Cryptocurrency markets saw a huge spike in the market with Bitcoin suddenly increasing by 2.7% followed by an overall increase in the price of other cryptocurrencies.

During the price increase of Bitcoin, it was observed 661 BTC was bought by one account on Bitfinex. The single buy order was enough to push the price of Bitcoin to $3,975 on Bitfinex. This caused the entire Bitcoin price to rise.

Bitfinex is currently the 16th largest exchange in the world, and the owner of the cryptocurrency Tether. Bitcoin trading volume of Bitfinex accounts for $64 million. The price surge of Bitcoin on Bitfinex was enough to push the entire market forward.

Blockmanity’s Take

661 is roughly $2.1 million which was enough to drive the price of Bitcoin up. Majority of the traders who want to trade in large amounts prefer trading Over the Counter (OTC trades) which allows gives them special rates (upto around 40% discounts). So it is surprising to see a large amount trade taking place out in the open. There are 3 possible explanations for such a trade: Bot messed up, he is beginner trader or Bitfinex bought Bitcoins on their own.

Whatever the reason, it is now proved that large buy orders in high volume exchange have the potential to push the entire cryptocurrency markets up.

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