Bitcoin Surges Above $4900 Amid Catalan 'Independence' Declaration - page 2.

Iranus

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You could pick any moderately recent event and try to draw some meaningless lines on a graph about it, but it doesn't really prove anything.

Quote from: Hydrogen on October 10, 2017, 05:53:23 PM

One takeaway here could be that if brexit or other independence movements become official

I don't see what you mean by "become official", because Article 50 has already been activated and Britain is almost certainly leaving the EU at this point.

There really isn't any meaningful development. This is a great example of people assuming that correlation equals causation.

Mometaskers

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I haven't been checking the price on a daily basis so I haven't really noticed those hikes shown in the graphs but interesting nonetheless. Maybe just one event happening at a time may not affect the price that much but the uncertainty increasing would eventually have an effect later.

squatz1

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These sorts of events have no correlation to each other, at least the Catalan 'Independence' one and the Bitcoin surge in price. Think about that for a second and then come back to me, as a place declaring independence that will never have it granted to it by the government and then practice being squashed by the Federal government for trying to vote for this sort of thing isn't real news. Nothing happened there, and they'll be going back to business as usual.

So, good try but no cigar.

edynolan

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has nothing to do with rising bitcoin prices with catalonia, even one country forbidding bitcoin prices will keep increasing especially if only declarations in spain are so unrelated, prices go up and down as investors are not due to declarations

Hydrogen

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Quote from: angaper on October 10, 2017, 06:21:54 PM

But what has the issue of Catalonia to do with the price of bitcoin? I am always surprised at the ease that the supposed analysts take any pretext to justify a market movement without a logical explanation. In any case, the Brexit should have generated a greater volatility in the bitcoin price and it did not happen.

Here's an interesting article for you regarding brexit.

Quote

World currencies are tanking on Brexit, but bitcoin is surging

Global currency markets are a sea of red in the wake of this morning’s shock Brexit news. The pound is down 6.44% against the euro and weakened 10% against the dollar. But one currency–or more accurately, cryptocurrency–is surging: Bitcoin is up 7% in the last seven hours of trading, adding gains to a rally that started as the UK went to the polls yesterday (June 23).

Bitcoin was actually slumping after a bull run that started in mid-May and had put the digital currency at a two-year high. That changed around 3pm UK time on the day of the referendum. Bitcoin has gained 20% in value over the last 24 hours of trading.

https://qz.com/715681/world-currencies-are-tanking-on-brexit-but-bitcoin-is-surging/

This could mean there is a good precedent for independence movements like Catalonia and brexit generating noticeable gains in btc's price.

It could mean that were similar price movements on days when Hungary liberated itself from the influence of central bankers recently and iceland prosecuted bankers. One of these days I'll have to look up price movements on those days. It could make for a good story if nothing else.

Simple_Man

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I don't think Catalan independence announcement has anything to do with the bitcoin price. Bitcoin touched $5k earlier also so the recent surge in price was just a matter of time. I think Malaysia recently announced to prepare a framework for the crypto currency exchanges and they are planning to legalize it. That may have worked as a catalyst behind the current surge.

angaper

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But what has the issue of Catalonia to do with the price of bitcoin? I am always surprised at the ease that the supposed analysts take any pretext to justify a market movement without a logical explanation. In any case, the Brexit should have generated a greater volatility in the bitcoin price and it did not happen.

Hydrogen

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Quote

Bitcoin began accelerating ahead of Catalan leader Puigdemont's initial speech time, but after his delayed start, the crypto currency accelerated higher...

http://www.zerohedge.com/news/2017-10-10/bitcoin-surges-above-4900-amid-catalan-independence-declaration

It seems that the timing of the btc price spike earlier today coincided with the timing of Catalan leader Puigdemont's speech earlier today discussing Catalonia's independence from spain(green dashed arrows in the image above).

One takeaway here could be that if brexit or other independence movements become official the price of bitcoin will rise. And so that could be a good time to buy in for those who are able to time it properly.

There are many such independence movements in the world today which could diminish the power and influence of central bankers upon the nations of the earth. It is possible that china's recent crackdown on exchanges was ordered by central bankers, as well as the number of analysts, economists and experts who recently began to criticize bitcoin in the media. There may be some question as to who is pulling the strings behind the scenes.

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