An hour prior to the daily candle close for the 1st day of June, Bitcoin’s price jumped over $600 very quickly. This has assisted Bitcoin’s price in breaching the $10,000 mark once again and taking out the previously set high after the March crash of $10,080.
On BitMEX, one of the largest retail crypto-derivatives exchanges, this has caused over $127 million worth of liquidations as can be seen below.
[caption id="attachment_16122" align="aligncenter" width="1200"]
Source: skew.com[/caption]
The Aftermath
Shortly after this large pump, a whale bought over 3,500BTC in 10 minutes across a the following exchanges: Bitfinex, Bitstamp, Bittrex, Coinbase, Gemini, Itbit, Kraken. Alongside this buy, Bitfinex’s pricing for BTC gained a $40 premium over other exchanges, opening it up to arbitrageurs.
The peculiar buy and strange premium was first made public by CoinMetrics.
This peculiar price action was accompanied by over 3,500 $BTC volume in the 10 minute candle pic.twitter.com/dPTMnHDjN0
— CoinMetrics.io (@coinmetrics) June 2, 2020
Coinbase Outage
Coinbase, one of the largest crypto-exchanges bringing forward a massive volume for spot BTC, underwent an outage at the same time as the large move. This isn’t the first time this takes place which really makes us wonder how they haven’t yet fit their systems for large moves given their abundance in the cryptocurrency market.
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