I have nothing against Koreans pumping HIVE occasionally via Upbit, especially using fiat (KRW). I mean I know it's an unsustainable move and a dump follows, so I act accordingly. So do others. So do Koreans, I assume.
Today we are either in the middle, but likely over the peak of such a pump.
As often, it started at 3 am today (I think that's UTC timezone).
Check out the market volume for the HIVE/KRW pair on Upbit:
It represents 80%+ of the daily volume on the HIVE markets tracked on CMC (which doesn't include our internal market on Hive).
The HIVE/KRW pair often has a crushing volume on CEXes (above 60%), but when it goes above 75% corroborated with the price of HIVE pumping, you can be sure what's going on...
You can almost bet that this is a short-term thing. A few days usually. The most I saw this sustained was around a week, but maybe then the general market conditions were favorable to such a price development.
Either way, I already made my speculative moves, betting that the pump was over. In higher amounts than usual too, since I had quite a bit of liquid HIVE. Waiting for the second part of this action to complete, to refill my bags.
The thing about these pumps is that you need to be aware of them as they happen and to have liquid funds to be able to trade. I missed many of them because I either didn't notice them at the right time or I didn't have liquid funds to play. Otherwise, you might as well ignore them. Keep doing what you're doing on Hive and ignore the short-term price fluctuations, and you'll be just fine.
Want to check out my collection of posts?
It's a good way to pick what interests you.
