Posted on 10/10/2021 5:35:06 PM PDT by MeneMeneTekelUpharsin
Like a toddler in a car seat on a long drive, last week the cryptocurrency market persistently asked the gnawing and annoying question, “Why?”
Specifically, why did someone make a massive purchase of $1.6 billion worth of bitcoin on Wednesday in a couple of minutes? While many see this huge buy as a signal of bullishness, there may be more complex answers when one zooms out and looks at the overall picture, one that involves capital markets beyond the relatively small world of crypto.
Some of the clues about why – and who – may be found in what, where, when and how this enormous bitcoin trade happened. As CoinDesk’s Muyao Shen reported Wednesday, a buyer or a group of buyers entered an order on a centralized exchange to buy $1.6 billion worth of bitcoin. That’s not nothing – to put it in perspective, that’s roughly 4.5% of the average daily volume in the bitcoin spot market over the past two months.
That much supply hitting the market in under five minutes (13:11 to 13:16 UTC Wednesday) is a lot to jam into any one exchange (or three). It almost immediately sent bitcoin prices skyrocketing 5% to roughly $55,500.
(Excerpt) Read more at finance.yahoo.com ...
How so? That’s barely a drop in any other market.
10% for the big guy?
Pinging the Mysterious FR Crypto List!
Which one of you made this buy??
Chinese big-wigs are fleeing China to Russia or such and need to take their money with them.
Oh sorry 😐.
I had an extra 1.6 billion just laying around.
I traded the coins in my pocket for some cash.
I cannot confirm, nor deny.
I do wonder what would happen if someone sold 1.6bn at a time with low liquidity, like they do with silver.
Someone will make huge (Etf) profits from doing this, I guarantee it.
I see it as a huge sign of money laundering…
.... Many moons ago, when Bitcoin was just approaching $1000, my son won 12 bitcoin on a bet when he was deployed in the sandbox .... Still has them ...... Sheesh
Possibly.
Or you may just view the world like the IRS does.
Jack Ma (Alibaba Founder) leaving? He was missing then showed up in Hong Kong ... maybe he just needed Hong Kong to do this transaction.
https://www.youtube.com/watch?v=AgxGxQ5tZLU
Tether was implicated several years ago in the rapid spike in Bitcoin to $20,000/btc. In this case they were accused of claiming their Tether currency was actually backed by real dollars to maintain their peg value when it was just bookkeeping shennanigans. The DOJ is currently investigating this past fraud.
If people can launder dirty money with unsecured Tether transactions they can then use this as as tender to buy the much more liquid and “clean” bitcoin. This shifts the unsupported Tether peg risk to the rest of the world’s bitcoin “legitimate” exchanges when the buyers then start to sell.
Anyone who gets involved with Bitcoin is a lesser fool looking for a bigger fool to bail them out.
Congrats palmer!!!👊🏼😊
Uhh
I think Venezuela made the buy.
The next FReepathon is on you!
Biden. He wants to buy 700 of them and melt them down to make the trillion dollar coin.
I am Spartacus.
Obummer?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.