As the entire crypto market enjoys a moderate boost most people are left scratching their heads as to what just happened…
Bitcoin was the first to jump, with an impressive increase of around 2.7% in less than 30 minutes.
It appears that the boost can be tracked back by a single buy order on the crypto exchange, Bitfinex. It was noted that 661 BTC was purchased by one account, amounting to a USD equivalent of $2.5 million.
It seems that this singular buy order was enough to push not only BTC up but the entire crypto market along with it rising by a modest $3 billion overall.
The boost, and it's catylst didn’t go unnoticed by the community, who took to reddit to speculate upon the rise:
Some even suggested recreating it:
It's unclear why such a large amount was purchased through Bitfinex and not an OTC market. Some point to a malfunctioning trading bot and others have postulated that it may have been Bitfinex buying the BTC themselves.
What do you think of this pump? Let us know in the comments!