Could this be the reason for the recent rise in Bitcoin price?

TravelMug

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Quote from: Fundamentals Of on January 30, 2023, 08:44:33 PM

I don't think this is the reason. I think the reason is quite simple. It doesn't have to be controversial or mysterious as if it came from a conspiracy theory. The reason I think is that a stronger buying force has resumed. Bitcoin's price has been cheap for a while. The correction has started at least a year ago already. Everything became worse because of a series of big bankruptcies and unexpected collapse of crypto companies. The entry of a new year has somehow restarted things.

Sometimes, we don't need to reason or think more deeply, just be simple and we might understand the reason. Yeah, we can say that the buying force has resumed, the whales and speculators and there are FOMO right now.

I don't think that much that the bitcoin market is going to be affected any any political tensions or anything. Yeah, probably the war in EU but it's about to turn one year and so far the market is still fine.

Fundamentals Of

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I don't think this is the reason. I think the reason is quite simple. It doesn't have to be controversial or mysterious as if it came from a conspiracy theory. The reason I think is that a stronger buying force has resumed. Bitcoin's price has been cheap for a while. The correction has started at least a year ago already. Everything became worse because of a series of big bankruptcies and unexpected collapse of crypto companies. The entry of a new year has somehow restarted things.

dansus021

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Quote from: DanWalker on January 28, 2023, 04:16:23 AM

After all, the reason I find most plausible for the price of bitcoin to rise is that the world economy is showing signs of recovery after a year of crisis. After 3 weeks of announcing a decrease in CPI, yesterday's PCE also decreased, showing signs of stronger economic recovery. And many people predict that with inflation indicators showing signs of decline, a Fed rate hike of only 0.25% is entirely possible. All news is good for the economy, so it is understandable that the entire financial market is benefiting from that.

Yep you was right and we already on the first yearof 4 year cycle "History doesn't predict the future. But this is the history. 4 year cycles so far. " - CZ https://twitter.com/cz_binance/status/1620058528747753473

I think back a couple of year ago bitcoin have nothing to do with US economy Grin

but now bitcoin part of it like stock and other commodities

sana54210

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Quote from: ivankoh on January 28, 2023, 11:37:05 PM

Bitcoin doesn't need to have a reason for the up/down, it just has a cognitive and cultural significance of value acceptance for the possibility of value belief. Demand is improved, potential and great trust is created. Supply / demand is essentially shaped, the influence is only analytical.

Bitcoin market is primarily driven by sentiments which is the reason its 4 year cycle is still intact till date. For example, halving event is fixed hence boom of demand is scheduled. When everything is happening as per "expectation" then you may not need a proper reasoning for bear or bull markets.

After the bearish year of 2022, everyone has been expecting a different conditions in 2023, it is happening. Only in extreme conditions, we may have surprising market conditions even not for long run. The overall trend of bitcoin market is predictable due to these; hence, long term hodlers will never get disappointed.

ivankoh

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Quote from: Oceat on January 27, 2023, 05:59:01 PM

Bitcoin isn't doing some magic just because of the random event happened to those aircraft/airport. I can't see any connection to your topic on why the price will move that way.

Great, buddy. I agree with this point of view. Bitcoin doesn't need to have a reason for the up/down, it just has a cognitive and cultural significance of value acceptance for the possibility of value belief. Demand is improved, potential and great trust is created. Supply / demand is essentially shaped, the influence is only analytical.

CageMabok

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Quote from: MoonOfLife on January 27, 2023, 09:54:49 PM

There have been a lot of theories to make bitcoin go up during this time but I'm really not convinced by any of the news. In my opinion, bitcoin rallies are sometimes normal market movements. Just as we say, there is no forever bull market, so there is no forever bear market either. The economy is showing signs of recovery after a difficult year so the market could benefit from that recovery.

Everything that happens in the market is based on cause and effect so that increases and decreases must be considered normal because this is influenced by certain conditions that can cause increases and decreases. This means that the market always runs on a logical and normal path based on demand and supply that always occurs. Now is the time for improvement and everyone is seeing how far the market can improve this year.

DanWalker

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Quote from: dansus021 on January 28, 2023, 12:13:03 AM

Quote from: Hamza2424 on January 26, 2023, 03:30:45 PM

I would like to mention Some Reasons that might be behind BTC's recent Bullish market sentiments. Recently market is trying to approach the Golden cross that might be a strong reason behind the markets current behavior as i can see more and more liquidation.

Chinese New Year ended on 22nd Jan
Because I am Bullish (Kidding)
US dollar Recent Developments

This is reasonable I will add some more

positive CPI report released on Jan. 12 by the Bureau of Labor Statistics (BLS) which showed overall inflation for all urban consumers declining by 0.1%.
The drop in inflation
cooling U.S. dollar index (DXY)

and the fact this not happen on bitcoin only gold and stock also on rising

After all, the reason I find most plausible for the price of bitcoin to rise is that the world economy is showing signs of recovery after a year of crisis. After 3 weeks of announcing a decrease in CPI, yesterday's PCE also decreased, showing signs of stronger economic recovery. And many people predict that with inflation indicators showing signs of decline, a Fed rate hike of only 0.25% is entirely possible. All news is good for the economy, so it is understandable that the entire financial market is benefiting from that.

dansus021

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Quote from: Hamza2424 on January 26, 2023, 03:30:45 PM

I would like to mention Some Reasons that might be behind BTC's recent Bullish market sentiments. Recently market is trying to approach the Golden cross that might be a strong reason behind the markets current behavior as i can see more and more liquidation.

Chinese New Year ended on 22nd Jan
Because I am Bullish (Kidding)
US dollar Recent Developments

This is reasonable I will add some more

positive CPI report released on Jan. 12 by the Bureau of Labor Statistics (BLS) which showed overall inflation for all urban consumers declining by 0.1%.
The drop in inflation
cooling U.S. dollar index (DXY)

and the fact this not happen on bitcoin only gold and stock also on rising

MoonOfLife

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There have been a lot of theories to make bitcoin go up during this time but I'm really not convinced by any of the news. In my opinion, bitcoin rallies are sometimes normal market movements. Just as we say, there is no forever bull market, so there is no forever bear market either. The economy is showing signs of recovery after a difficult year so the market could benefit from that recovery.

2double0

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The price rise is due to US institutions, now that this topic has been catching some heat. Government would never buy btc to pay any ransom because they are against the propaganda of using anything that cannot be traced by them. About my claim, please read here https://newsbtc.com/news/bitcoin/u-s-institutions-driving-bitcoin-prices/

It's surprising to see the aviation industry suffering from such attacks if it took place for real.
In fact, if this is true, it'd have added a negative impact on the markets and we would have seen more plunge than rise.

Oceat

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Aviation has nothing to do with the Bitcoin price increase since it doesn't affect the price or whatsoever you are thinking. Please read some of your sources before posting it because it clearly shows up that you aren't reading. Plus a basic economics knowledge you will know how the market works.

Bitcoin isn't doing some magic just because of the random event happened to those aircraft/airport. I can't see any connection to your topic on why the price will move that way.

Before we think this was a bull trap but fortunately it didn't turn that way since it did manage to stay for a week but let's hope this will not continue since a good way to tell that there's a bull run coming is when there's another drop of price.

Baofeng

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Quote from: blockman on January 26, 2023, 04:15:10 PM

I'm from the Philippines and it's said that the problem with the airport/flights which made the sudden outage of power was due to the outlet box or something like that. And even if that's true that they've been hacked and asked for a ransom or whatnot, that won't be disclosed by them.
But I want to believe what they've said that there's nothing related to ransomware or paying the ransom in bitcoin and it's just a coincidence that the outlet or gearbox suddenly needed a change. And these incidents doesn't have something to do with bitcoin's rise in price.

Yes, kabayan, so I will say with this conspiracy theories, the thing right now is that it is now correlated to crypto or some group of cyber hackers and paying the ransom. So I'm also not buying this premise because it is very wrong.

And even if it paid the ransom, I doubt that it is the one of the reason why the price did go up this month. The bitcoin that is going to be paid will not put a dent in the price because it's still too low to make a impact, in my opinion.

OgNasty

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The aviation ransomware theory has been floating around for a few days now. Personally, I don’t think that’s it. I would hope the FAA is a little better at securing their networks, although that hope may not be justified. Anyway, I don’t think there needs to be some crazy conspiracy behind the price increase or an event to explain it. I think people just believed we’d hit the bottom of the 4-year cycle and piled in.

serjent05

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Quote from: evichi on January 26, 2023, 10:54:40 AM

Could this be the reason for the recent spike in Bitcoin price?

No. some million dollars worth of Bitcoin demand won't move the market If you ever you're thinking that the attacker demand Bitcoin for ransom. So I do not think that the news moved the price of Bitcoin. It is more on CPI[1] where the report is positive which showed overall inflation for all urban consumers declining by 0.1%. and the other one is possibly short liquidation.

[1] https://cointelegraph.com/news/why-is-bitcoin-price-up-today

dark1234

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Some of the options events in a country that have occurred when there has been an increase or decrease in bitcoin would be a possible reason for the current bitcoin price. but basically from a fundamental analysis the effect of possible ransom payments made in BTC as a result of an outage is not very significant because the current increase is at a reasonable level and I personally reason the increase is due to the influence of the USD price or the momentum of the big day that happened in end and beginning of the year at this point

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Quote from: evichi on January 26, 2023, 10:54:40 AM

There was a recent report about aviation blackouts in US, Canada and the Philippines ?
...

None of these things OP.
The price of Bitcoin rises because of the increasing demand due to decreasing value of USD.

Quote

Cooling US dollar is good for Bitcoin
Another positive sign for Bitcoin price is the cooling U.S. dollar index (DXY). Historically when the DXY retracts, sentiment for risk assets like Bitcoin increases.

https://cointelegraph.com/news/why-is-bitcoin-price-up-today

I've seen a huge impact in the past few days where the value of dollars is too high, people are waiting for it to drop and started to make investments. The time has come and they are now on track. This also gives the chance for small investors to make a move and join crypto. Well, I'd see the growing business that offers and accept Bitcoin as a mode of payment as well.

DeathAngel

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People often look too deeply & intensely to search for a reason why bitcoin is going up or going down. Unless tyere is a huge crisis like the COVID-19 announcement at the beginning, maybe it’s just the way the market is naturally moving. We have more buyers than sellers right now.

The bottom has probably been reached & the market is healing. Sellers are tired, no more weak hands & there are just more buyers than sellers. I think it’s just that simple, the bear market is over.

blockman

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I'm from the Philippines and it's said that the problem with the airport/flights which made the sudden outage of power was due to the outlet box or something like that. And even if that's true that they've been hacked and asked for a ransom or whatnot, that won't be disclosed by them.
But I want to believe what they've said that there's nothing related to ransomware or paying the ransom in bitcoin and it's just a coincidence that the outlet or gearbox suddenly needed a change. And these incidents doesn't have something to do with bitcoin's rise in price.

coolcoinz

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The main reason IMO is the dollar index. Usually when the dollar goes up bitcoin and stocks go down. The USD pump in 2022 was overdone by the FED and the rest of the world saw it and started looking for alternatives. Many countries are nowadays exploring the option to add gold and bitcoin to their balance sheets and China with a few other countries is looking to substitute the dollar with another currency in foreign trade.

Now the USD has been going down since October and you could see BTC starting to recover but we had the FTX situation that can be described as a black swan event in crypto. That dragged us down a bit and stopped the recovery that was due for many months.

I'd say that the return to 20k is natural and healthy for BTC. It's not a pump. If we go to 30k next week it can be called a pump, but what you're seeing today is a return to the mean.

hugeblack

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I think that the mistake here is that after the price has risen, you are looking at the news for the reason for the rise, which will lead you to consider any positive news as the reason for the rise, and then we will start a sterile discussion about whether this is the reason or not.
The reason for the rise of Bitcoin will be a period before the rise occurs, so regardless of the reason, the result is the same.
The increase (about 22%) is normal due to the volatility of Bitcoin.

348Judah

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What you're trying to ask does not tally with the story line ofbthe whole situation, ransomware is an attack by a set of people that they target a specific victim to invade, how is the power outage related to the bitcoin price and ransomware i still can't find the correlation and the article is not pin pointing at it specifically, i know that cyber attacks has gone a new dimension now that many attackers uses and develop but not in this regard where the bitcoin price cannot be manipulated.

Hamza2424

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I would like to mention Some Reasons that might be behind BTC's recent Bullish market sentiments. Recently market is trying to approach the Golden cross that might be a strong reason behind the markets current behavior as i can see more and more liquidation.

Chinese New Year ended on 22nd Jan
Because I am Bullish (Kidding)
US dollar Recent Developments

Tytanowy Janusz

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Quote from: evichi on January 26, 2023, 10:54:40 AM

Could this be the reason for the recent spike in Bitcoin price?

BTC is in bear market for more than 600 days. Going almost only south for last 400+ days. "spike" you are talking about did not even hit a 0.236 FIB level, not even close (>28k). There is literary no news needed for such small relief rally. Pump to 40k is a decent recovery after 69-15k dump. Everything below that is a small push that market needs to kick overleveraged shorts.

franky1

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i think the issue is topic creator is looking at the wrong types of people as sources

its not due to FIAT debt ceiling or airports or any of that crap

its this simple

institutional betting on futures gambles of spot prices of bitcoin means those institutions then bot trade the spot market to keep the prices down / within their thin scope (resistance walls) so they their futures gambles win when they expire.. then the whales just turn off their bots for a few hours or days before setting a new narrow scope they want the price to sit between for the next period

you can spot it because looking on the 6 month market view. you see that for 1-8 weeks at a time the markets prices are thinly moving in pretty much horizontal for 1-8 weeks at a time

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Quote from: Lucius on January 26, 2023, 11:30:09 AM

Did you maybe read the article, any of the ones you linked? Nowhere is it mentioned that it is ransomware, nor that any kind of ransom is being demanded, and even if this is miraculously true, do you think that the attacker would demand such an amount in BTC that it would affect the entire crypto market? Even if governments decide to buy BTC, they would certainly not do it on the open market, but would use OTC.

Quote

They do have a rough idea of what caused it, and it's linked back to this corrupted database file that appeared to be getting uploaded, and then they thought the issue was fixed. All of this goes back to Tuesday afternoon, you know, more than 12 hours before passengers started to really feel the impact. They thought it was fixed. Then they had to go back. They realized they had the same problem, and then they essentially decided to pull the plug and start the system over again. And this is quite an old system, right? It goes back to the '50s.

JOSEPHS: It does. I mean, they are in the process of modernizing it. The issue is with this bad file. And if you've ever tried to attach something to an email that, you know, maybe it was a corrupted file and you just kept hitting the same wall and the person receiving the email wasn't able to open it...

I entirely agree with what you said cos I didn't see that too and even though I am not a US citizen I do know that FOX News is nowhere near a friend of the Democrat and I wouldn't be surprised of that alleged allegation of buying Bitcoin to pay the "Hackers" but does this mean all the other government must have done the same too? however, the incidence is quite a coincidence.

Lucius

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Did you maybe read the article, any of the ones you linked? Nowhere is it mentioned that it is ransomware, nor that any kind of ransom is being demanded, and even if this is miraculously true, do you think that the attacker would demand such an amount in BTC that it would affect the entire crypto market? Even if governments decide to buy BTC, they would certainly not do it on the open market, but would use OTC.

Quote

They do have a rough idea of what caused it, and it's linked back to this corrupted database file that appeared to be getting uploaded, and then they thought the issue was fixed. All of this goes back to Tuesday afternoon, you know, more than 12 hours before passengers started to really feel the impact. They thought it was fixed. Then they had to go back. They realized they had the same problem, and then they essentially decided to pull the plug and start the system over again. And this is quite an old system, right? It goes back to the '50s.

JOSEPHS: It does. I mean, they are in the process of modernizing it. The issue is with this bad file. And if you've ever tried to attach something to an email that, you know, maybe it was a corrupted file and you just kept hitting the same wall and the person receiving the email wasn't able to open it...

evichi

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There was a recent report about aviation blackouts in US, Canada and the Philippines (https://www.npr.org/2023/01/12/1148633623/flights-were-grounded-across-the-u-s-as-the-faa-scrambled-to-fix-a-system-outage), though there has been some explanations to the likely cause of the outage, but this man's reason (https://t.me/TuckerFans/1090) seems to catch attention considering that the aviation is a critical infrastructure that must not be toyed with. He says that the outage is a possible cyber attack on the Government infrastructures, including Canada (https://www.independent.co.uk/news/world/americas/canada-flights-system-outage-grounded-b2260500.html) and The Philippines (https://www.thenationalnews.com/travel/news/2023/01/01/philippines-closes-airspace-to-international-flights-due-to-technical-issues/) and it is possible ransom payment have been made in BTC. Could this be the reason for the recent spike in Bitcoin price?

Topic: Could this be the reason for the recent rise in Bitcoin price? (Read 278 times)