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Bitcoin Surges 20% Following Anonymous Order

posted by martyb on Wednesday April 03 2019, @02:33AM   Printer-friendly
from the sounds-a-bit-expensive dept.

takyon writes:

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

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  • (Score: 0) by Anonymous Coward on Wednesday April 03 2019, @01:02PM (3 children)

    by Anonymous Coward on Wednesday April 03 2019, @01:02PM (#824056)

    The blockchain would just show a btc for btc transaction.

    Is there a way to tell if somebody put fiat into btc, or if this is just btc for btc volume?

  • (Score: 1) by khallow on Wednesday April 03 2019, @01:30PM (2 children)

    by khallow (3766) Subscriber Badge on Wednesday April 03 2019, @01:30PM (#824065) Journal
    Implication by story is that cash was involved since trading happened at exchanges. But that would be a good detail to know. It does smell of market manipulation since they could have entered the market in a quieter way (and may have months ago).

    • (Score: 0) by Anonymous Coward on Wednesday April 03 2019, @03:27PM

      by Anonymous Coward on Wednesday April 03 2019, @03:27PM (#824108)

      They would have needed to move a lot of cash. That takes time. Large wires to exchanges take a long time to clear if they clear at all.
      But yes there is an easy way to tell if it is cash. When it is a cash transaction, other cryptos will rise in sync because it pumps the market up to have a lot of cash suddenly infused in it.
      Think of cryptos like a sector play such as "energy companies".
      The price of all elements of a sector will rise in sync if a lot of money is being pumped into one or a handful of companies. But if someone is selling Chevron to buy BP or vice versa there will be a corresponding drop in one or more components of the sector even if the net is not simply a wash.
      In this case, someone moved a lot of fresh cash into the crypto sector because the entire sector was buoyed.

    • (Score: 0) by Anonymous Coward on Wednesday April 03 2019, @09:51PM

      by Anonymous Coward on Wednesday April 03 2019, @09:51PM (#824253)

      Bit Coin is biased against people who have a fear of giving public addresses.