Bitcoin jumps 20 percent, mystery order seen as catalyst
Bitcoin soared to its highest in almost five months on Tuesday, pulling smaller cryptocurrencies up with it, after a major order by an anonymous buyer set off a frenzy of computer-driven trading, analysts said.
The original cryptocurrency soared as much as 20 percent in Asian trading, breaking $5,000 for the first time since mid-November. By mid-afternoon, it had settled around $4,800, still up 16 percent in its biggest one-day gain since April last year.
[...] Today's gain was probably triggered by an order worth about $100 million spread across U.S.-based exchanges Coinbase and Kraken and Luxembourg's Bitstamp, said Oliver von Landsberg-Sadie, chief executive of cryptocurrency firm BCB Group.
"There has been a single order that has been algorithmically-managed across these three venues, of around 20,000 BTC," he said. "If you look at the volumes on each of those three exchanges – there were in-concert, synchronized, units of volume of around 7,000 BTC in an hour".
See also: Bitcoin (BTC) Prices Explode after Fool's Day with "Zero" Fundamentals
(Score: 0) by Anonymous Coward on Wednesday April 03 2019, @08:05AM (3 children)
BTC at 20k in one year? https://www.investopedia.com/terms/c/cupandhandle.asp [investopedia.com]
(Score: 1) by khallow on Wednesday April 03 2019, @01:21PM (2 children)
(Score: 0) by Anonymous Coward on Wednesday April 03 2019, @02:48PM
That isn't small. That is what needs to happen to form the cup and handle pattern. It has to take about as long to get back as it did to bottom.
(Score: 2) by aristarchus on Wednesday April 03 2019, @06:44PM
No! Don't buy now! You will only drive up the price! Instead, wait for the unveiling of "TulipCoin", the bestest blockchain currrency ever, especially the "Semper Augustus" [atlasobscura.com] edition! Get in early, and avoid the crash! Or was that "cause the crash"?