Bloomberg: Bitcoin’s Recent Renaissance Could Be Linked to Algorithmic Trading
The recent crypto market jump could be linked to algorithmic trading, Bloomberg writes on Wednesday, April 3.
Bloomberg states that Bitcoin’s (BTC) unexpected 20 percent surge price on Tuesday, April 2, shortly after the Asian markets opened, might have been provoked by a $100 million trade made on three major exchanges.
As experts told Reuters, a 20,000 BTC order (around $100 million at press time) was spread across United States-based crypto exchanges Coinbase and Kraken, as well as Luxembourg’s Bitstamp. Triggered by the giant order, the bots could then start trading, forcing the prices and volumes to rise.