Bloomberg: Bitcoin's Recent Renaissance Could Be Linked to Algorithmic Trading

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The recent crypto market jump could be linked to algorithmic trading, Bloomberg writes on Wednesday, April 3.

Algorithmic trading - a method that uses automated software to detect trends and determine when trades should be made - has been on the rise in the last few months, according to Bloomberg.

While crypto funds in general lost around 72 percent due to the 2018 bear market, these algo funds reported on gains of between 3 percent and 10 percent per month during the so-dubbed crypto winter.

As experts told Reuters, a 20,000 BTC order was spread across United States-based crypto exchanges Coinbase and Kraken, as well as Luxembourg's Bitstamp.

Some entrepreneurs quoted by Bloomberg think that algo trading will have a positive impact on the crypto industry.

Wei Zhou, CFO of Malta-based crypto exchange Binance, says that they are going to be the new rock stars of the industry.

Travis Kling, founder of the Los Angeles-based crypto hedge fund Ikigai, told Bloomberg that some of them could use fake orders to trick other traders.

Bloomberg has issued a series of articles and TV spots citing the possible reasons behind the visible market uprising.

Bloomberg author Eric Lam recalled an April Fool's Day story that claimed that the U.S. Securities and Exchange Commission had finally approved a Bitcoin ETF as possibly affecting the crypto markets.

Another reason cited by Bloomberg is the upcoming question of Brexit, as some believe that investors are changing pounds to BTC in the wake of Britain's divorce with the EU..

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