Sunday, 21 July, 2019

Bitcoin Back to Life? Digital Currency's Price Briefly Hits $5,000 Mark

Alexandria Ocasio-Cortez Is Bitcoin making a comeback?
Russell Knight | 05 April, 2019, 12:57

On Sept. 21, XRP became the forerunner of the cryptocurrency market with its price registering a 75 percent spike, which allowed Ripple to surpass Ethereum.

A common byproduct of a rallying bitcoin, however, is diminished returns of the BTC denominated trading pairs of most other cryptocurrencies, as opportunistic investors tend to shift funds into the market leader when it picks up a bid.

Bitcoin climbed suddenly on Tuesday to the highest level since November, leading a surge in virtual currencies and ending three months of calm in the $160 billion market. It gives a major lift to the computer-driven cryptocurrency trading.

Still, analysts could not point to any specific developments that could explain the mystery buyer's big order.

There have been few catalysts for big price moves of the kind seen previous year. It slashed bitcoin to some extent.

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Landsberg-Sadie believes this coordinated buy and subsequent flurry of responsive automated buying is what is responsible for the Bitcoin price rallying briefly to just over $5000 Dollars earlier this week.

The sudden surge may have been driven by a $100-million algorithmically managed order for the digital currency that was placed overnight and spread across the United States exchanges Coinbase and Kraken and Luxembourg's Bitstamp, chief executive of cryptocurrency firm BCB Group, Oliver von Landsberg-Sadie, believes. According to him, the movement spreads to Coinbase and Kraken of USA, and Bitstamp of Luxemburg.

"If you look at the volumes on each of those three exchanges there were in-concert, synchronised, units of volume of around 7,000 Bitcoin in an hour".

According to Charlie Hayter, who founded the cryptocurrency website CrytoCompare, an estimated six million trades took place an hour when the currency surged. He says that algorithmic buyers can only place such a huge order. It is usually many times higher than the usual amount in Asian based exchanges. However, after crossing the $4000 mark, BTC price surged rapidly to hit $5000 and go beyond it. It is as per usual direction and market sentiments, he further added.

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