Yesterday epic of two hour Bitcoin surge was a trailer, markets have held these levels today as new support and resistance zones are formed at $4700. A number of crypto analysts and industry observers claims that Bitcoin will not stop there and has very little resistance all the way up to $6,600.
Rumors of a single buyer causing the digital boom on crypto markets are spreading today. Reuters reported that the Bitcoin pump was probably triggered by an order worth about $100 million worth of fiat. According to Oliver von Landsberg-Sadie, CEO of crypto firm BCB Group this was spread across US based exchanges Coinbase & Kraken & Luxembourg’s Bitstamp. He added;
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.
This was a single event caused a cascade effect triggering automated buy orders across Asia which sent Bitcoin barreling towards $5,000 in a move which added almost 20% to BTC in a day. It has been Bitcoin’s best single day gain for almost after last bull run.
While many are still trying to find the reason for Bitcoin’s recent pump in price, buying volume on Binance, the world’s leading, has surged past its all-time high.
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