The head of the analytical company CryptoQuant Ki Yong Joo explained the sharp rise in the rate of the first cryptocurrency to $ 55.5 thousand.
The CEO of the analytical company CryptoQuant Ki Yong Joo said that large holders of the cryptocurrency bought bitcoins for $ 1.6 billion in 5 minutes. According to him, the volume of liquidations of short positions after the growth of the first cryptocurrency to $ 55.5 thousand amounted to only $ 17 million. This is more looks like a big whale buying rather than a cascading short liquidation, Ki Yong Joo noted.
On October 6, the cost of bitcoin for the first time since mid-May exceeded $ 55.5 thousand. At 17:05 Moscow time, the cryptocurrency is trading at $ 53.9, and its capitalization is $ 1 trillion. Over the past day, Bitcoin has risen in price by 7%.
In early September, the head of CryptoQuant predicted the growth of bitcoin due to the actions of the "whales". According to him, then large cryptocurrency holders began to massively transfer bitcoin to derivatives exchanges to open new margin positions.