Bitcoin (BTC) was drifting at its slightly improved levels of $6,791.52 on Tuesday evening( July 17th ), when in just 40 minutes the prices changed dramatically, BTC suddenly went up by $600, up to $7,386,32, and continues the upward drive.
BTC reached $7,453.27 as of 3:00 UTC, a net rise of 10% in the past 24 hours, and growing more than 16% net in the past seven days. A sudden uptick in volumes saw trading suddenly pick up, to $6.2 billion in 24 hours.
According to data from Cryptocompare, one of the reasons for the dramatic rise may be the return of Japanese Yen investors, who now make up more than 51% of BTC trading volume. The share of Tether (USDT) trading is now relatively lower at 29%, though on low-volume days it made up to half the BTC volumes. However, data from CoinMarketCap also show that Binance holds up the most active BTC pair, making up more than 6% of total volumes in the BTC/USDT pairing.
An increase of 100 million USDT tokens was added to the circulating supply on July 12. A few days later, USDT had a price anomaly where it sank to $0.97. Later, the BTC price spike arrived, making skeptics once again accuse the concerted printing of USDT of those sudden BTC price movements. The total supply of USDT is now above 3 billion tokens, with 2.7 billion in circulation, up from 2.6 billion before the July 12 increase.
This time, the rapid price movement even made Nouriel Roubini tweet to note the effect of Tethers, though his opinions were dismissed by the crypto community:
Bitcoin literally spiking up by almost 10% in about 30 minutes today based on no news. So only explanation: price manipulation. Since Tether recently printed another $200 million of fake money & since research proves Tether used to manipulate BTC, manipulation is at work again.
— Nouriel Roubini (@Nouriel) July 18, 2018
The sudden spike in prices once again raised expectations the price reversal may continue:
— Bleeding Crypto (@Bleeding_Crypto) July 17, 2018
readers noted that BTC started its rapid climb a year ago around July 17, but there is no guarantee the same scenario is expected now. Some even expect to see the price of BTC bottoming out again, and the current levels to be a just short-term fluctuation, or an attempt to manipulate the market.
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