What caused this weekend’s BTC price surge? Hourly trading volumes suggest the catalyst was large orders on Bitfinex

Matthew Yamamoto

Tue, Jun 25, 2019, 7:20 PM

Between Friday evening and Saturday afternoon, the price of bitcoin increased by over 10% to breach the $11,000 milestone. Although there has been a lot of speculation as to what may have caused the seemingly spontaneous surge, analysis of the hourly exchange trading volumes implies it was induced by a large investor or set of large investors on Bitfinex.

Timezone: UTC

Source: CryptoCompare

By examining the bitcoin trading volumes at the 10 exchanges vetted by Bitwise, we can see that trading activity went up fairly dramatically between Friday 11:00 p.m. UTC (7 p.m. EST) and Saturday 4 a.m. UTC (12 p.m.

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What caused this weekend’s BTC price surge? Hourly trading volumes suggest the catalyst was large orders on Bitfinex

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