Bitcoin price continues to move here and there amid speculations and price manipulation; the largest cryptocurrency is up sharply from the lows seen during the weekend – leading the broader market rally by a wide margin.
Its price climbed as much as 9% in the early trading on Tuesday before retreating later in the session, driven by higher volumes from Japanese markets. Japanese markets account for 51% of the trading volume, while USD represented 22% of the bitcoin trading.[1]
Source Image: coinmarketcap.com[2]
Though no specific report aids the upside trend and higher trading volume, except trader’s strategy of buying on dip and price manipulation.
Traders are using Tether (USDT) for bitcoin buying once again as BTC/USDT (bitcoin-tether exchange rate) trading volume hoped to 7%, the total trading volume stands at $561,152,000.[3]
Price manipulation isn’t difficult in the crypto markets due to their unregulated nature. Regulatory authorities and traders had blamed Tether for artificially lifting Bitcoin price last year; market pundits claimed that tether was responsible for the 48% rally in bitcoin price.[4]
Tether and Bitfinex were subpoenaed by U.S. regulators in December, while higher trading volume from BTC/USDT today raises traders concerns over the price manipulation. Higher overall volume improved bitcoin dominance to 39% – which plunged to almost 35% in early February.
Craig Wright Sued for Stealing $5 billion
Craig Wright, the Australian entrepreneur who claimed to be the creator of bitcoin, was sued for stealing $5 billion of cryptocurrency from his former business partner.[5]
The lawsuit said: “It is unclear whether Craig, Dave, and/or both created bitcoin. It is undeniable, however, that Craig and Dave were involved in bitcoin from its inception, and that they both accumulated a vast wealth of bitcoins from 2009 through 2013.”
Ethereum and Ripple Follows the Rally
Ethereum (ETH) and Ripple (XRP) have also been following the uptrend. ETH and XRP price increased close to 2% today in early trading. Bitcoin Cash (BCH) was trading around $1,278 (up 5% today), supported by significantly higher trading volume- which increased 27% today. Overall, the crypto markets continue to make significant sideways movements on speculations.
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References
- ^ Japanese markets (www.cnbc.com)
- ^ coinmarketcap.com (screenshots.firefox.com)
- ^ trading volume hoped to 7% (coinmarketcap.com)
- ^ Price manipulation (cryptocurrencynews.com)
- ^ stealing $5 billion (fortune.com)
- ^ Twitter (twitter.com)
