South Korean -based leading crypto exchangeUpbit Announced that it lists Compound (Comp). With the influence of this development, the price of Altcoin recorded a 70 percent of an impressive vehicle during the day. However, token then gave back most of his earnings.
Upbit Comp added, Altcoin price jumped!
Upbit, a leading crypto exchange, announced that the Compound token was added to the Korean crypto market to be valid from April 1st. According to the announcement, Compound Token’s deposit and withdrawal will be supported only through the Ethereum network. UPbit’s announcement created shock waves in the crypto market and significantly affected trader sensitivity. The 764 %significant increase in the transaction volume of the Comp emphasizes the positive acceleration around the token.
Interestingly, UPbit decided to add the Comp to the process platform at a time when the South Korean regulator increased his investigations on the platform. In response, Upbit wanted to disrupt the decision to suspend the commercial suspension by applying for appeals against FIU. In particular, the price of compound was fluctuating between $ 40 and $ 45 during the last week. However, following UPbit’s announcement, the Comp rose to $ 71.04, the highest level of three months. This points to an increase of more than 70 %. However, the price of the Comp began to decrease later. During the article, Token was traded at the level of $ 46 with an increase of approximately 17 %on a daily basis.
COPM daily price graph. Source: coinmarketcapHow will Upbit’s decision affect the crypto market?
Upbit adding the COMP is preparing to attract more trades and investors, thus increasing the trading volume and liquidity on the market. This development opposes the background of South Korea’s increasing examination on the crypto area. Recently, Google has banned 17 crypto exchanges, including some major players.
The decision to list upbit’s Compound Token may significantly affect the general crypto market. The presence of Comp in the Korean crypto market can lead to an increase in adoption and growth. In addition, the increase in the price of Altcoin is a reflection of increasing interest in decentralized finance (defi). This also points to the potential of Comp to play an important role in the wider crypto field.
It is suspected that the founder of Compound sells 50,000 Comp
In the midst of the significant rise in the price of Compound, Robert Leshner, the founder of the platform, is suspected of selling $ 3.09 million worth $ 50,000 through Galaxy Digital. Tokenlar was transferred to Galaxy three weeks ago with a starting value of $ 2.03 million. This shows that they may have been entrusted for sale
