A look at exchange activity surrounding Friday's BTC price spike

Quick Take

  • Friday marked one of the largest Bitcoin price spikes in its history, with prices increasing from $7,500 to over $10,000
  • The jump came in two separate waves: one at 3:46 p.m. UTC (10:46 a.m. EST) and the other at 12:30 a.m. UTC (7:30 p.m. EST)
  • On both occasions, notable buying pressure on BitMEX’s perpetual contract market was followed by larger than normal sized trades on several spot exchanges that make up BitMEX and Deribit’s BTC price indices
Marking one of the most volatile days in Bitcoin’s history, Bitcoin prices soared on Friday from $7,500 to just above $10,400. Many have speculated that Chinese President Xi Jinping’s bullish comments on blockchain technology as the reason for the jump. However, exchange trading volume suggests that perhaps some large players in the futures market may […]

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