Yesterday Bitcoin quickly and significantly increased in price – in five minutes by 2.5 thousand dollars. Now the CEO of the analytical company CryptoQuant Ki Young Ju has named the reason for this phenomenon.
Someone(s) bought up $1.6B worth $ BTC via market orders in just 5 minutes.
Short liquidations seem relatively smaller like $17M at that time.
This is more like whale buying, not cascade liquidations.https://t.co/dD3OsykiET pic.twitter.com/0NnvbmaYYm
– Ki Young Ju ??? (@ki_young_ju) October 6, 2021
The whole point, as usual, is in the balance of supply and demand: just in 5 minutes, bitcoins worth $ 1.6 billion were bought. At the same time, the closing of short positions turned out to be insignificant – in the amount of $ 17 million. “It’s more like buying whales than cascading liquidations.“, – said the analyst. Whales are the largest holders of Bitcoin. Yesterday, they thoroughly bought, which pushed the value of the cryptocurrency up, quickly and sharply. At the moment, the value of Bitcoin has corrected at around $ 54,900.
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