Bitcoin burst to its highest level in almost five months on Tuesday, sending sma...
LONDON - Bitcoin burst to its highest level in almost five months on Tuesday, sending smaller cryptocurrencies up, with analysts ascribing the move to a major order by an anonymous buyer that triggered a frenzy of computer-driven trading.
Bitcoin surged to near $20,000 in late 2017, the peak of a bubble driven by retail investors that pushed cryptocurrencies onto the agenda of mainstream financial firms. But wide interest waned as prices collapsed, and now trading is mostly powered by smaller hedge funds, tech firms and wealthy individuals.
“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”.Analysts could not point to any specific news or developments in the cryptocurrency sector that could explain the mystery buyer’s big order. As bitcoin surged, there were 6 million trades over an hour, Hayter said - three to four times the usual amount, with orders concentrated on Asian-based exchanges.Bitcoin’s surge sent smaller cryptocurrencies, known as “altcoins,” trading higher. Ethereum’s ether and Ripple’s XRP, respectively the second- and third-largest coins, both jumped by more than 10 percent.
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