Bitcoin [BTC] less than $ 5,000 on Kraken before Bitfinex-Tether-induced bears

Bitcoin [BTC] recent volatile fluctuations may be related to the recent drama surrounding the Bitfinex cryptocurrency swap and its Tether [USDT] farms. However, a few hours before the event, a stock exchange had seen a massive drop in the price of Bitcoins, which led to speculation about pre-existing information about the market trough.

Kraken, the US cryptocurrency giant, witnessed a major Bitcoin dump, which allowed the coin to drop below $ 5,000 before the New York Attorney General's announcement. No concrete evidence suggests a correlation between BTC's price drop on Kraken and the imminent announcement, but many community members are curious.

Timing being the key to this episode, it should be noted that the news of Bitfinex was broken Wall Street Journal at 11:20 pm ET on April 25. The crash that followed, according to the data of the exchange, was recorded at 2100 UTC or 1700 UTC, that is to say a few hours before the information communicated by the Attorney General's Office was made public.

Source: Kraken

According to the timing alone, the Kraken dump took place before the publication of the WSJ report and before the collective sale of Bitcoins by the collective market allowed the first cryptocurrency to fall below $ 5,200.

In addition, a possible return of Bitcoins stolen in August 2016 could also be the reason. Two years ago, Bitfinex, suffered piracy of more than $ 65 million, resulting in a drop of more than 35% in the funds of their investors.

After weeks of upward movement, the bulls of the collective markets have been hit by the Bitfinex-Tether test, bringing the market capitalization below $ 170 billion for the first time in weeks. The price of Bitcoin has undoubtedly been a huge success, rising from a high of over $ 5,600 on April 24 to less than $ 5,200 three days later.

After the fall, the price of bitcoin on the US stock market remained at about $ 5,150, which confirms the market data.

Some Twitter crypto-currency advocates have suggested the "dirty spill" from Kraken's "illiquid book" as the reason for this obscure market move as opposed to the broader market movement.

Interestingly, Arbing Tool, a Twitter account that records arbitrage opportunities between the price of major cryptocurrencies on different stock exchanges has recorded significant price differentials, on April 25, between the price of BTC on Kraken and D & # Other exchanges such as Poloneix, HitBTC, OKEx.

Source: Twitter