Analyst: Whales Are Asking For Multi-Billion Dollars Worth of Bitcoin



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Blockchain strategist Jeremy Gardner accused of triggering a Bitcoin bull run for tweeting there are several bids for multi-billion dollar blocks.

Blockchain Strategist Sees Demand for Multi-Billion Dollar Blocks

Jeremy Gardner, an American cryptocurrency entrepreneur who lives in the Crypto Castle in San Franscisco, may have triggered a bullish run for Bitcoin. The founder of The Blockchain Education Network, has found there is multi-billion dollar demand for single Bitcoin blocks in the over-the-counter market.

“OTC market demand for bitcoin right now is unlike anything I’ve ever witnessed. Several asks for multi-billion dollar blocks…”

His trading terminology, though, confused some of his followers as “asks” implies sellers. Gardner apologized for having chosen the wrong word to describe demand: “Several bids* Sorry for my poor familiarity with trader terminology”.

The ‘accidentally’ bullish comment was re-tweeted 365 times, liked 931 times, and commented 85 times. By that time, the price of Bitcoin was already surging from yesterday’s lows and it continued to do so. Some believe his tweet contributed to the market recovery. “I just got accused of triggering a bitcoin bull run with this tweet”, he said.

Bitcoin is now trading at $7,425, up by 5.38% in the last 24 hours, as it moves away from $6,535, yesterday’s low and only second to February 6, $6,200, as the current 2018 low. Trading volume in the last 24 hours is now close to $5 billion for Bitcoin as the cryptocurrency market registers $13 billion in daily trading volume.

Despite being currently buoyed by the $250 billion area and now surging to $275 billion, the cryptocurrency market cap has been printing new lows in April, having reached $243 billion, the lowest since November 2017.

Bitcoin is, since January, recovering its market dominance, from 32% to 45%. A block is mined on average every 10 minutes, which totals 144 blocks per day on average. Block rewards are halved every 210,000 blocks. 80 percent of Bitcoin has officially been mined and over 16.8 million Bitcoins are in circulation. Complexity and scarcity are attracting multi-billion dollar firms to enter the Bitcoin mining business.

Metrics have shown that there is increasing demand for cryptocurrency products in over-the-counter exchanges following recent hacks, namely the Coincheck heist in January 2018. Jeremy Gardner’s tweet may have contributed to a renewed sentiment in the market today, but other headlines have caught investors’ attention, including the report that Tokyo trading broker Monex Group is considering acquiring a majority stake of Coincheck for several billion yen.

Gardner’s ‘multi-billion dollar blocks’ observation goes in line with many predictions by investors and Bitcoin enthusiasts, such as John McAfee, that the currency will eventually be worth millions of dollars.

 

Image from Shutterstock

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