[2021-10-01] Bitcoin price continues surge as Fed chairman says ‘no intention to

LeGaulois

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I have got a tweet to show you about Edward Snowden saying Bitcoin got stronger despite government crackdowns, in which I half disagree

A coordinated global campaign by governments:
I don't think it's coordinated but for sure the governments are active on this. But let be honest, they suck at doing their propaganda. We're lucky to get some clowns as politicians. there is too much green light for bitcoin now, it's too late. So instead of trying to deny and bash BTC all the time, why not look for some advantages?

Oh I know, that's because Bitcoin is the people's money and not the state's money. Roll Eyes

Making BTC stronger?
As I posted earlier, I find BTC more volatile than before when there is the slightest government intervention, 10% within hours after, how strongly do you call that? If it was the case, then

Quote

People are now used to China's announcements about cryptocurrencies, it shouldn't touch the market anymore

Edit: My bad, stronger is compared to last year. So yeah in this case I agree

stomachgrowls

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Get already used to it whenever positive sentiments been heard out then its neither it is relevant or connected on how the market moves.We can make out presumptions but doesnt mean that it is the
precise reason on why bitcoin price move up that way.

5-10% single swing or a in short span of time is already been a normal or typical movement but cant really blamed out the community on having these kind of impressions.

Price surge or decline do always have neither have reason or not and there would be attached events or news or words out from those known people/institution or what.
We've been seeing lots of similar sentiments in the past, if they do recognized bitcoin then its good but if not then let them be.

cr1776

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Quote from: LeGaulois on October 01, 2021, 04:29:14 PM

Within a few days:

China announces all crypto transactions illegal => Bitcoin's price lose ~9%
The Federal Reserve announces no intention to ban Bitcoin => Bitcoin's price takes 10% in less than ~6 hours

I find Bitcoin to be much more volatile than 'usually' for the past few weeks. And more when it comes to a government opening its mouth to talk crypto (for good or bad). Remember as well all the recent interventions from companies, Tesla, MicroStrategy, etc...

People are now used to China's announcements about cryptocurrencies, it shouldn't touch the market anymore.
In the USA, the slightest government or FED intervention regarding Bitcoin and the market reacts within hours. (I can't imagine what would happen if the country would do as El Salvador did and announce BTC as its official currency).

Doesn't it smell like an upcoming pump on the price?
If this does happen, I can tell you that we will have a merry Christmas 🎅

I saw an article last week talking about how several years ago a lot of the trading in bitcoin occurred during what would be nighttime in the US whereas now a large majority occurs during the day in the US. To me it shows how the bitcoin economic power is leaving China.

I don't know what anyone would expect though: authoritarians, statists and totalitarians don't like people to be free to protect themselves from inflation and their governmental power, so the Communist Chinese Party couldn't abide by having bitcoin legal.

Wherever you see governments cracking down on bitcoin, know that liberty is then being curtailed there and prepare accordingly.

One certainly hope we have a merry Christmas! :-)

stompix

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Quote from: LeGaulois on October 01, 2021, 04:29:14 PM

China announces all crypto transactions illegal => Bitcoin's price lose ~9%
The Federal Reserve announces no intention to ban Bitcoin => Bitcoin's price takes 10% in less than ~6 hours

Shows where the economical power is and where poeple perceive real power and influence is coming from.
This news, although I'm not really sure was the only one causing the pump it's like the final drop in my cup of virtual vengeance as for years I've told people China's real influence in crypto is diminishing step by step and it is minimal now. It started with the downfall of their fake volume, the exchange feeling, minimal real-life usage in shops or venues, and then a continuous decrease in their share of mining. By the time the ban came China had almost nothing left, it has destroyed its mining hubs already, and the real impact has been seen in the prices, if there would be a way to accurately measure this I would be willing to bet people from outside China were more concern about the ban than Chinese, for most of them crypto was already a closed chapter.

It's the last proof that what matter is the US, the states have become the center of both attention and growth, step by step they are starting to dominate everything, from companies to mining, and hopefully, we won't care in the future what China or Russia or whatever god knows what forgotten country does.

LeGaulois

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Within a few days:

China announces all crypto transactions illegal => Bitcoin's price lose ~9%
The Federal Reserve announces no intention to ban Bitcoin => Bitcoin's price takes 10% in less than ~6 hours

I find Bitcoin to be much more volatile than 'usually' for the past few weeks. And more when it comes to a government opening its mouth to talk crypto (for good or bad). Remember as well all the recent interventions from companies, Tesla, MicroStrategy, etc...

People are now used to China's announcements about cryptocurrencies, it shouldn't touch the market anymore.
In the USA, the slightest government or FED intervention regarding Bitcoin and the market reacts within hours. (I can't imagine what would happen if the country would do as El Salvador did and announce BTC as its official currency).

Doesn't it smell like an upcoming pump on the price?
If this does happen, I can tell you that we will have a merry Christmas 🎅

Woodie

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Bitcoin price continues surge as Fed chairman says ‘no intention to ban’ cryptocurrency

Bitcoin continued its surge Friday morning, rising by nine per cent to $60,196 (US$47,536) — its highest level in 12 days.

The most recent gains, representing a $4,520 jump since closing on Thursday night, comes after U.S. Federal Reserve Chairman Jerome Powell said he has no intention to ban cryptocurrencies.

When asked in a House Financial Services Committee meeting on Thursday by House Representative Ted Budd (R-N.C) if he was looking at imposing similar restrictions like China to ban or limit cryptocurrency, Powell said “No.”

“(I have) no intention to ban them,” he said.

One week ago, China’s most powerful regulators cracked down cryptocurrencies putting a stop to crypto transactions and mining, which caused a dip in the market.
Read more http://globalnews.ca/news/8235516/bitcoin-price-surges-says-no-intention-to-ban-cryptocurrency/

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