The price increase of Bitcoin: a New conjecture as to the reasons
Home News price increase of Bitcoin: a New conjecture as to the reasons
Marcus Misiak –
Yesterday was the best day of the year 2019 for crypto investors was, without a doubt. It was even the best day in almost a year, brought new optimism in the market and hope for an end to the ongoing confirmed bear market.
As we reported yesterday, were the reasons for the sudden price rise of Bitcoin, however, unknown. Many analysts citing technical factors that have favored the Breakout. In the course of the day, some of the other analysts, and figures in the crypto scene reported, however, to the word, citing also other interesting reasons. Below you will find a summary of the most interesting voices.
Changpeng Zhao, the CEO of Binance said yesterday via Twitter that the sudden increase in the price of Bitcoin shows that a “lot of money” is ready and was waiting in the crypto market, and institutional investors already in FOMO mode (“Fear of missing out” – or the fear of the Miss), and sooner or later, “everyone in crypto” invested.
Meanwhile, CNBC Moderator Brian Kelly said that a reasonable target for Bitcoin in the short term, the $ 6,000. The founder and CEO of the crypto-investment company BKCM said that he would call BTC is not overvalued until it reaches $6,500 to $6.800.
The mood has changed here. All the signs available to us – whether foundations, technical data, or the quantitative analysis that we perform suggest that we’ve probably started at least in order to reach the low point. You have this one last Flush-Out, and then the market starts to trade higher. […] What is interesting about this step is that it is based on the improving fundamentals and the institutional mood. Self-high-net-worth individuals, Family Offices, start to care seriously. There are a few big brokerage firms that bring some Custody solutions on the market. So there is under the surface is a pretty big demand.
According to the CEO of the crypto-company BCB Group, Oliver von Landsberg-Sadie, an increase in the level of the sudden course is likely to be due to an order value of around $ 100 million trigger, which was distributed on the US stock exchanges Coinbase and Kraken, and Bitstamp in Luxembourg. In an interview with Reuters, he said:
There was a single order, the algorithm has been managed on these three stock exchanges, of about 20,000 BTC. If you look at the volumes of each of these three stock exchanges, there was a concerted, synchronized and volume units of about 7,000 BTC in an hour.
Gabor Gurbacs, chief Executive at VanEck explained that he believes that the recent increase in price through the futures markets (“Futures”) has been triggered.
CME Bitcoin Futures expired last Friday. A large part of the positions was thrown into the new front month BTC Futures contract (bought). At the weekend the Heavy Spot Bitcoin, and over-the-counter purchases to the expiration of the Bitcoin Futures contract, driving the BTC price slowly and gradually to the top followed. As the price rose in increments to the top, were about to be liquidated 500 million Shorts on the world’s established trading platforms for crypto-derivatives.
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