Bitcoin Mysteriously Soars to Four-month High Overnight

Cryptocurrency bitcoin soared to over $5,000 on Tuesday, jumping to a four-month high overnight.
The digital currency shot up around 20% but nobody knows why.

CNBC has said that “the reason for the sudden price jump wasn’t immediately clear.”

This is the highest that bitcoin has traded so far all year.

Many took to Twitter to talk about bitcoin’s big breakout with @cz_binance asking, “anyone know any news? I have been asked “a few” times, but honestly clueless.”

According to analysts however, it was an anonymous buyer that set off a frenzy of computer-driven trading.

Oliver von Landsberg-Sadie, chief executive of cryptocurrency firm BCB Group said, “There has been a single order that has been algorithmically-managed across these three venues, of around 20,000 BTC.”

According to von Landsberg-Sadie, bitcoin’s breakout was triggered by an order worth about $100 million spread across U.S.-based exchanges Coinbase and Kraken and Luxembourg’s Bitstamp

“If you look at the volumes on each of those three exchanges – there were in-concert, synchronized, units of volume of around 7,000 BTC in an hour.”

While many bitcoin enthusiasts may be thrilled with today’s moves, the cryptocurrency is still almost 75% below its all time highs in 2017.