Cryptocurrency value

Bitcoin Price News: Cryptocurrency Value Rises After Asian Market Trading | City & Business | Finance

At one point, the cryptocurrency was valued at $ 5,000 (£ 3,810) for the first time since November. It ended the day up 16%, with a price tag of around $ 4,800 (£ 3,656). As a result, the value of a number of other cryptocurrencies has skyrocketed as well.

BCB Group cryptocurrency expert Oliver von Landsberg-Sadie predicted the rise in value was triggered by an order worth up to $ 100million (£ 76.16million ).

He suggested this was spread across three coin exchanges, Coinable and Kraken in the US and Bitstamp in Luxembourg.

Mr. Landsberg-Sadie commented: “There was only one order that was algorithmically managed on these three sites.

“If you look at the volumes on each of these three exchanges, there were in concert, synchronized, units of volume of about 7,000 Bitcoin in an hour.”

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The value of Bitcoin had remained relatively stable this year, between $ 3,300 (£ 2,513) and $ 4,200 (£ 3,198).

In response to the Bitcoin wave, other cyber currencies have gained in value.

Ethereum’s Ether and Ripple’s XRP, the second and third largest currencies, rose in value by more than 10%.

Market analyst Mati Greenspan, who works for eToro in Israel, said, “Usually Bitcoin is the market leader and altcoins tend to follow, in direction and sentiment.

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“Today, Bitcoin is in the driver’s seat.”

A significant proportion of the trading was probably carried out by computer algorithms.

According to Charlie Hayter, who founded the cryptocurrency website CrytoCompare, around six million transactions took place an hour when the currency surged.

Last month, Cboe Global Markets, which offered the first U.S. bitcoin futures three years ago, said it would no longer offer contacts in the currency.

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