Topic: Bitcoin surge in the last 24hrs - page 4. (Read 789 times)

It's a combination of three things imo:

1) FOMO due to a surprise effect after LKA Saxony's selloff ended. After the 53k dump, caused by a panic and subsequent long liquidations, many thought BTC could go lower when the "real sales" of the LKA Saxony (what some refer as the "German Government") began. But the first few MtGox coins and the 50.000 LKA Saxony coins didn't cause the price go lower, as I expected, see also this thread. Instead, it seems that above all the ETF holders were happy to buy the dip, and also the 53-54k dump led to oversold conditions. Well, and once the LKA had finished its sales, people realized that perhaps it won't go lower for now and bought to benefit at least from sub-60k coins.

2) The Trump effect. Everything what increases the chances of Trump for the presidency in the current market seems to boost the price a bit since Trump made pro-crypto campaign statements. I believe this effect was only responsible for the surge from 59k to 60k, but it was just a critical price level. So it initiated the third reason:

3) Short squeeze / liquidations: Above 60k there could have been a lots of shorts lurking around, which probably were quickly closed as the pump was proceeding followed by liquidations. And this could have added pressure to the demand side. I have not confirmed this, but there are some indications that this could have happened.

As an addition to 2, to answer the OP's question: It's unclear if Trump is really fully supporting cryptocurrencies. However, it's likely that Republicans in general are more lenient towards economic liberalism, so it does make some sense if Republicans want to benefit the crypto industry.

It's not all about what he's said that he'd support crypto with his candidacy if ever he's reelected as the POTUS. We might consider that there's a slight triggering factor about the assassination attempt to him but I don't see the entire thing about that. Mind you, Bitcoin has always been like this ever since. With or without news about someone who spoke about it and then something has happened. This is the community reacting to the actual market together with the whales. Whatever it is, I can't wait to see it return to $70k and move to another ATH.

I don't know why people just give too much credit to something that happens around. I don't see any significance that the Trump assassination attempt brought to bitcoin; it's just a normal price correction from the price crash caused by the government's bitcoin selling, and again, the price of bitcoin did not reach $65,000 immediately after the attack; it took hours, and it's been more than 24 hours since the attack before the price of bitcoin reached $65,000 again.

HaHa I love it that Bitcoin always does the opposite of what people expect.  The German sell-off caught people by surprise with a small slump. Now over on the MtGox thread everybody is predicting a crash because the trustees moved some coins to an exchange.  And instead we get a pump.

Two lessons here, don't try to second guess Bitcoin, and don't listen to anybody on social media.

When you said breaking $65,000 mark, that feels like the value has broken a record in the bitcoin market which it does not but though it has been an interesting value due to markets sentiments where we have not meet such appreciated value in couple of weeks or month now.
I have really been on the market chart cap all these while and the market has been on the movement signal of bitcoins appreciation even before the event of the assignation attempt on Trump. So I don't think if there is a relationship with the price of bitcoin up to date.
Besides, when we experienced the current Ath, there was no political in influence of Trump to regard it as the steer resulted to the markets appreciation.

Bitcoin has suddenly springed in the last couple of hours breaking the 65,000$ Mark. This was observed to happen immediately after the attack on Donald trump, the Presidential candidate of the United States of America.
Without drawing much attention, could it be because he is fully in support of cryptocurrency?. I would like to hear others opinions.