Today April 2, the cryptocurrency market is bubbling with new life after Bitcoin surpassed $4800, an all-time high for 2019.
Roughly $10 billion was injected into the cryptocurrency’s market cap in under two hours with industry experts failing to understand what could be responsible for the latest spike and good mood everywhere.
Well, a report by Reuters confirmed that the latest pump in the price of BTC happened after a mysterious buyer ordered 20000BTC (approx $94.7 million) through major cryptocurrency exchanges, Coinbase, Kraken, and Bitstamp.
Oliver von Landsberg-Sadie, CEO of cryptocurrency firm BCB Group, told Reuters,
“There has been a single order that has been algorithmically-managed across these three venues, of around 20000BTC .”
On the reason why he suspects the three exchanges as the venue for the mysterious order, the top official said that “volumes on each of those three exchanges were in-concert, synchronized, units of volume of around 7,000 BTC in an hour.”
What remains unclear at this point is the identity of the large buyer (likely an institutional investor) and the intention of the trade.
Meanwhile, Oliver’s thoughts are backed by the fact that the cryptocurrency market has since stabilized following the bullish market activity in the early trading hours.
In the last two hours leading up to press time, data from CMC shows that Bitcoin has traded roughly between $4780 and $4720 meaning that the purported mysterious order may not be a pump and dump scheme.
However, the cryptocurrency market remains mostly unpredictable, and no one can tell which way prices will go next.