Hedera Hashgraph soars nearly 1,700 percent; warning issued
Upbit has placed on watch list Hedera and four others Upbit has placed the Hedera Hashgraph token on a watch list, warning investors of possible risks due to an abnormally high price that is at dramatic odds with its valuation on other global exchanges. The Hedera Hashgraph rose 1,700 percent in a week. The local exchange released warnings against other cryptocurrencies — Endor, TTC, 12Ships and Carry Protocol — for the same reason. Hedera rises nearly 1700% The warnings may be lifted when their prices stabilize, Upbit officials said. The reason behind the steep hike is a phenomenon known as “Gaduri,” in which investors flock to several tokens when a crypto exchange restricts deposits and withdrawals of some crytpocurrencies. Following a theft case, Upbit has suspended some deposits and withdrawals. Hedera has experienced exponentially high price jumps. On Feb. 12, the token was trading at 20 won but within a week it shot up to 687 won, increasing 1,690 percent. Transactions of Hedera reached 400 billion won, five times larger than bitcoin. The rise is also affected by a boost from global crypto market. The current price is set at $0.068 (80.3 won), according to CoinMarketCap. Google announced Feb. 11 that it will become Hedera’s a cloud service provider, which prompted its price to jump by 100 percent two days in a row. Right before the announcement, its value was $0.02, but the figure tripled. Both the announcement and Upbit’s action contributed to the increase. Besides the Hedera, other tokens with abnormally steep price increases have been put on a watch list. Endor is traded at 5.5 won in BTC Market, but its price is set at 20 won in the Korean exchange. TTC’s price comes in at around $0.06 in CoinMarketCap, but it is traded at over 100 won in Korea. Some raised concerns that the price hike could cause damages to investors. Following Upbit’s announcement, all of the affected cryptocurrencies’ prices have declined. The price of Hedera plunged 30 percent after the warning.