Single traders seem to still have an outsized change on a bitcoin market.
Thus distant in September, analysts have cited a singular trader as a expected means of dual poignant cost movements, both of that indicate to liquidity problems in a nascent market. In a time when bitcoin markets are characterized by low trade volume and speculation, bitcoin prices have turn exposed to a indicate where possibly a singular customer or one, vast transaction can trigger sizeable shifts.
For example, on Sunday, 11th September, bitcoin prices plunged some-more than 5% in reduction than an hour, according to BPI data.
During only a half-hour session, a digital banking fell from $628.14 during 19:00 UTC to $595.43 by 19:30 UTC.
Here, analysts cited low trade volume and a rarely suppositional marketplace when explaining this pointy drop, reporting that a singular vast transaction was expected to have helped fuel this decline.
Petar Zivkovkski, executive of operations for bitcoin trade height WhaleClub, for instance, believes a sell-off was expected a outcome of one player.
He told CoinDesk:
“The stream marketplace sourroundings is illiquid, creation cost receptive to incomparable players with incomparable firepower. In this