Was today's Bitcoin (BTC) spike caused by just one $100 million order?

02 Apr, 2019
by David Robb
Price Analysis
Was today's Bitcoin (BTC) spike caused by just one $100 million order?

After Bitcoin spiked by 20 percent earlier today, many are questioning what may have caused the rally. Reuters reports that the surge may have been the result of just one Bitcoin trade, worth over $100 million.

After breaking the $4000 mark a few weeks ago and gradually climbing up past $4.1k in recent days, BTC's jump to almost $5000 was not entirely out of the blue, but definitely happened faster than was expected. 

Read more: What traders say about this Bitcoin pump: '$5K, then $5.5K'

It appears that three major BTC orders were executed around the same time earlier today, for roughly the same amount. They were placed on three different exchanges - Coinbase, Kraken, and Bitstamp. This pattern strongly suggests that they were placed by the same individual or entity.

According to Oliver von Landsberg-Sadie, chief executive of cryptocurrency firm BCB Group, "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".

After this initial pump, a large number of algorithmic orders were probably triggered, with the $4200 level marked out by many traders as a key resistance line to be broken. Along with other day traders trying not to miss out on the gains, this would have prolonged the price surge up to the level that it reached, which was the largest 24h spike for Bitcoin in almost a year.

Read more: Why is Bitcoin pumping today?

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