Cryptocurrency's Value Soars to One-Month High Due to Support from Bithumb Exchange: Check Out the Details
In the world of cryptocurrencies, the past 24 hours have seen most leading digital assets remaining relatively stable. However, one coin that bucked this trend is Euler (EUL), which experienced a significant price increase.
Currently trading at $10.70, according to CoinGecko's data, Euler's price surge can be attributed to its listing on Bithumb, one of the largest crypto exchanges in South Korea. This listing has increased Euler's availability, liquidity, investor base, and reputation.
The listing of the EUL/KRW trading pair on Bithumb was the main catalyst for Euler's price increase. This boosting effect on Euler's reputation from Bithumb's support isn't a new phenomenon. Previously, the exchange has benefited Forta (FORT), Huma Finance (HUMA), and Hyperlane (HYPER) with similar listings.
MEXC Japan also played a part in Euler's price pump by listing the EUL/USDT perpetual contract, providing up to 20x leverage.
However, the price pump of Euler shouldn't come as a surprise. In November 2017, Bithumb experienced another trading service disruption that halted all operations for about an hour and a half, attributed to a sudden spike in trading volume caused by enhanced price volatility in the crypto market.
Despite the recent price surge, Euler's price has since retraced to $10.70. It's important to note that the founder or CEO of Bithumb, who is linked to the listing of Euler, is not explicitly named in the provided search results.
In other news, Bithumb recently experienced a trading service outage on September 2, lasting approximately one hour and 40 minutes. This disruption isn't a precedent for the trading venue, but it is the second such incident for Bithumb. One user described the outage as a "taste of hell."
Rep. Lee Hun-seung of the main opposition People Power Party claimed that South Korea's top five crypto exchanges suffered a total of 89 system failures between 2018 and 2024. Bithumb leads the way with 41 cases of system failures among the top five crypto exchanges, while Upbit reported 28.
As always, it's essential for beginners to approach the crypto market with caution. The user warns beginners not to go all-in with their money. With the volatile nature of the crypto market, it's crucial to diversify investments and conduct thorough research before making any decisions.
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