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 ...
Off topic but I just ordered the Havamal. Went on a binge after ordering the Odyssey and a book with a bunch of Greek plays.
True but the individual price of a unit has no bearing on it’s value as an inestment. Just like companies that never split their stock vs. those that do. It doesn’t matter if your money buys you a hundred shares worth a thousand each or a thousand shares worth a hundred each.
How many bitcoins can you put in your pocket?
L
True but they are selling at some point so it should not lkeep the price high forever. Same with the Chinese who used Bitcoin for capital flight. Price didn't matter to them either even at $20k. But the selling pressure eventually catches up.
Granted and the market will be less volatile in when the big players come in full steam ahead.
The market did go up 30 Billion in 24 hours.
As many as you can afford.
Exactly. That's why you can take technical patterns like the one shown in post #12 with a grain of virtual salt. I am a long time hodlr and have every incentive to talk the price up. But the trading since $3000 is 99% manipulation.
“As many as you can afford.”
How many can you spend at the grocery store?
L
As long as they accept them as much as you have.
I can’t imagine any legitimate reason to buy $100 million dollars worth of bitcoin. There are untold number of ways to invest that amount of money in options or futures that are far more liquid and much more likely to appreciate significantly. Betting the farm on a technology that has no legitimate use case seem like money laundering not investing.
“As long as they accept them as much as you have.”
Can you name any that do?
L
Here is a list for you.
https://icoholder.com/blog/places-accept-bitcoin/
Adoption is happening.
You remind me of the horse and buggy guys at the turn of the century just as the car is coming into play.
Accepting “Brave Browser/BAT crypto” payments and tips would be a good first step...a new revenue stream for FR.
Agree 100%
“True but they are selling at some point so it should not lkeep the price high forever.”
Right. I think that’s why the collapse occurred the first time and it could easily happen again. Iran or the Norks were in bitcoin for a transaction, not for the long haul. Whoever it was that they paid got out of that position and then there was no support for the bubble.
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