CoinMetrics Research: April Bitcoin Surge is Down to a Single Trader

The latest study by a cryptocurrency analytics firm, CryptoMetrics, has added to the speculation that the sudden rise in BTC price in early April, which prompted the current revival of the crypto market, is all down to the actions of a lone committed trader.

As indicated by the company, among the numerous speculations encompassing the event, a standout amongst the most conceivable ones was that of a single entity that put in a request for about $100 million worth of Bitcoin over a few exchanges. It said that “a single committed actor.”

At that point, it continued to give proof of evidence to back up its theory by posting a progression of Tweets on its official Twitter account, starting with the statement that there were no updates on huge effect amid the one hour of the event, a period that was additionally very low in exchanging volume.

On April 2, 2019, Bitcoin’s price increased from roughly $4,200 to $5,000 in a span of one hour. There was no impactful news released during this time.

— CoinMetrics.io (@coinmetrics) April 17, 2019

It saw that the vast majority of the volume occurred on HitBTC exchange on the BTC/USDT market. However, it additionally does not rule out HitBTC’s activity could have been because of wash trading. The extensive trading amounts were then seen on Coinbase, trailed by Bitfinex. Every one of the three is among the world’s most dynamic exchanges for Bitcoin.

It offers many charts for supporting their claim –

The large price movement on April 2, 2019 occurred during the window of lowest global liquidity. It began at 04:30 UTC and lasted until 05:30 UTC. This time may have been deliberately chosen so that a committed actor could maximize price impact when trading. pic.twitter.com/vktxpGBwlQ

— CoinMetrics.io (@coinmetrics) April 17, 2019

A video showing the entire history across all the exchanges also demonstrates an astoundingly comparative pattern occurring on every one of the three platforms –

Here's a fuller history of those three exchanges pic.twitter.com/j3KJxtr60h

— CoinMetrics.io (@coinmetrics) April 17, 2019

CoinMetrics presumed that a bull run could possibly be on the cards, yet that it was too soon to state if a rally was at that point in progress.

Kapil Gauhar

Kapil Gauhar is the founder of Blogger’s Gyan. He is a Passionate Blogger, a Big Thinker and a Creative Writer. His passion for doing friendship with words and letting people know about the wonders of the Digital World is what motivates him to take writing as a career.