Bitcoin Whale buyer sees crypto market rocket to $270 billion

Bitcoin stormed higher Monday as the Asian session again saw a spike in the price, with deep-pocket so-called whales probably triggering the rise.

Behind the sudden surge may have been a small number of mega transactions.

Twitter account Whale Alert spotted nine transactions totalling $236 million in value (BTC 27,029). It is thought one of the receiving wallet addressees was on an exchange.

The mystery exchange was apparently Bitfinex, which saw 1,500 bitcoin deposited.

The largest transaction saw 19,000 bitcoin on the move.

Because of the relatively tightly held nature of the bitcoin market, with 40% of supply thought to be in the hands of just 1,000 entities or individuals, and with the numbers for daily volumes thought to be inflated by unscrupulous exchanges, it doesn’t take much to move the market.

Indeed, whales selling can of course have the opposite effect.

Facebook effect

Undoubtedly also behind the sharp upside is the report from the BBC that says Facebook’s “GlobalCoin” is slated for an early 2020 launch.

The importance of the project, which has seen Facebook hold discussions with Bank of England governor Mark Carney, the US Treasury, Chicago derivatives trading firms and regulated exchanges Coinbase and Gemini, may have helped to firm up positive sentiment and convince those on the sidelines to make their move.

Bitcoin’s charge past $8,300 cleared the way for the run up to $9,000, although the asset has slipped back a little to $8,750.

BTC market cap has raced to $154 billion, with overall market value now $270 billion.

EOS and Litecoin on a roll

Altcoins are all trading higher with Litecoin and EOS doing particularly well.

Litecoin is up 12% at 113 and EOS has jumped nearly 17% at 7.38.

EOS has been lifted by the block.one share buyback which sees investors in the company, the founder of EOS, earn a return of 6,500% on their investment. Among the investors is Peter Thiel , one of the founders of PayPal.

About the Author

Gary McFarlane
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK's second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane

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