Did Miss El Salvador cause the Bitcoin price to spike last night? - page 4.

Woodrose

jr. member

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Quote from: autumnleaf on January 12, 2023, 09:50:33 PM

Snip

Nope, Lots of firms and celebrities are promiting bitcoin but it doesn't cause a macro movement to the price. Not unless Elon Musk will buy bitcoins and I think that's a different story.

Well, I think the Consumer Price Index news released yesterday triggered the market. It went 6.5% from 7.1% last November. This is the highest BTC price since it dropped last November due to FTX news.

Well, let's see if it will break the 19.1k line and experience some major restest to enter the mini bull run this 2023.

Reference :
https://qcp.capital/market-updates/market-update-cpi-preview-12-jan-2023/

yazher

hero member

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You own the pen

It's because some investors are starting to enter the market again and it seems like the last lower price is before that spike. Now we will gonna observe what will gonna happen next because if my speculation is right, this is the start of the price recovery. Still, we need to be careful on bull trap and we need to hold our horses because this hype might be the cause for other investors to backout.

mk4

legendary

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Doubt it. Bitcoin has pretty much been a household name for a while now. A lady wearing a bitcoin-themed dress wouldn't suddenly make people say "omg bitcoin I'm buying now!".

Kakmakr

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Leading Crypto Sports Betting & Casino Platform

Well, as we know.... Bitcoin's price are not just determined by 1 event... but a combination of events in a global context. Yes, a lot of the people watching from El Salvador must have seen that and it might have sparked some marketing affect, but it is insignificant in a global context.

I think we are in a slow recovery phase, after all the spending happening over the Holiday season ....and people are returning from their holiday and trading again as usual. (They made profits during the year..... rewarded themselves with a good holiday.. and now they are back at it again.... working to save up for the next holiday) Roll Eyes

pooya87

legendary

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I doubt that fat guys in their underpants watching Miss Whatever have enough money or even care enough to buy bitcoin, enough to cause a price rise Wink

Besides, you are forgetting that it was not "$1000 in last 12 hours", it has been $2600 or 15% rise in the past 10 days. In other words this is an upward trend that has nothing to do with such small news like this but rather a market reversal that may or may not be temporary (depends on whether it breaks $20k or not).

Poker Player

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Quote from: hd49728 on January 12, 2023, 10:58:22 PM

It is not a Bitcoin adoption and Bitcoin did not pump because of this show.

I agree. It is difficult to know what causes a price spike because there are so many players interacting in the market. I think a price recovery is within the normal range for this 2023 once most of the leverage garbage is gone and we are getting closer to halving, although there is still more to come.

The Miss promoting Bitcoin is fine with me, as is anything that helps popularize it, but I think it is extremely unlikely to have anything to do with the price rise.

hd49728

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It is not a Bitcoin adoption and Bitcoin did not pump because of this show. After months of accumulation and with a trend of bullish from stocks, gold in early 2023, Bitcoin joined the trend with its pump recent hours.

Adding a Bitcoin icon to her costume is not a Bitcoin adoption. It is a marketing noise, not adoption.

Adoption is when there is an agreement between buyer and seller to use Bitcoin as an exchange mean for their trade. The girl did not make any trade with her costume in the show.

She could do it by her idea but she could do it with a request from her President Nayib Bukele who strongly loves and supports Bitcoin. He put his nation to a bet with Bitcoin investment, Bitcoin bond (Volcano bond) and I am not surprised if the Venezuela Miss got a request from him.

autumnleaf

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Alejandra Guajardo, who represented El Salvador at Miss Universe 71, wore a costume with a Bitcoin theme. El Salvador is known as the first nation to legalize Bitcoin as a form of payment. Did Miss El Salvador cause the Bitcoin price to spike last night?

They just demonstrate to the rest of the world that they are prepared to move beyond simply embracing the cryptocurrency area by changing the way we perceive a cashless society. Adoption is a real phenomenon that won't end there.

Source

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