While it was melting in most parts of the world and at risk of losing the S$26,000 support, bitcoin reached a rapid and unprecedented valuation on a brokerage, starting to trade for $70,000.
Influencer Richard Heart, who owns the platform, captured the moment and communicated to his followers about the situation, using the WBTC token, a form of synthetic bitcoin used on DeFi platforms.
However, many understood that the influencer, with 325,000 followers on Twitter alone, just wanted to show off his platform, that is, a marketing ploy.
Bitcoin valued to $70 thousand in unknown brokerage?
Bitcoin’s current price record still stands at $69,000, reached in November 2021, when the currency phase reached numerous new investors.
Since then, the market has turned downwards and the dollar quote of the digital currency has experienced consecutive declines.
So by claiming that bitcoin reached $70,000 on its platform, called Pulsechain, an influencer was trying a cheap marketing ploy with followers. Initially, many noticed that he was just trying to introduce his brokerage, claiming that the price is better there.
Others claimed he staged a coup by presenting his platform by telling a lie.
“Good news #Bitcoin. You reached an all-time high of $70,000 on PulseChain.
good news #Bitcoin. You’ve reached a new all time high of $70,000 on PulseChain. https://t.co/Zpqj7MlWam pic.twitter.com/OqRq2jnCRO
— Richard Hart (@RichardHeartWin) May 24, 2023
It’s worth noting that, on the day bitcoin reached $70,000 on Pulsechain, it had also only cost $14,000 an hour before that. That is, everything indicates that the broker does not have a large volume and therefore the price is subject to strong volatility.
Considering this, the broker is more dangerous for traders than the others where the market finds a better price balance. In addition, the image has been linked to delivery delays in recent months, which has upset many of its users.
What is the reason for the influencer’s alleged lie?
Arbitrage is a process whereby investors buy an asset in a market where the price is lower and sell that same asset in a market where the price is higher, taking advantage of the price difference.
In the case of Bitcoin, due to its digital nature and the fact that it is traded on multiple exchanges around the world, there is a constant flow of buying and selling happening across different platforms. This helps keep prices aligned within a certain range, as if there is a large price difference between brokers, investors can take this opportunity to participate in arbitrage.
When the Bitcoin price is higher on one exchange than on others, traders can buy on the lowest priced exchange and sell on the highest priced exchange, guaranteeing profits. These arbitrage actions help to equalize prices on all exchanges, reducing price differentials over time.
Importantly, while exchanges can experience slight variations in Bitcoin prices due to factors such as liquidity, local demand, and operating costs, arbitrage tends to move quickly to eliminate large price differences. Thus, many understood that the bitcoin price did not actually reach $70,000, which is an unrealistic price in today’s market.
Source: Live Coins

Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.