In an unannounced move, all of the top 10 cryptos by market capitalization have reversed their prices. Although the increase was unimpressive, this reversal has brought a breeze to the whole space.
After a major upheaval in late October and most of November, Bitcoin seems to have entered a period of consolidation. The bulls and bears are currently pushing the price of BTC between the upper and lower boundaries of a tight trading range.
Bitcoin price just soared $7500
But putting that gloom aside, Bitcoin price just broke above the critical $ 7,500 level and jumped to $ 7534 before falling slightly to $ 7482 at the time of writing.
Source: Tradingview.com
The Bitcoin bulls attempted to gain control over the short-term when hampering a downtrend below $ 7,000, which seemed inevitable based on BTC’s grim technical picture.
Notably, Bitcoin is trying to fill another CME gap, showing how reliable this price index is. Most of the gaps created when Bitcoin futures contracts are not traded on CME tend to be filled, sooner or later.
CME gap filled. pic.twitter.com/sjrnQic5LR
— Hsaka (@HsakaTrades) December 4, 2019
The driver of increase?
Currently, the cause of Bitcoin’s price increase is still unclear. However, the crypto community Twitter is tilting the Tether agent as large amounts of USDT have been moved from unknown wallets to the OKEx.
Two controversial USDT stablecoin transfers, totaling $ 84 million, were transferred to Malta-based cryptocurrency exchange OKEx almost at the same time. Both have been transferred from two different unidentified TRON wallets to OKEx.
? ? ? ? ? ? ? 70,009,991 #USDT (70,237,853 USD) transferred from unknown wallet to #Okex
— Whale Alert (@whale_alert) December 4, 2019
? 14,000,000 #USDT (14,045,566 USD) transferred from unknown wallet to #Okex
— Whale Alert (@whale_alert) December 4, 2019
Known for being used to artificially push Bitcoin prices, the USDT transfer today may be the reason for the soaring price of Bitcoin.
Pum it again! pic.twitter.com/1aeztwsr3U
— CryptoWolf ⚡️ (@CryptoW73649127) December 4, 2019
Pump it $BTC
— LilMoonLambo (@LilMoonLambo) December 4, 2019
In late October, USDT worth of millions of dollars was minted at the Tether Treasury. This came after a strong sell-off that lowered the price to $ 7,400, reinforcing the argument that USDT is being used to artificially push Bitcoin’s price up.
Bitcoin price today. Source: Coinmarketcap
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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