Rise of Bitcoin:Asians Behind the Scene

After several months of calm on the cryptographic market, the Bitcoin price has increased by more than 20% in 48 hours.This increase can be explained by the return of major players in the market.

On April 2, in the morning, the Bitcoin price jumped to $ 4800 in just 1 hour and then stabilized around $ 4700 during the day. During the day of April 3, 2019, it increased by more than 8%, a price he had not reached since last November. According to the CoinMarketCap site, the price of bitcoin rose 16.68%, reaching $ 4,817. The Binance stock market rose 15.94% to $ 4,793.

Asians behind this rise?

It seems that this recent price movement on the cryptocurrency market would have started following an important order of bitcoins passed by an Asian buyer on several crypto-stock exchanges.

However, according to BCB Group’s financial services group specializing in digital assets, the transfer of around 20,000 bitcoins, or the equivalent of $ 100 million, across three platforms (Coinbase, Kraken and Bitstamp) would trigger of this rise of the course. Charlie Hayter, CEO of CryptoCompare, notes that more than six million trades were made in an hour in the world with a concentration in Asia, which is three to four times more than the usual amounts.

“Today’s gain was probably caused by an order of about $ 100 million spread over the US coinbase and Kraken crypto-exchanges and the Luxembourg Bitstamp platform. There was a single order of approximately 20,000 BTCs managed by algorithm on these three sites: said Oliver von Landsberg-Sadie, the CEO of BCB Group.

The market capitalization of the entire cryptocurrency market, according to CoinMarketCap, is currently $ 163,242 billion. The bitcoin share is about 52%.

After such an increase, we can expect a stabilization of the BTC between $ 4,600 and $ 4,800. This last level must imperatively be exceeded with a large volume of purchase to validate a continuation bullish.

Source image: pixabay

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