Bitcoin Nears $11,500 - Almost Double The 'Mystery Dip-Buyer' Lows

Bitcoin is now up 15% in February - after January's worst month since Dec 2013 - and up 94% from the lows in early February when we first reported a mystery dip-buyer bought $400 million of crypto...

After the ugliest month in over 4 years, February is rebounding fast...

As Bitcoin almost doubles off the mystery-dip-buyer lows...

 

As we first detailed in the early Feb plunge, according to BitInfoCharts, a mysterious buyer with a Bitcoin address of 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 purchased an astronomical amount of bitcoins worth $344,000,000 at a blended cost basis around $8,400 from 02-09-18 through 02-12-18. In total, this Bitcoin whale doubled down adding nearly 41,000 coins for a new total of 96,000 coins worth somewhere around $900,000,000 at today’s price ($9,400).

 

Bitcoin address 3Cbq7aT1tY8kMxWLbitaG7yT6bPbKChq64 is number three on the top 100 richest Bitcoin address in the world.

The table from BitInfoCharts reveals the centralization of Bitcoin wealth. 

Last night, we reported how South Korea officials downplayed the threats of a ban, which has sent Bitcoin well over +11 percent since to 9,400-handle.

The catalyst for the leg higher appears to be South Korea once again as regulators downplayed any threats of a ban.

As Bloomberg reports, South Korea’s government gave the strongest signal yet that it will allow cryptocurrency exchanges to keep operating in the country, a welcome development for traders who had feared an outright ban in one of the world’s biggest markets for digital assets.

Policy makers will focus on making cryptocurrency trading transparent rather than outlawing it altogether, Hong Nam-ki, minister of the Office for Government Policy Coordination, said in a video a posted on the presidential website. It was the government’s first coordinated response to the public uproar over a justice ministry proposal in December to shut digital-asset exchanges.

But as we have noted previously, this rebound is very much the norm, seasonally as China’s lunar new year hits this week…

 

The question is - has The Nasdaq-VIX-Bitcoin codependence broken?

Comments

Automatic Choke pc_babe Mon, 02/19/2018 - 20:44 Permalink

Why is the headline always slanted for such astoundingness?

No, it isn't "SOMEBODY BOUGHT $400M of bitcoin".... it was

"$400M of bitcoin traded".

How about writing an article about the seller(s) of that $400M of Bitcoin, who are now shitting themselves over their missed paper fortune?   It always takes two sides to make a trade, and the market settles at whatever price makes both parties happy.

In reply to by pc_babe

JibjeResearch Mon, 02/19/2018 - 19:57 Permalink

These are the coin to have long term:

BTC,BCH,BTG,BCD,BCA

LTC,LCC

ETH

Any business that requires trust will be using blockchain in the future because human is not good with trust.

JibjeResearch Liquid_Silver Mon, 02/19/2018 - 22:58 Permalink

Oh... my bad :)

I don't know much about Bitconnect... or most of the crypto out there...

I listed those coins because those coins are used to fund other cryptos...

The crypto world is big...  can't keep up... bro...

Best Wishes...

Edit:

BCC's 24hrs volume is around $115K.  This is not a lot of support.  90% of the cryptos will not survive the test of time.  They will fail...  Look at fiats, only about 5 matter: USD,Yuan,Euro, Yen, Pound .. 

Those coins that I listed are used to prop up other crypto system; thus, I call it the fundamental coins.  I could be wrong, but the probability of being right is better than ... another coin ... such as...Zcoin... random pick..

In reply to by Liquid_Silver

nmewn Bay of Pigs Mon, 02/19/2018 - 20:27 Permalink

Its sad.

Ya try to tell the nuubs about the pump & dump artists but they never listen. They attach all sorts of psychological rationale to what they're doing, from "Fighting the Man!" to "It's a whole new paradigm of money!"

On the upside...

Every pump & dump scam creates a brand new crop of smarter investors, with only half as many pump & dump "artistes" among them, the maff is against them as a species ;-)

In reply to by Bay of Pigs

tion nmewn Mon, 02/19/2018 - 20:38 Permalink

>It's a whole new paradigm of money!

Psychological rationale? Do you realize that Federal Reserve Notes are debt instruments that confer privilege and compel obligation (performance)? Volunteering to earn and transact in debt instruments sounds psycho-logical to me..

In reply to by nmewn

nmewn tion Mon, 02/19/2018 - 21:49 Permalink

Yes, I do sweetheart.

What do you think compelled you to respond to me (was it psychology, perhaps?) and what do you think most of the market cap of BitCoin will/has been converted to?

You fall into the classic bag holder type, you feel for the righteous of your cause, you shouldn't when some of those "in your camp" are only in it for the money.

I'm not happy to say these things to you because you are a good person but it needs to be said and if you find offense it wasn't intended.

I call many ladies sweetheart (an assumption on the internet to be sure) its just a term of endearment ;-) 

In reply to by tion

tion nmewn Mon, 02/19/2018 - 22:53 Permalink

I am used to camping alone :)  

I was compelled to respond because I felt that you were being disingenuous. People shouldn’t get caught up with the speculative greed frenzy these pump and dumpers are feeding, but the psychological rationale/ logic and reason arising in the mind for supporting bitcoin still stands. No offense taken. I didn’t down you, but it seems to me that only the morally bankrupt would think the wickedness and greed of others is a good reason to abandon righteousness.

In reply to by nmewn

Bunga Bunga Bay of Pigs Mon, 02/19/2018 - 21:31 Permalink

Naturally, members of the Fonestar Brigade return after BTC shits the bed from $30 down to the $1 handle. 

Pure rank speculation at this point. Good luck.

Naturally, members of the Fonestar Brigade return after BTC shits the bed from $250 down to the $50 handle. 

Pure rank speculation at this point. Good luck.

Naturally, members of the Fonestar Brigade return after BTC shits the bed from $1200 down to the $100 handle. 

Pure rank speculation at this point. Good luck.

F.I.F.Y.

 

In reply to by Bay of Pigs

RedDwarf Bay of Pigs Mon, 02/19/2018 - 21:37 Permalink

"Naturally, members of the Fonestar Brigade return after BTC shits the bed from $20K down to the $5000 handle."

BTC has done this multiple times before.  It's massive drop however still left it multiple times above where it was before the run up.  The volatility may be huge, but the trend has been massively upward.

"Pure rank speculation at this point. Good luck."

Any given blockchain is highly speculative, that is true.  The technology itself however is not speculative at all.  It fixes the problem of 3rd party counter-risk for verifying transactions.  That will dramatically change society.  It is one of the greatest social innovations of all time.

In reply to by Bay of Pigs