Bitcoin jumps 20 percent, mystery order seen as catalyst

Bitcoin jumps 20 percent, mystery order seen as catalyst

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.

For most of this year, Bitcoins have traded for between $3300 USD and $4200 USD, down from an all-time-high price of $20 000 USD in December 2017.

Oliver von Landsberg-Sadie, chief executive of London-based cryptocurrency firm BCB Group, said the move was likely triggered by an algorithmic order worth about $100 million spread across major exchanges - US -based Coinbase and Kraken, and Luxembourg-based Bitstamp.

Outsized price moves of the kind rarely seen in conventional markets are common in cryptocurrency markets, where liquidity is thin and prices opaque.

"There has been a single order that has been algorithmically managed across these three venues, of around 20,000 BTC", he told Reuters. "If you look at the volumes on each of those three exchanges-they were in-concert, synchronized, units of volume of around 7,000 BTC in an hour".

Earlier, Roger VER emphasized that the reasons for BCH growth might be the news of its large-scale adoption in Japan, where interest in Bitcoin Cash is higher than in BTC. He says that algorithmic buyers can only place such a huge order.

Bitcoin $100 million worth buy order spread across three exchanges likely to have catalyzed yesterday's surge.

The cryptocurrency markets have remained bullish today, adding $11 billion to the total value of all cryptocurrencies - from $161 billion to $172 billion. 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. It is as per usual direction and market sentiments, he further added.

"Nothing makes me happier than seeing our bitcoin ETP volumes top all of Morgan Stanley's ETPs on Nasdaq today in Europe". Past year remarked some of the catalysts for this type of big moves.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc.

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