Crypto market update: How a 20,000 BTC buy order sent Bitcoin price to new 2019 highs


  • Bitcoin $100 million worth buy order spread across three exchanges likely to have catalyzed yesterday’s surge.
  • Bitcoin $20 billion trading volume hints further upside correction if technical levels remain unchanged.

Report across the crypto sphere claim that yesterday surge that sent Bitcoin to trade a 5-month high could have been caused by a 20,000 BTC order worth about $100 million. This order is believed to have been the catalyst to the sudden surge.

As discussed in our reporting yesterday, the reason behind the surge was unknown. However, like many analysts and experts on the market, we linked the surge to Bitcoin breaking above the critical $4,200 couple with some emotion of excitement from the part of traders. Besides, the crypto market is a young market, roughly 10 years old and, therefore, a sudden surge in a certain direction is likely to trigger a further correction.

According to Reuters an order worth $100 million that was spread across several exchanges including Kraken, Coinbase and Bitstamp was the force behind the surge in Bitcoin price. Moreover, a report from CNBC agrees with this suggestion. The CEO of BCB group an OTC trading desk catering for institutional clients, Oliver von Landsberg-Sadie:

“There has been a single order that has been algorithmically-managed across these three venues, of around 20,000 BTC. 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.”

However, it is not clear how a large buy order could have triggered such a surge unless it was supported by high trading volumes. And the high trading volume is the one parameter that is keeping Bitcoin above $4,900 and trending closer to $5,000 at the time of press.


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin market update: BCH/USD sellers catalyze the breakdown under $220

The crypto market is bleeding across the board. Major cryptos like Bitcoin and Ethereum fall overnight while Bitcoin Cash engaged the reverse gear during Wednesday’s European session. From an opening price of $226.97, BCH ascended to an intraday high of $227.76. 

More Bitcoin Cash News

IOTA price analysis: IOT/USD loses ground, moves within the recent channel

IOTA, the 17th largest digital asset with the current market value of $745 million, has been moving in a tight range recently. The coin has lost 1.8% of its value on a day-to-day basis amid global sell-off on the cryptocurrency market.

More IOTA News

Ethereum price prediction: ETH/USD collapses below $170.00 – Confluence Detector

ETH/USD surrounded $170.00 support amid massive sell-off on the global cryptocurrency market. ETH, the second digital coin has lost over 4% of its value in recent 24 hours to trade at $167.00 by press time.

More Ethereum News

Facebook’s Libra could be regulated by the SEC: The US Congress draft bill reveals

Facebook is yet to find a regulatory breakthrough for its proposed digital project, Libra. However, if the United States Congress goes ahead with the proposal to draft a bill describing stablecoins, Libra could quickly fall under the wings of the Securities and Exchange Commission.

More Libra News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Nothing to crow about

Bitcoin (BTC) attempted a recovery above $8,400 and resumed the decline into the end of the week.

Read the weekly forecast

BTC

ETH

XRP