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HomeNewsCoinMetrics: Crypto’s Bull Run Was Started By a “Committed Actor”

CoinMetrics: Crypto’s Bull Run Was Started By a “Committed Actor”

Cryptocurrency analytics firm CoinMetrics has found new evidence that the significant upward price movement in Bitcoin that took place on April 2nd this year was the work of a single trader, whom the firm referred to as a “committed actor.”

 

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The trader, whose identity is unknown, executed a number of large trades across multiple exchanges at times when liquidity is lowest. CoinMetrics said that this was done to have the largest possible impact on prices: “although this cannot be known for sure, such trades would have been designed to trigger stop losses and force a short squeeze through liquidations of margin positions and short futures positions,” the firm said.

 

CoinMetrics claims that this time, Bitcoin could rise over $20,000–but for some, there’s still a long way to go before we can really call the recent upward price movement a true “rally.”

“If we break 8k, we can say the bullish sentiment is back and we are on our way to all-time high,” wrote Gabriel Dusil, Co-Founder and General Manager at blockchain technology incubator Adel, in a recent email to Finance Magnates. “At the 12k area, we could see the start of FOMO (fear of missing out) that could bring new speculators in, and with fresh capital in crypto, we could see the prices surpassing the 2017 heights.”

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