DADO RUVIC/Reuters
Bitcoin surged to near $20,000 in late 2017, the peak of a bubble driven by retail investors that pushed cryptocurrencies onto the agenda of mainstream financial firms. But wide interest waned as prices collapsed, and now trading is mostly powered by smaller hedge funds, tech firms and wealthy individuals.
Analysts could not point to any specific news or developments in the cryptocurrency sector that could explain the mystery buyer’s big order. As bitcoin surged, there were 6 million trades over an hour, Hayter said – three to four times the usual amount, with orders concentrated on Asian-based exchanges.“You trigger other order books to play catch up, and that creates a buying frenzy.”
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