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Was Bitfinex Behind Bitcoin’s Price Rally?

 
Was Bitfinex Behind Bitcoin’s Price Rally?
Exchanges / Breaking News / Bitcoin

What a weekend it has been for the crypto space! Bitcoin just touched $7,500 in what seemed to be some unbelievable price surge so short after the leading cryptocurrency hit the $6,000 mark.

It’s just so unexpected after a year of turmoil, and with the recent breach on Binance that Bitcoin is still defying the odds is nothing short of incredible.

The trading volumes in BTC have made some serious gains over this weekend. In fact, they even went to an all-time high of $29 billion yesterday which surpassed the previous record set on January 8th in 2018.

If anyone was to tell you that they weren’t surprised by the rally, they are almost definitely lying to you.

The reasons for the breakout have been seen as anything from institutional fear of missing out to the start of New York Blockchain Week.

BitfineX

Bitfinex has now been thrown into the mix.

A lawyer a Bryne & Storm, Preston Bryne has brought up Bitfinex in a blog related to the recent rally.

The layer claims that the Bitcoin rally could be connected to the happenings over at Bitfinex, the crypto exchange in the eye of a New York Attorney general storm.

Bryne took to Twitter to say, “if you're partying about Bitcoin's price, here's a timely reminder that everything you think you know is a lie”, with a link to his website.

The infamous Bitcoin hater, Nouriel Roubini responded to the tweet in support:

Bryne states:

“Dramatic run-ups in the price of Bitcoin strangely seem to coincide with large exchanges having banking, withdrawal, and possibly solvency problems. This was the case with, e.g., Mt. Gox in 2013, and some have argued was also the case with long-suffering crypto exchange Bitfinex in 2017.”

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