Reuters: Bitcoin jump to $ 5,000 caused by …

Reuters: Bitcoin jump to $ 5,000 caused by …

Reuters: Bitcoin jump to $ 5,000 caused by transactions of one trader for $ 100 million

The CEO of the crypto company BCB Group claims that today’s rise in the price of bitcoin was caused by one investor distributing $ 100 million across three major exchanges..

In a conversation with Reuters, Oliver von Landsberg-Sadie said that transactions totaling about 20,000 BTC, carried out simultaneously on Coinbase, Kraken and Bitstamp, caused the rate to spike above $ 5,000..

“There was one application, algorithmically distributed among three platforms, for approximately 20,000 BTC. If you look at the volumes of each of the three exchanges, you can see the simultaneous appearance of orders for 7,000 BTC, “he said..

Crypto analyst DataDash believes that over time, bitcoin holders who have managed to accumulate large amounts of cryptocurrency through OTC trades will have an incentive to start moving the price up in the spot market..

Reuters: Bitcoin jump to $ 5,000 caused by ...

“You need to understand that over the past months, OTC buyers have had a good opportunity to finally start accumulating bitcoins at lower levels. Once their incentive is strong, once their share in the bitcoin markets is sufficient, once they have established their long-term positions, they will be motivated to trade in the spot market. That is, they will start cleaning up the order book and building up their positions in the spot market, she says. – Why would they? In the over-the-counter market, they have grown significantly larger positions without causing price fluctuations. Now they are motivated to move the price up, buy more bitcoins on exchanges, on most major exchanges, perhaps around 50,000 – 60,000 BTC. This will increase the value of their much larger positions. This can really happen in the cryptocurrency market, regardless of whether people think it’s right or not. “.

When predicting the future development of the situation, DataDash recommends looking at a possible decline after today’s jump: “If we lose more than 50% of this movement, then I would start to worry and talk about a false break. I will moderate the bullish sentiment a bit if we close below the 200-day moving average. Closing the daily candle below $ 4,714 will not be a very positive factor “.

Reuters: Bitcoin jump to $ 5,000 caused by ...

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