Topic: Why did the price of Bitcoin suddenly spike up (October 15, 2018)? - page 3. (Read 615 times)
October 15, 2018, 01:39:56 PM
Next time if you will copy-paste a content make sure that you also construct it the right way and have some own thoughts also about the topic. Even you posted a link still it's like a form of plagiarism.
You don't have to include these lines:
"Answered 8h ago"
"f you found this answer helpful, please leave an upvote."
"P.S. If you need help with your portfolio (larger than $200,000) for this coming bull run, I provide professional guidance for $500/week and a 10% profit share. However, only if you make profit. If you don’t make profit, there is no weekly fee"
Anyways, the author have some good insights and analyzation about the "specific reason" why the price rallies today. However, there are still other factors that we can look into why it turned out like that. As of typing, price went back again to $6,400+ spoiling the sudden excitement of an average joes.
October 15, 2018, 01:25:26 PM
Marius Kramer, No. 1 Bitcoin writer on Quora worldwide
Answered 8h ago
At first, there were scam rumors for Tether, because only USDT pairs pumped. Furthermore, there was the rumor that all USDT pairs will be delisted from Binance.
That’s why everybody thought all USDT pairs are pumping because everyone wants to get out of USDT.
An hour later Kucoin suspended tether deposits and withdrawals. https://www.google.de/amp/s/bitc...
These were all the assumption.
However, the actual reason is most likely very simple.
It was just a whale buying up lots of Bitcoin with lots of USDT that he held. In fact, he bought up $500M worth of Bitcoin, which made the Bitcoin market cap go up by $25B.
Here is how it works:
He buys up Bitcoin so that the price goes up by 10%. All USDT pairs pump by 10%, too.
So if IOTA is worth 9000 Satoshi, which is $0.5 and Bitcoin goes up by 10%, IOTA is still worth 9000 Satoshi, but then $0.55, so it shows as a 10% pump in the IOTA/USDT pair, while remaining stagnant in its BTC pair.
So, this doesn't have to do anything with Tether, just a whale buying lots of BTC. When that happens, USDT pairs always pump, because of math.
However, I don’t think it was an institutional investor, but someone who had lots of USDT. So, he bought $500M worth of Bitcoin with USDT. Since, this put a lot of USDT on the market, the USDT price tanked.
If you look at Top 100 Richest Bitcoin Addresses and Bitcoin distribution, there are currently only 3 addresses that hold that much wealth and they all belong to the exchanges Bitfinex, Bitrexx, Binance. That means, it must be a whale from January during the height of the bull run, where there were around 50 addresses with that much wealth.
It was probably one of the 10 largest Bitcoin whales who had cashed out half a billion into USDT back in January and now decided to sell all Tether, because of all the sketchiness surrounding it and because he thought Bitcoin has probably found its bottom. That’s why he decided to buy back in now.
Now, the Bitcoin/USD and Bitcoin/USDT markets have to even each other out at probably around $6,600.
If you found this answer helpful, please leave an upvote.
P.S. If you need help with your portfolio (larger than $200,000) for this coming bull run, I provide professional guidance for $500/week and a 10% profit share. However, only if you make profit. If you don’t make profit, there is no weekly fee
quora Marius Kramer
Answered 8h ago
At first, there were scam rumors for Tether, because only USDT pairs pumped. Furthermore, there was the rumor that all USDT pairs will be delisted from Binance.
That’s why everybody thought all USDT pairs are pumping because everyone wants to get out of USDT.
An hour later Kucoin suspended tether deposits and withdrawals. https://www.google.de/amp/s/bitc...
These were all the assumption.
However, the actual reason is most likely very simple.
It was just a whale buying up lots of Bitcoin with lots of USDT that he held. In fact, he bought up $500M worth of Bitcoin, which made the Bitcoin market cap go up by $25B.
Here is how it works:
He buys up Bitcoin so that the price goes up by 10%. All USDT pairs pump by 10%, too.
So if IOTA is worth 9000 Satoshi, which is $0.5 and Bitcoin goes up by 10%, IOTA is still worth 9000 Satoshi, but then $0.55, so it shows as a 10% pump in the IOTA/USDT pair, while remaining stagnant in its BTC pair.
So, this doesn't have to do anything with Tether, just a whale buying lots of BTC. When that happens, USDT pairs always pump, because of math.
However, I don’t think it was an institutional investor, but someone who had lots of USDT. So, he bought $500M worth of Bitcoin with USDT. Since, this put a lot of USDT on the market, the USDT price tanked.
If you look at Top 100 Richest Bitcoin Addresses and Bitcoin distribution, there are currently only 3 addresses that hold that much wealth and they all belong to the exchanges Bitfinex, Bitrexx, Binance. That means, it must be a whale from January during the height of the bull run, where there were around 50 addresses with that much wealth.
It was probably one of the 10 largest Bitcoin whales who had cashed out half a billion into USDT back in January and now decided to sell all Tether, because of all the sketchiness surrounding it and because he thought Bitcoin has probably found its bottom. That’s why he decided to buy back in now.
Now, the Bitcoin/USD and Bitcoin/USDT markets have to even each other out at probably around $6,600.
If you found this answer helpful, please leave an upvote.
P.S. If you need help with your portfolio (larger than $200,000) for this coming bull run, I provide professional guidance for $500/week and a 10% profit share. However, only if you make profit. If you don’t make profit, there is no weekly fee
quora Marius Kramer
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