The rapid rise of Bitcoin (BTC) above $4,000 was most probably caused by concerted large-scale orders, reported Reuters. Afterward, the price rise on some exchanges triggered additional activity through bot trading, leading to prices above $5,300.
Oliver von Landsberg-Sadie, CEO of BCB Group, noticed the anomalous activity, with $100 million orders on some of the leading fiat-to-crypto exchanges, Kraken, Coinbase, and Bitstamp.