Whales, institutions, normal buyers. With the combined purchasing power of the normal buyers just like you and me, it creates a demand that affects the price to increase.
In simple explanation, that's what happens when the price goes up. The demand is high. And another one is when there are millions of newly printed Tether.
In simple explanation, that's what happens when the price goes up. The demand is high. And another one is when there are millions of newly printed Tether.
Add Bitfinex there.
Since bitcoin is mostly being traded against Tethers since a while, whoever prints those tethers are in control of Bitcoin's price.
That's only my thought. Take it with a grain of salt.
Because when it does, they print almost unlimited money that also injects to the market that boosts bitcoin temporarily.