A single purchase order of $2.5 million on the crypto exchange, Bitfinex, just spiked Bitcoin’s price by 2.7%. It was recorded that 661 BTC was purchased by one account, amounting to a USD equivalent of $2.5 million.
This singular buy order seemed enough to push BTC up and the entire crypto market, rising by a modest $3 billion overall.
It’s unclear why such a large amount was purchased through Bitfinex, not an OTC market. Some point to a malfunctioning trading bot and others postulated that it may have been Bitfinex buying the BTC.
The community shared a lot of thoughts behind this “spike”
One community member by the name of “coinsmash1” on Reddit responded with:
It’s interesting to think that a buy of this size pushed the price and market cap up by over 1% – equating to over $60 million of value to all btc holders (and even more to wider crypto)
Even if this number was doubled (to move the price)
It would still represent an above 10x relative gain between amount needed to spot buy vs gains for all…
Another member said:
Can we get a worldwide coordinated effort to buy a predetermined amount of BTC each? We will get the bitch back to 20k and beyond in no time.
Again, we don’t know who made the big purchase because most of the big purchases occur in the OTC market, but a few pumps, and we should be seeing some rebound in pricing soon.