A single buy order of $2.5 million just bolstered Bitcoin by 2.7%

02 Jan, 2019 | Updated: 02 Jan, 2019
by Will Heasman
Price Action
A single buy order of $2.5 million just bolstered Bitcoin by 2.7%

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. 

661 BTC ($2.5 million) purchased in 1 minute on Bitfinex from r/CryptoMarkets

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!

Read more: Bitfinex plans major maintenance, with 7 hours downtime

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