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.