The price of bitcoin as of late has been somewhat out of the blue, maybe It was institutional buyers that pumped the bitcoin price by 23 percent last week, according to a prominent cryptocurrency analyst.
Alex Krüger said the latest bitcoin price action hinted systematic buying, an act of people pooling their strategy to purchase a financial asset in large volumes. Retail investors lacked the capital that could pump the bitcoin market capitalization by approx $32 billion in a week. So, it was very likely that a “handful of large players” initiated a coordinated pump, and bitcoin’s valuation rose wildly.
What is a bit odd is it is just bitcoin that is moving forward. Augmented dumps and pumps all created in sequence. A wave of doubt to the rest of us.
“Clues to reach that conclusion can be found in the volume, price action, funding, and futures basis and term structure,” explained Krüger. “[It was] not retail driven.”
To hesitant to buy and scared to sale.
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Good Luck ~
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Great news! Bulls are on the run.
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