Posted on 04/02/2019 6:19:45 PM PDT by Enlightened1
The CEO of cryptocurrency firm BCB Group says Bitcoin’s massive pump was triggered by a single Bitcoin whale, in a coordinated effort to buy nearly $100 million worth of BTC across three crypto exchanges.
Oliver von Landsberg-Sadie told Reuters a 20,000 BTC buying spree executed simultaneously on Coinbase, Kraken and Bitstamp is largely responsible for the surge, which briefly boosted the price of BTC above $5,000.
“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 – there were in-concert, synchronized, units of volume of around 7,000 BTC in an hour.”
Crypto analyst DataDash says at some point, he believes large holders of Bitcoin who have accumulated BTC in over-the-counter (OTC) trades will have a large incentive to begin spot trading on crypto exchanges to lift the price.
“We have to understand that over the past months, we’ve had a good opportunity for OTC buyers to finally start picking up Bitcoin at these [lower] levels. And once they have enough incentive, once they have enough at stake in Bitcoin markets, once they’ve built up their long term positions, they have an incentive to trade on spot market. Meaning, to clear through the order book to start buying positions on spot market.
Why would they do that? Well, it’s because they’ve got a much more substantial position that they bought OTC where they didn’t incur slippage. And now they have an incentive for price to actually have slippage to the upside, to clear through that order book, to buy some extra Bitcoin on an exchange, really across most of the major exchanges, probably around 50,000 or 60,000 Bitcoin..
(Excerpt) Read more at dailyhodl.com ...
In the first huge BTC run-up, Iran and the Norks were rumored to be buyers. Bitcoin allows them to circumvent trade sanctions.
A rogue country isn’t going to care about what price they are paying for Bitcoin because it’s not for investment. It’s for hiding payments.
Bitcon.
Good luck proving that.
Sounds like propaganda from the central banks (aka control freaks)
It is worth more than gold.
AND it's lighter weight. I have my bitcoin stashed in my attic. Gold might have overstressed the roof beams.
By weight?
All crypto is up right now. I have tons of shares in DogeCoin and Elon Musk made some comment about it and it literally doubled in value (dipping back down now).
Haha
By price...
Gold is $1,292.99
Bitcoin is $4,981.09
Nice... And then I think of articles like this too.
https://abacusjournal.com/fidelity-disclosure-weve-been-mining-bitcoin-since-2015/
A kilo bar of gold is worth $42,000. Therefore gold is worth more.
it is time
for FR to have an ICO
A kilo of Bitcoin would be 2 times that value.
You cannot weigh bits. Haha!
Free Republic should tokenize.
Think that would make it in the long run.
Which is why you can’t compare the value. No common units of measurement.
Once ounce of gold is usually compared with 1 of everything else in terms of price.
Btw, what this article really shows is how vulnerable such a small total market is to price manipulation.
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