RATE Group | Bitcoin Price Above $10K Sees ‘Strange’ Premium After $1M BTC Buys
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Bitcoin Price Above $10K Sees ‘Strange’ Premium After $1M BTC Buys

02 Jun Bitcoin Price Above $10K Sees ‘Strange’ Premium After $1M BTC Buys

Posted at 10:34h in Bitcoin News by

Bitcoin (BTC) hitting $10,000 has been frantic activity on exchanges — investors are buying the largest cryptocurrency at five figures, not selling.

According to data from monitoring resource Coin Metrics on June 2, one 10-minute period alone saw trading volume hit a giant 3,500 BTC.

“Peculiar” BTC price action sparks volume surge

As markets climbed to highs of $10,340, exchanges saw a sudden surge of interest, with Bitfinex specifically producing what Coin Metrics described as “very strange” behavior.

“#Bitcoin prices on Bitfinex just did something very strange and are now trading at a $40 premium to the rest of the market,” the company tweeted. 

“This peculiar price action was accompanied by over 3,500 $BTC volume in the 10 minute candle.”

The volume figure came from readings of six major exchanges: Bitfinex, Bitstamp, ItBit, Gemini, Kraken and Coinbase, the latter suffering an outage due to demand. 

BTC/USD chart showing volume spike

BTC/USD chart showing volume spike. Source: Coin Metrics/…

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