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

Published 10/14/2020, 05:26 PM
Updated 10/14/2020, 07:00 PM
Why didn't the Kucoin hack or legal action against BitMEX seem to impact Bitcoin?
BTC/USD
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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.

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