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what caused the huge spike in bitcoin price

By Kevin Dugan. The jump comes as bitcoin has lost nearly all of its value amid government crackdowns , allegations of fraud and questions about whether investor optimism was overblown. Even bitcoin investors Tyler and Cameron Winklevoss , who claim to have co-created Facebook, acknowledged in a CNN interview last month that investing in the digital currency has been rough.

The bounce revived the hopes of bitcoin investors after a tough , when the digital currency lost more than 70 percent of its value. Read Next. Ex-Morgan Stanley broker claims co-worker showed him 'dist This story has been shared 6, times.

This story has been shared 1, times. This story has been shared times. View author archive Get author RSS feed. Name required. Email required. Comment required. Enlarge Image. LightRocket via Getty Images. More On: bitcoin. Somebody, somewhere is betting big on bitcoin. Recently, questions have emerged about the health of the markets. Read Next Ex-Morgan Stanley broker claims co-worker showed him 'dist Share Selection. John Crudele.

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what caused the huge spike in bitcoin price

1. Safe haven

By Kevin Dugan. The jump comes as bitcoin has lost nearly all of its value amid government crackdownsallegations of fraud and questions about whether investor optimism was overblown. Spke bitcoin investors Tyler and Cameron Winklevosswho claim to have co-created Facebook, acknowledged in a CNN interview last month that hube in the digital currency has been rough. The bounce revived the hopes of bitcoin investors after a toughwhen the digital currency lost more than 70 percent of its value. Read Next. Ex-Morgan Stanley broker claims co-worker showed him 'dist

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What could be the reason for this sudden soar? Traders have pinpointed the move to the activity in Asian markets, buying on Japan and Hong Kong-based exchanges lead the bulls on the first day of this week. The cryptocurrency has slumped by more than 80 percent from the dizzying all-time heights it reached a year ago. It has been all pain ever since. The growth also ushered in some institutional interest. Where will Bitcoin go from here? Anyone who claims to know the answer to that is engaging in baseless speculation. There is still a lot of uneasy momentum and uncertainty across all crypto markets this weekend.

2. Mainstream appeal

Gox bitcoin currency exchange impacted the value of the cryptocurrency in As reported by TechCrunchtheir research calls attention to the potential risk of price manipulation and fraud withing cryptocurrencies. Unlike traditional currencies, bitcoin does not have a central authority. Instead, cryptography is used to oversee transactions, manage supply and prevent fraud.

Gandal et al. They found that a majority of the price manipulation happened due to two bots with "?? They named these bots "Markus" and "Willy. Markus bought and sold bitcoin at seemingly random prices and did not pay transaction fees.

Upon further review, they found reason to believe that Markus was not actually paying for the bitcoins he was receiving. Markus acquired a total ofbitcoins and was active from February 14th, until September 27th, Seven hours after Markus became inactive, Willy appeared as a group of 49 accounts.

Over this period, the price of bitcoin spiked. On the days in which no suspicious activity occurred, the exchange rate saw a slight decline. By analyzing the identification numbers associated with Willy's account the researchers were able to confirm their suspicion that a single actor was responsible for both bots that, over the course ofhad acquired approximatelybitcoins.

The potential for manipulation is one reason that Grant Sabatier, founder of Millenial Moneysays that people should not invest in the cryptocurrency — even though it made him a millionaire. One reason Sabatier is hesitant to suggest others invest is because volatility in the market makes it difficult to accurately estimate bitcoin's value. Like this story? Get Make It newsletters delivered to your inbox.

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The researchers noted that the "bitcoin reversal did not exist before Tether was prevalent in the market and disappears during the period when Tether stops being spkie. They found that Bitcoin purchases on Bitfinex increased whenever the price dropped by certain increments. Sponsored Links. Subscribe. More issues. The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Sorry, your blog cannot share posts by email. Cryptocurrency The Future Of Cryptocurrency. You can also choose to be emailed when someone replies to your comment.

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