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NEM Price Jumps 16% as Other Top Coins Tumble | Crypto Live Club
Categories: Bitcoin

NEM Price Jumps 16% as Other Top Coins Tumble


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Get Trading Recommendations and Read Analysis on XEM Price Chart | Source: TradingView

NEM buying and selling quantity is at the moment closely concentrated in Asian markets, with the vast majority of it denominated in fiat buying and selling pairs. South Korea-based Upbit’s XEM/KRW market accounts for just below 33 % of all NEM quantity, whereas Japanese alternate Zaif’s XEM/JPY pair contains one other 26 %.

XEM Trading Volume | Source: CoinMarketCap

NEM Price Rises as Coincheck Compensates Users for Record-Setting Theft

NEM’s rally has correlated with Japanese cryptocurrency alternate Coincheck’s announcement that it was starting to refund clients who misplaced NEM tokens (XEM) as a results of the January theft that noticed hackers abscond with greater than 500 million XEM.

As CLC reported, these tokens have been price $530 million on the time of the hack, making it the single-largest cryptocurrency theft in historical past, as measured by USD worth. Today, although, these tokens are price simply $225 million at market costs.

However, Coincheck is compensating customers at 88.549 JPY per token (~$zero.83) — almost double the current alternate price — for a complete payout of roughly $415 million. Presumably, most customers will use their refunds to buy NEM tokens, and — given the disparity between the refund value and market value — it’s probably that many will enhance their holdings over what that they had earlier than the hack.

Indeed, this seems to be the case, as Zaif’s XEM/JPY pair accounts for greater than one-fourth of NEM’s international buying and selling quantity.

NEM buying and selling quantity hardly ever eclipses $100 million, so it’s fairly conceivable that the Coincheck payout may place vital upward strain on the NEM value — if traders proceed to inject these funds again into XEM markets, that’s.

Featured picture from Shutterstock.

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