Topic: Bitcoin dumped to $89k then pumped to $97k the next day - the reason why (Read 568 times)

Actually, if we follow in cryptocurrency market, we can see that bitcoin price is remain $98k up in this time. We also know that cryptocurrency market is always depending on up and down. I think that it also a very simple matter for crypto market. We also know that yesterday we can see that bitcoin price is remain $99k up. I think that it will be a common factor in cryptocurrency market. So I think that in this time we should not be worried for this situation. But I believe that within a short time bitcoin comeback it's best price in cryptocurrency market. So I think that we should wait until for reach best position in bitcoin price.

TBH I find myself zoning out of the Bitcoin Market lately.

Do I need to know what caused the latest dump or pump? IMO no I really dont, its the nature
of the Bitcoin market, its volatile, always has been. The market movements dont change my life,
and they dont change the amount of Bitcoin in my wallets.

All the previous dumps and pumps fade into history, we can always revisit them of course, the
big ticket ones like MtGox and FTX and such which moved the markets but there are daily events
which affect the market -  tomorrow is another day!

And talking about the news and the price itself, we are seeing $97k again. And this could be due to the tariffs,


https://www.whitehouse.gov/fact-sheets/2025/02/fact-sheet-president-donald-j-trump-imposes-tariffs-on-imports-from-canada-mexico-and-china/

So nothing has change though since Trump become the President. There could be news that will contribute to the pump.
And then there are news that are going to have negative effect like this one, as we have come from $101++ or more to the current price of $97k. It even went as low as $91k if I'm not mistaken.

Yes, that's also my theory whenever a dump happens. News about Bitcoin can affect it but it's mostly upward if it's on the trend. But whenever a dump happens, I think whales are trying to make profits by selling and this is not just one whales, could be a group.

I am watching this guy Crypto Kid and he is trying to connect a Bitcoin dump that is to happen because of Trump's introduction of tariff to Mexico and Canada. Again, why is Trump always looking at the other countries first and not his own? This is what he did last time he was seated.
https://www.youtube.com/watch?v=RA9jwDfZmXY
Uncertainty. He says it could be dumped because of that reason since Trump is so unpredictable. But, it could just be a short-term thing if suddenly no one wants to deal with US anymore because of the tariff. He has some good explanations so I guess we could just watch it.

It may have contributed to the pump if the news is true but it isn't then it wouldn't have contributed to the pump although it is not the first time it happened because it also happened before but I am not quite sure when it happen. If you ask me about the reason why the price decrease is that many have dump some of their funds or maybe all of it for profit and the pump is when others have bought the coins that are sold during that time (I iay have been wrong though).

From high $105k earlier during midweek then the sudden downturn back down to $97k is pretty normal then.
Alright so we should expect anything from a $94k by tomorrow or even a $59k by midmonth with the rate of these so called normal fluctuations of 24 to 48 hour periodic changes in the price.

Have seen a quote from an account on X now set to private from viewing these posts on the price of bitcoin's correlation between the news and sudden changes on the market:

I simply think that this is not much different from the presence of new coins or tokens that are listed on several exchanges at any time, but in terms of advantages, new players could emerge who are able to present fresher and more innovative breakthroughs, but in general the presence of these new players is considered as one of the diversification of the global AI ecosystem.

But does it mean that DeepSeek isn't well prepared because I see it as another emerging company who's ready to compete with OpenAI and Google's Gemini in the Artificial Intelligence industry. They've also been generating a large language model to rival these western AI companies. The focus of China has been on generative AI, multimodal AI and natural language processing which seeks to complete with the likes of OpenAI. The western media has however been criticizing DeepSeek and expressed their deep concerns about risks associated data leaks and infringement on user's data privacy  by the Chinese government. ChatGPT and Gemini is remain some of the best industry giants in the Generative AI industry today.

I personally agree with you supply and demand are the keys to all of this to assess a coin up or down regardless of market sentiment as an object of assessment as well. I think for June we should also see the correlation with the historical chart of BTC prices last year at least even though the numbers are different from now but what I mean is the pattern will be the same later.

Yep. NVIDIA and stock market due to them took the hit recently, and I do think that was the case with the situation back then a few days ago, and look where we are now 

yeah the price swing is pretty normal and we've seen this kind of thing so often when BTC was at the level of $59k.

don't even need reasoning, we just know that at some point there will be flash dump and fast recovery with BTC since the nature is still pretty volatile and that's just how bitcoin is.
meta proposal can easily be dismissed just like microsoft's and I don't think it's such a huge news and I also don't think it's the force that drive the fast recovery.

Bitcoin price has indeed seen a much faster increase and that can be seen from the number of adoptions that have started to happen and even strategic reserves are being talked about by most countries and companies now. This shows a positive trend towards the journey of Bitcoin despite the price being volatile along the way and the more adoption that happens the better the prospects of the journey of Bitcoin in the future. Regarding the ups and downs in the journey of the price, it is a natural thing because it is impossible for it to change quickly according to desire and if it doesn’t look speculative it might not be called Bitcoin.

There are many reasons for the increase or decrease and it happens based on several events as it has happened in bitcoin. But the reason for supply and demand is a big thing that affects bitcoin to continue to grow as it is now. Even in the near future it is possible that we will see prices higher than before and I predict that it will happen in the month of June based on several combined analyses by analysts.

A proposal is far from a closed deal, but the amount of money is significant enough that even potential approval apparently played its role. In any case, these are such minor and short-lived fluctuations for Bitcoin that I'm not paying attention to them. Yes, it's not something that happens every way, but it's not a huge deal either. But adoption-wise, I believe it is good when big companies invest in Bitcoin, as it increases public trust in it and contributed to market capitalization.

Now any stupid news item can control the price of not only Bitcoin but also the entire stock market. And we have seen this now, for example, news from DeepSeek. The fact is that the news was received by the whole world shockingly, although now it turned out that the Chinese created a poorly protected neural network from a security point of view.
This means that OpenAI has such high expenses for a reason. It is better to overpay but have a safe AI that will not create a data leak after a while. Perhaps that is why we have been seeing positive sentiments about Bitcoin and other crypto for the second day.

Agreed.
We will see big moves in 2025 for sure, we just don't know when the dominos will start to fall.

The overall macro prospective for Bitcoin is very positive and with the Bitcoin strategic reserves and other countries following it we cannot imagine how high the price of Bitcoin will be in the next few months and years.

However this is not that we will move up straight and there will be lot of ups and downs. Talking about the current price action for Bitcoin,  the prices ranging from 89k to 106k and this has been a range bound market for quite sometime now. This range can break at either side, either we will see all time high again or we may see another pull back before going to all time high.

I searched online news about Ethan Peck's proposal for bitcoin reserves as an effort to combat inflation and maybe he has a strong belief in bitcoin as a hedge so he dares to propose the proposal but if the board of directors does not approve then it seems difficult to implement the proposal because as far as I know every director must have different beliefs from his idea. Mark Zuckerberg himself as CEO is starting to be indirectly interested in bitcoin so this step should be good to implement.

Thus more and more companies are starting to involve their portfolios in bitcoin investments and most of them argue to protect the value of their assets because talking about inflation that could possibly get out of control at any time so it does not affect the company's financial value indirectly.

It will need lots, lots of confidence from the board to even consider implementing such steps ahead.
Surely, they would be able to see the potential in Bitcoin, but they would consider risks very carefully, due to them not using it for such matters beforehand.
I do think the money we are talking about are huge, but it's a tear drop for the Meta, imo.

Although it has a relationship to the occurrence of a bitcoin downturn in the near future, I see the process happening naturally as usual and also influenced by other events that affect the decline in the price of bitcoin. In relation to the increasing adoption value, trust in bitcoin is growing and basic considerations related to hedging that are often discussed by most people and Meta itself may start to consider it. A majority of the Meta board needs to vote to smooth the move and maybe the testing phase will occur after that is agreed upon carefully.

That's a good decision because even though there is debate to reach a full vote, it requires approval from the Meta board itself. $ 72 billion is a large amount and requires approval that may not be easy to implement directly and allocating it in full at one time may be something that needs to be thought through carefully.

Oh, another hit.
https://www.reuters.com/technology/french-investigators-open-money-laundering-probe-against-crypto-platform-binance-2025-01-28/


French investigators open fraud probe against crypto platform Binance

This will probably make another dump. Let's see if Binance is still influential in the market whenever bad news comes out that includes them. I mean, there will always be the scaredy cats that will press that sell button when they see news like this. Maybe 5k - 8k down? Who knows?

Any positive sentiment or fundamentals is always been that a good news and this is always been that a good thing to the market. Jumping $8k a day? This isnt really that new because 5-10% movement in a day whether dump or pump is really just that like an ordinary day.If you are just that new then you will be that having those kind of impressions but if you've been here on this market for a while or for how many years then you will be seeing that this is really just that a small movement in the price but if you do make out some short trading then this would already that be that significant but if you've been holding then it wont really be that an issue or something significant.

If you've been here on this market on which these sentiments doesnt really make out some effect into the market on which on the moment that you are seeing some news or events on which it isnt really that giving out that effect and just like there's nothing, but now in todays on which the market is really that becoming highly reactive but not all the time though but we can be able to survive something when it comes to often effects on which it will really be that most traders are already that eyeing for any news on which it is really that making some impact now and its really that not good to ignore up these things.

Again, the money is divided thanks to that Trump coin.
$6.6 billion market cap, $200 million circulating supply, and a volume of $4.45 billion for every 24 hours.
https://coinmarketcap.com/currencies/official-trump/

After writing that, I exhaled with disappointment. Bitcoin may not be down now at $105k but still this could affect it's market. It may not be now but we all know how investors could sometimes be foolish by joining the hype and riding the new boat. Everyone could make a mistake but doing it twice is not funny anymore.
This is a memecoin for crying out loud.

and when you keep a close watch on this like this because you never can tell when you will get lucky and it does not make sense so it will be better you have time to always keep track of all this news because that is the most important, opportunities like this are very few and they will need to be serious about following up with every single thing and because buying the moment the price dropped and selling when it bounced by is a good time for profit to be made.

And with the nature of Bitcoin is something that is always used as an advantage, especially for holders and most times for traders every single time is an opportunity is either make a profit or lose money that is one of the most common things that happens in crypto generally.

having a sleepless night in this era is just stressful when you can even set limits on when to buy and when to sell this is one of the easiest ways to even run your business because sleepless nights will only end up affecting your health.

You have a point because many things could contribute to some certain behaviour of the market (hidden or obvious), however, my sincere view can't attest to that as the reason, it's not the first time such a rumour or news has happened without a noticeable effect in the market. Good, it could have been huge that way (if it happened) if Mark Zuckerberg who is known for his traditional fiat way divulged such a plan.

Regardless, my reasons for such market behaviour are; 1. purely technical reasons and 2. persistent decrease in inflation reports (CPI, PPI and PCE)

you say $8k-$10k swings not normal, not seen before

how about see it as percentages and it will make more sense to you
realise we are in the ATH season

and fair warning, if you are upset now, just wait for the (post-ATH) correction season when the price corrects(in a bear/downward dorection over all).. if you wanna see price dips of significant amounts, you will see it in the correction season, so for now calm down,

also last piece of advice. if you have no intention to sell this week. you are not losing anything because you are not actually selling at a loss.. so dont worry about the dips if your not gonna sell at a loss.. instead take the opportunity of a -10% dip to buy a little more. and then when the price returns to the 10%+ position you can cash out that small allotment thats now 10% more and better in one day than any bank interest rate would offer if held for 2+ years
(leaving your main stash untouched/untraded thus not at risk)
rinse and repeat the waves of 10% advantage using a small fresh stash and see how many times you can accumilate in a month or two without risking your main stash

in short, if you hoard (hodl) your stash you cant lose because your not selling at a loss
(saylor isnt selling his main stash, he dont care about market prices 10% dips)

Of course it is not a stable coin, nowhere on this thread this was stated.
And as with all stable coins their value should not change since that is what they are - stable.
USDT is always a dollar USDC is always a dollar etc.

If they are not then there is definitely a problem as in with the market collapse or an exchange going under that those stable coins represent such as FTX.
Tether was created by Bitfinex if I am not mistaken. So if they go under for whatever reason just like what happened to FTX then USDT would show in it's value as being unstable.

Bitcoin is completely volatile, I do not disagree with you on that.

But the sudden $8,000-$10,000 swings is not what we as investors in BTC see on a normal trading day.
With those kind of volatility signals something is happening that is either scaring or bring confidence into the cryptocurreny markets.

So that was the point of this thread when I first noticed this happening and now more than once within a 24 hour timeframe in less than week.

If you call this normal then you have been in the cryptocurrency space and have been watching bitcoin longer than I have when it would was worth alot less. So one would lose a couple of bucks instead of $100,000 on a single price movement such as this.
Just ask Michael Saylor on this with his millions worth of bitcoin being hodl.

#buy-low-sell-high
#buy-the-dip #sell-the-hype

This is the best thing anyone investing in bitcoin can do for himself.  The different speculations about bitcoin price movement sometimes wants to make me wonder if people no longer see bitcoin as a volatile asset.  Bitcoin's price will definitely fluctuate whether we like it or not and the different speculations will not not change anything about the price movements. Every investor should have an investment goal, once they reach that goal, they can withdraw their bitcoins or do whatever they wish with it. The most important thing just as you have stated is for everyone to invest in such a way that they do not need to have sleepless nights over Bitcoin's price movements or get all emotional over every news on the internet.

These days, I’m gradually loosing interest on having to talk about why Bitcoin price did this X and that Y. It often turns out that we are speculating at the end of the day and that’s all there is about it. The most acceptable reality to it all is as you’ve stated, ‘we all just have to accept the fact that, Bitcoin is going to rise a lot these days’ which comes with good reason, it’s gained traction and caught the attention of many on lookers as, what was advised against is now been looked up for investment purposes by the government.
The most useful thing to do, pick up Bitcoin investment in a way that, you wouldn’t mind about the volatility.

rdbase, the prices are going to move alot in this ATH season.. accept it and allow your emotions to relax, train your mind to look for opportunities and not be fearful of the movements. things like this are going to happen alot.

bitcoin is not a stable coin. accept that its not a stablecoin and relax
even more then a decade ago people were talking about bitcoin being volatile not stable, so its common to remind yourself is not stable.. so please chill, it doesnt require daily price reports on the main bitcoin discussion category

as for talk about trump and his trumpettes... this is ATH season, dont try to think the only reason the price is in a upward trend month to month due to trump, people years ago could have told you when ATH season is (after a halving) so try not to make it about trump

It happened again yesterday. Started the day off $105k than all the sudden dropped down to $95k.
Now after all the weaker hands had left there was a new recorded All-Time High at $109,425.

Haven't heard about the one who Trump chose to head the SEC yet.
But just did a quick search and Paul Atkins who is a crypto backer is a turn in the right direction:
https://www.npr.org/2024/12/04/g-s1-36803/trump-crypto-paul-atkins-sec-chair

It can crash suddenly , who knows.. This happened before too crash %10 in a few mins

The whales, the biggest bag holders.

Their goals? Shake the weak hands out, buy their Bitcoin by creating panics.

We all know the Trump election and winning had brought a lot of positive outcomes on cryptocurrency as a whole, it's already seen that he is the first crypto lover president of all time and this alone has influence a lot of masses to consider holding some quantity of crypto for their own future sake. It's all good for the crypto community as we've been expecting this kind of news from the onset as this is the only news that had had great effects on the price action.

As for Meta, I don't think the reasons behind the rise of crypto comes from the news of putting $72B into Bitcoin assets, the crypto market is already volatile and moves based on demand and supply from traders and investors, it's quite the right time of Bitcoin to move that way as usual, it's nothing new but it's normal.

^ Heard good things about Paul, the future head of SEC, so maybe, just maybe - it's going to be a better term than what we saw during the previous SEC administration 

Not anymore! With the new head of the SEC who is a vivid advocate of bitcoin I can only see bullish things happening in 2025!

Just look at what a Trump presidency has brought the cryptocurrency community in just a few days from now and is posed to usher in a new age of bitcoin!


Nobody can tell me that this could of been accomplished with any other president put into the White House.
And not the reason why all cryptocurrencies including bitcoin has risen to over $100k again within a matter of two days.

Make Bitcoin great again.

Trump's new SEC leadership poised to kick start crypto overhaul, sources say
https://www.reuters.com/world/us/trumps-new-sec-leadership-poised-kick-start-crypto-overhaul-sources-say-2025-01-15/
This might do it right. The SEC had been attacking Bitcoin and other cryptocurrencies for over a year and more. Ever since the plan of the Bitcoin ETF maybe or further before that.
I think the change in SEC will do some good on the Bitcoin's value and it's not just Trump but also those who will handle it especially if it's done right.
All we can do now is wait. Trump has many promises and he might do some of them, I won't expect too much though.

It doesn't seem to matter much for the surge in price since any good news that billions are potentially going to be poured into it's market was enough to pump up the price. As we all know any negative sediment such as a major crypto exchange being hacked for millions worth in bitcoin or it scamming all their customers will certainly dump the price massively as we have seen with FTX several years ago.

It only takes one, as we have seen what Trump has done so far and the ATH of $108k recently was toted as the Trump Pump.


Watching the mainstream media today on Yahoo News they were saying that bitcoin is in sync with the S&P 500:
https://finance.yahoo.com/news/bitcoin-and-stocks-have-been-moving-in-sync-morning-brief-110025869.html

https://www.youtube.com/watch?v=oYokCSj5TQk

Trump even while ringing in the NYSE beginning bell for the trading day last month, talked greatly about how bitcoin has been performing since he was elected as President.


Meta plans to downsize their workforce by 5% so this might be a sign that they are cutting costs so to make this proposal a reality.
https://www.cbsnews.com/news/meta-layoffs-5-percent-workforce-cuts-low-performers
https://www.verdict.co.uk/meta-lay-off-low-performers
https://www.bbc.com/news/articles/c3e18lnl20po

https://www.euronews.com/business/2025/01/15/meta-to-cut-5-of-workforce-targeting-lowest-performers

if someone is thinking its worth making a post on a bitcoin main topic category about ONE DAY of price action
if someone is thinking its worth making a post on a bitcoin main topic category about UNDER 10% momentary change

then that person needs to calm their nerves down and realise bitcoin is not a flatline/stable coin

changes like this happen often. best advise is when it falls to 10% lower. dont panic. instead maybe take an opportunity to buy some discounted coin. or step back and wait a day to see what happens and realise its not a big deal on balance, over the average weeks price

using words like "dump" "pump" "significant drop" shows the person is getting emotional.. which wont be healthy when the actual ATH season action begins in the coming few months, so prepare to calm the emotions now, for the yet to happen actual significant movements.


also those involved in meta and the decisions of a reserve were talked about before the 14th, so anyone directly involved with meta would have reacted sooner. so its not about meta's actions.. its about rando emotional newbie traders reacting to old meta news they found out about days later via crap media (if indeed you wanted to try to relate it somehow to meta news)

..
what i find more direct cause, is the whales that use whale walls to control the extent of movements on public CEX exchanges, released the walls to allow natural trade flow and it dropped so they had to re-initialise their walls to bring the price back in balance

Maybe you are right.
And those who would hold long enough wouldn't need to worry at any case, even if the price would drop to 79k.
But who is manipulating here, in your opinion?

This is a proposal only. Or isit a confirmed news. If this comes out true, it can have a very positive impact on prices. Not only directly , it will increase the demand of Bitcoin but other companies also follow Facebook and this they will also do the same. It will create a very friendly environment for growth of Bitcoin.

Forget whatever you think you know.

1. Manipulation is ongoing, until Trump seize the President's sit.

2. Past history shows that this type of scenario happens on every past January before a new president takes over.

Presently my chart is showing upside strength in the coming days so nothing to worry about.

It's only one man though, as far as I know from another thread - but the news is indeed bullish.
Meta is onto something if they would conclude a positive outcome from this offer.
They would be able to take a bit of the lead for themselves.

There was no other news during this time concerning bitcoin that could of contributed to this sudden surge in price.
So you are going to tell me a $8000 upswing is normal for bitcoin within a day of trading?Can you tell me with what I responded to the above reply whenever bitcoin had a sudden swift of such an amount before in it's history within a 24 hour time frame?
And sure there will always be other events going on around the world that can be contributing to alot of different factors involved such as wars, economic and social strife that can impact all and every market.
But we are concerned about only one being discussed and that is bitcoin.
If a huge corporation who is competing with the likes of the platform now known as X and wanting to rival it's dominance in the social media era with it's own called Threads, announces they want to invest in one particular asset called bitcoin at the tone of $72 billion.
Wouldn't you say that would influence the market?
If you say no and can not see what is going on there, you are simply blind to the main fact of the market's true meaning then.

The crypto market is an open market that can be accessed at any time 24/7, so at any time the market capitalization can increase or decrease. I can believe if you talking about small cap altcoins, but this is Bitcoin. So, That's not the reason why Bitcoin price drastically surged in my opinion. Rumors or news like that only have an impact, regardless of whether the positive impact is big or small.

You've just managed to explain half of it, which is the part why it came back up after the Meta news, but why would it dump in the first place?

I'll answer that for you.
Probably leveraged traders getting their asses handed to them twice in a row, first when they went long at $99k, then switched to shorting bitcoin at 90k and got liquidated again. It's a hard job being a stock gambler.

This kind of news can easily trigger speculation thus I think that this announcement by Meta made a contribution to why Bitcoin recovers after dipping to $89k.

The recent Bitcoin price movement indicates that there is someone cashed out led to the market dip of $89k but more investors see this dip as a window to reinvest or put more money in order to take profit during this bull run thus enabling the market to recover instantly.

It is not intended to say that because this is the cause of the price back up again after the price dropped below $90K. If anyone asks me back what makes the price go back up, I also can't give an exact answer what is the cause.

I try to think that it is the cause of price increases with the assumption that it is positive news. In every positive news to Bitcoin, the impact on the increase can occur. I have observed some moments behind the price increase. If the FUD is hard distributed, the negative effect on the price also occurs.
I confirmed that what was meant by the contents of this request was because Bitcoin was a hedge for inflation that would occur.

While a lot of sentiments might follow this intuition of the news having to affect the market in a much positive way, I can’t say for sure that it was this news but, I understand the fact that, news such as these could influence investors decision. Even though it never stated that the whole $72 billion would be invested in Bitcoin but just a portion of it, if the shareholders could come to an agreement, it’s enough to cause a positive shift on the market. I was surprised where I saw price today in contrast to where I left it yesterday. Bitcoin could always do that to the much of my delight anyway.

This sharp drop and recovery isn't a surprise thing to me because there was a thread here I did talk about why Bitcoin will dip below 90k, Technically there was a massive liquidity that the price needed to mitigate before starting off its move back up and that's exactly what the market did yesterday and today, and now having the price done what I expected of it to do, I'm very confident about the price finding its way back up in this coming weeks and months to possibly reach a price of 120k and equally be eyeing $150k price mark between the month of February and March.

The reason for volatility (read: falling or rising prices) is: bitcoin is a free global market, operating 24 hours a day, 7 days a week, without bureaucracy and with total freedom to allocate capital whenever and wherever you want. It has nothing to do with news or other things, it is the nature of the free global market flowing naturally.

I don't know how true is this, because if this news was already among a group of people very active in the market then I am from them because I already saw this news days ago before this dump and they said the board's member have proposed this while the Meta company has $72 billion dollars in cash which means they can at least invest 2% or %5 I am sure if they would have approved the proposal, this would be the allocation.

Well, they still not accepted this proposal and I still really don't know what was the reason to this dip as I did not had time for the last two days due to work, I will just spend some time here to find out instead of going to google and read many article hehe. Well, the reason to dip is unkown but the reason to pump can be many people had funds in cash (that's a fortune) and they found BTC that cheap they picked it quickly without any other thought.

The market fell because it was chasing liquidity at the bottom and not excluding manipulation.
I always knew that the weeks before Trump inauguration would be volatile and we are seeing it now.

"Liquid" which means to say that if ever this becomes a reality the majority of the board from Meta votes for approval, they can dump it at any time as they wish.

I'm already thinking of them dumping it wherein they haven't voted yet and it's not yet final.

Meanwhile, MSTR is just chill: Michael Saylor’s MicroStrategy buys another 2,530 Bitcoin worth $243 million

Afterall they have not invested or accepted top invest in bitcoin, so i want to believe this is just a mere coincidence or probably a decision to be later taken by them, bitcoin recently have been this volatile and we just experience the fake-out that made it go below $90,000 this time to $89,000 and then surge back, this shows a very high in support level and we may not really have more of bear than we should expect for the bull anytime from now, just as we all know, few days to the election day and there could be anything more impressive to come in later regarding the pump for all time high of the month.

Can you with proof tell us why you think that was the reason because their were other events happening and other speculator could also easily attribute the fall and rise to another event.
I think all this should just stop, there is really no reason to give out speculation as facts, you can actually keep it to yourself and remember that the market is always volatile.

The news could have contributed to the pump for sure.

Unlike Bill Gates who said he thinks crypto is a Ponzi, Zuckerberg has made positive comments about bitcoin before and owns bitcoin himself. He attempted to create a stablecoin called Diem but was threatened by Biden regulators so ended the project. Another big difference, Zuckerberg owns a controlling interest in Meta and holds 60% voting power, so his vote alone could be enough to have it pass. So it seems to me it has a decent chance of passing, especially with a much more favorable regulatory environment under Trump.

That was not the reason bitcoin price increased from $89000 back to $97000. That was just how the market was at the time and I think there was consolidation at the price as you can also see a very sharp drop if you set the candles to 15 minutes. Also we have seen this news that you talked about a day or many hours before that happened. In fact the market was falling significantly after the news. Also not that Meta is allocating a portion of its $72 billion in liquid assets into bitcoin but there shareholders needs to vote for it. How about the time of Microsoft but that was not accepted with their stakeholders vote which pointed to no.

For those who were watching their bitcoin and cryptocurrency portfolios drop significantly yesterday probably wondered what caused such a downward spiral then sudden rise of nearly $8,000 in less than a 24 hour time period.

This is the reason why I believe caused it to come out of the ashes of misery yesterday:
Meta Advised to Bet on Bitcoin for Inflation Hedge - a proposal has been presented to Meta’s board. It suggests the company allocate a portion of its $72 billion in liquid assets into Bitcoin.

That is a massive amount of funds to be piling into bitcoin from a technology company who's CEO has publicly questioned a competitive rival Apple's own future recently in an interview. So just the news of the board of even discussing about moving this much into bitcoin most definitely would put a jump into the step of the entire bitcoin market.

Here is the complete article:
https://www.altcoinbuzz.io/cryptocurrency-news/meta-advised-to-bet-on-bitcoin-for-inflation-hedge