin (BTC).

“Bitcoin’s price is a function of global demand vs a strict, immutable supply and diminishing schedule,” he told Cointelegraph, referring to the asset’s coin supply and mining payout halvings.

“As more people, especially large scale organisations look to acquire some, it creates not only a price floor, but continues to increase upward price pressure,” he explained adding, “and finally, these new players are all holding their Bitcoin OFF exchanges, and thus it’s not available for sale on the market.”

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Over the course of 2020, a number of big players have publicized hefty Bitcoin purchases, including MicroStrategy, Paul Tudor Jones, and Square.

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