Possible cause of last BTC surge

Possible cause of last BTC surge

By Menda | Crypto-related | 8 Apr 2019

BOOM, unexpected mooning, but not for long

This recent and sudden spike in BTC price came out of nowhere and hit all of us in the face. Something like this has to have something behind it, right?

Well... after some research I found almost nothing relevant, no big news, announcements or anything like that, but I came across an article that talked about the big, and I mean BIG transactions that happened on April 2nd. 

The first sudden spike pumped BTC above $5100 and rapidly settled around $4850. They say that this maight have been caused by this humungous hongolomghnonologhongous (maybe someone can get that reference) order of around $100000000 (I'd be happy with 0.15% of that).

It was spread across various exchanges, listing Coinbase, Bitstamp and Kraken. Apparently this huge order was managed by an algorithm across the three exchanges, purchasing a grand total of around 20000 BTC, big numbers we talking about here. In the course of an hour, the three exchanges experienced a synced order of +6500 BTC each. 

It's also worth noting that other coins also experienced big gains, not only cause by the BTC surge, but lots of people joined the short bull run. Litecoin got to a whapping +30% gain and BCH also got pumped pretty good, surpassing the 40% mark. 

I hope this does not end in an equal magnitude dump (likely to happen, buuuut hope for the best). 

Have a great day!

SOURCE: Reuters

As allways


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