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Bitcoin has risen 20% against the Trend

Bitcoin prices plummeted last year, and the transaction was quiet for a long time. On the 2nd, it once soared 20% and returned to the $5,000 mark. A big order that drives buying is considered a key issue. Market rumors that the mystery buyer is Buffett, who once criticized Bitcoin.

According to the quotation of financial data provider Refinitiv, at around 1 am on the 2nd, the price of bitcoin per unit rushed to $5,080, a record high of nearly five months. CoinMarketCap data tracking the market value of cryptocurrencies shows that the market value of Bitcoin has surged more than $14 billion in 24 hours.

Bitcoin prices rose slightly after 20%, hovering around $4,700, or about 14%, and still hope to hit the biggest one-day gain in a year.

The rise of bitcoin has been popular for many years, and prices have fluctuated drastically. At the end of 2017, it had approached $20,000. In April last year, it set a record of 42% in a single day. However, the price trend of Bitcoin last year was miserable, and it fell about 76% in the whole year. The once hot trading was getting lighter, and some investors saw the bubble burst.

Bitcoin is now getting rid of the downturn, driving other cryptocurrencies such as Ether and soaring. The market can’t figure out the clues, and rumors have come out. Reuters quoted analysts as saying that a mysterious big single-player algorithmic buying was a key factor.

The cryptocurrency operator BCB Group CEO Oliver von Landsberg-Sadie analyzed a bid of about $100 million, spread across three exchanges, and knocked in about 20,000 units of Bitcoin. It may be the promoter of this wave of buying.

As for the identity of the mystery buyer, there are many opinions from outside. Since the 1st day coincides with April Fool’s Day, there are various exaggerations. There are even rumors that the investment has always been conservative, and Warren Buffett, who has no unique value in bitcoin in February, began to buy. Enter the cryptocurrency.

Other experts believe that the price of bitcoin has been hovering around $4,000 in recent months, and now breaks through the key resistance line of $4,200, which has caused buyers to knock in and drive prices up.

Mti Greenspan, senior market analyst at eToro, told financial media CNBC that bitcoin price breaks through $4,200 is critical because the market has been paying attention for some time, and many pending orders are set at more than $4,200, meaning partial calculations. The law fair will be executed after Bitcoin reaches this price.

However, at present, large bitcoin trading companies are mainly small hedge funds and cryptocurrency operators. Large investment corporations are worried about transaction security and regulatory issues, and most of them hold a wait-and-see attitude towards Bitcoin, which has caused cryptocurrencies to fail to enter the mainstream of financial markets.

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Shivam Singh
Founder of the TechGrits, has always looked at technology as a piece of knots. From an early age connected to the technological world, this is literally your dream job.