The price of bitcoin once again shocked everyone with its unreal bull run. In the space of 24 hours, the price of the leading cryptocurrency shot up by almost 30%. Bitcoin was trading in the range of $7,500-$8,000 from the last few weeks. The price shot up to $10,100 before coming back to $9,600 at the time of writing.
Several analysts had predicted a bear run for the leading cryptocurrency in the short term, but once again bitcoin surpassed market expectations. According to cryptocurrency analytics provider Skew.com, in the first ten minutes of this unreal bull run when bitcoin went up from $7,400 to $8,500, $150 million worth of shorts were liquidated on Bitmex.
The sudden pump could be a clear sign of market manipulation. Co-founder & Partner at Morgan Creek Digital, Anthony Pompliano advised people not to get too overwhelmed by the bitcoin’s bull run and take proper precautions before making any decision.
Important message as we enter the next Bitcoin bull market:
– BTC is very volatile
– You can lose all of your money
– Only invest what is ok to lose
– Twitter is not investment advice
– Don't buy BTC with credit cards
– Keep low time preference
– Do your own research
— Pomp 🌪 (@APompliano) October 26, 2019
Bitcoin futures exchange Bakkt also reported the highest daily volume today. Bakkt saw a trading volume of 1131 BTC. The sudden pump could be a clear sign of market manipulation as bitcoin surged through all technical resistance in no time at all.
∙ Today's volume so far: 1131 BTC
∙ Last traded price: $8,622.50
∙ Trading day progress: 54% (if this continues: 100% equals to 2095 BTC)
— Bakkt Volume Bot (@BakktBot) October 25, 2019