Monday, 22 July, 2019

Bitcoin tops $5 000 as crypto market springs to life

Bitcoin's cost of block production will eventually exceed its reward when it halves says Daniel Larimer Is Bitcoin making a comeback?
Ginger Lawrence | 05 April, 2019, 13:00

The token soared to more than a four-month high on Tuesday, briefly breaching the $5,000 level before retreating slightly.

For most of this year, Bitcoins have traded for between $3300 USD and $4200 USD, down from an all-time-high price of $20 000 USD in December 2017. By mid-afternoon, it had settled around $4,800, still up 16 percent in its biggest one-day gain since April previous year.

Bitcoin inrushed to nearly $20,000 in late 2017, the crowning of a crypto bubble compelled by retail investors. The investors for current trading are mostly tech firms, hedge funds, and rich people.

The sudden surge may have been driven by a $100-million algorithmically managed order for the digital currency that was placed overnight and spread across the U.S. exchanges Coinbase and Kraken and Luxembourg's Bitstamp, chief executive of cryptocurrency firm BCB Group, Oliver von Landsberg-Sadie, believes.

"There has been a single order that has been algorithmically-managed across these three venues [Coinbase, Bitstamp, and Kraken], of around 20,000 BTC", Oliver von Landsberg, CEO of crypto firm BCB Group, told CNBC.

"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".

Still, all analysts could not indicate any exact developments that could clarify the anonymous and sizeable buyer's big order.

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Outsized price moves of the kind rarely seen in traditional markets are common in cryptocurrency markets, where liquidity is thin and prices highly opaque.

Charlie Hayter, founder of CryptoCompare also has a say on the matter.

Bitcoin has been around for almost ten years and during that time period, BTC became and remained the top popular cryptocurrency in the market, weighing over 110 billion dollars in its market capitalization. Another cryptocurrency, namely, Ethereum's ether and XRP of Ripple also jumped to more than 10% of their usual hikes.

Cryptocurrency market has added about $30 billion in two days.

Market analyst Mati Greenspan, who works for eToro in Israel, said: "Usually Bitcoin is the leader of the market and altcoins tend to follow, as far as direction and sentiment is concerned".

"Nothing makes me happier than seeing our bitcoin ETP volumes top all of Morgan Stanley's ETPs on Nasdaq today in Europe".