Bitcoin Price Latest News Update: Cryptocurrency Sets New Record; Rumors Point to a Group of Wealthy Traders as the Cause

By Faith Baquirquir, Christian Post Contributor Wednesday, August 09, 2017

Gaining a boost of confidence in Bitcoin, investors have made the cryptocurrency hit an all-time high last week on Aug. 2.

According to a Business Insider report, Bitcoin is now up 0.96 percent against the dollar to $3,260.80. This follows the surge over the weekend, which saw the cryptocurrency reach a record-breaking price of $3,200 per coin for the first time in history, and reach an all-time high of $3,344 per coin.

All this happened after Bitcoin Cash was split from Bitcoin last week.

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"On a market cap basis, the price rise in bitcoin very closely mirrors the decline in Bitcoin Cash, indicating that investors are selling their Bitcoin Cash for Bitcoin," said trading platform eToro market analyst, Matthew Newton, as reported by Fortune. "Additionally, investors that preferred to wait out the hard fork last week are now moving back in," he added.

The price of its rival cryptocurrency, Bitcoin Cash, has been experiencing a dip since the start of the month. It has been slowly recovering this week, with a reported 28 percent increase, but it still pales in comparison to Bitcoin.

Meanwhile, there are rumors that a single trader or a group of wealthy traders nicknamed "Spoofy" is behind the surge.

According to Coin Telegraph, the group is rumored to be manipulating the Bitcoin market. It got its nickname from the act of spoofing in which a trader makes a huge buy order or sell order in hopes of moving the market. The catch is that if the price approaches the trader's order, there is a big chance that it will immediately be canceled.

Spoofing is common, especially in the unregulated Bitcoin markets, but it is actually illegal. The identity of Spoofy, whether it is a group or an individual, remains to be a mystery.

Despite the almost believable rumor, eToro's Newton thinks that it is unlikely that spoofing is responsible for the surge because it is already a well-known tactic to traders.