The cryptocurrency market’s resurgent behavior has driven the community into a frenzy, with several proponents advocating, and users responding with multiple large scale transactions. Latest reports suggest that Cumberland, the cryptocurrency Over-the-Counter shop, witnessed more than 10 different bids worth higher than 1000 Bitcoin [BTC] each in the space of an hour. The company tweeted,
“Desk Update: The post-trade analysis of Monday evening’s price action revealed a series of large bids (>1,000 BTC per order) within a 1 hour span, which appear to be actual buyers vs. forced liquidations.”
The company had previously tweeted,
“Desk Update: For the first time in 8 weeks, BTC has moved more than 10%. We are watching for $5,000 (the next even number) and $5,500-$5,800 (strong resistance points which have previously caused several uptrend and downtrend selloffs to and from $20,000).”
The graph released by the company reveals data that pictured Bitcoin’s consistent trade movement as the cryptocurrency moved towards the $5000 mark. The number of large-volume bids shot up, as the price pumped from $4,600 to $5,000.
There were no conclusive reasons for Bitcoin’s price surge, with some speculating that it may have been fueled by whales who wanted to pump up the value of their holdings. Data from TokenAnalyst, a London-based organization, had revealed that a single Bitcoin transaction to a BitMex account on 2 April, amounted to $7.5 million. Sid Shekhar, the Co-founder of TokenAnalyst, said,
“We saw a few large whale movements of funds, then a concerted inflow into multiple exchanges from whale wallets, and then we were seeing a virtuous cycle” from the flurry of tiny accounts that followed suit. The small trades were triggered by both market algorithms and retail investors.”
The Co-founder stated that the contributors varied from whales to small scale investors. Shekhar added,
“The whales didn’t move it all by themselves, but they were the first domino. As soon as that first domino fell, we saw a bunch of programmatic action based on momentum, which led to more and more price action.”
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