How do you explain the recent surge in Bitcoin price? - page 3.

TravelMug

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Quote from: qiwoman2 on October 27, 2019, 12:53:47 PM

Weill it looks like China is one of the contributing factors to this latest trip to the moon and everyone is talking about it, so it has had a ripple effect on the market in a most positive way, for Bitcoin and large-cap coins of course. Here is one tweet on it: https://twitter.com/Hawk_HKC/status/1188043787693522944, there are so many more now tweeting about the President of China's last positive outlook on the Blockchain and how it will have a positive impact now on 1.4 billion people, which is huge, to say the least. Once China goes big on somethign it goes big and nothing can stop it. There will hopefully be good competition and innovation because of this last stance China has taken towards the Blockchain.

That China news has been put out of context, I mean they love blockchain technology so I can't understand why suddenly the price exploded because of that news. Maybe whales riding on that statement and others started to sell that news to newbies to FOMO again.

It really hard to explain what's the real causes of the spike, maybe it's the China new or not. But as you can see on the price, after the FOMO the price started to go down, and in the last couple of hours it tried to get to $9500 successful but it was not sustainable. Meaning the news has died down already.

eaLiTy

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Quote from: phillymogul on October 26, 2019, 09:27:47 AM

Representative Brad Sherman, a Democrat from California, once again exclaimed that bitcoin was a threat to the U.S. dollar.

It looks like Brad Sherman knows how to get into news headline just by bashing BTCitcoin, no one knew who Brad Sherman was before this statement and now his name is published world wide for his statement and that is what these people want.

Quote from: phillymogul on October 26, 2019, 09:27:47 AM

The thing for certain is Bitcoin is wild and volatile. From technical analysis charts to consumer sentiment and adoption who knows where this train ride is heading?

We saw the market rallying the in the past two days and we saw the market going down and i bet no technical analysis and chart will help in understanding these volatility Cheesy

. The surge is a mystery still but i still believe that it has everything to do with the future market than any other news in the market.

qiwoman2

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Weill it looks like China is one of the contributing factors to this latest trip to the moon and everyone is talking about it, so it has had a ripple effect on the market in a most positive way, for Bitcoin and large-cap coins of course. Here is one tweet on it: https://twitter.com/Hawk_HKC/status/1188043787693522944, there are so many more now tweeting about the President of China's last positive outlook on the Blockchain and how it will have a positive impact now on 1.4 billion people, which is huge, to say the least. Once China goes big on somethign it goes big and nothing can stop it. There will hopefully be good competition and innovation because of this last stance China has taken towards the Blockchain.

o48o

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People are buying in because of China news, but that doesn't mean China is good news then you take a closer look. People just don't understand what's the difference between a private blockchain and Bitcoin adoption. In fact i can't see anything in their statements that would benefit free decentralized currencies or Chinese altcoins. Yet this happens from time to time. When cannabis got legalized, cannabis themed coins raised in price. Markets are just insanely irrational when it comes to hype.

enhu

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Quote from: biddicoin on October 27, 2019, 12:02:59 PM

many people believe the bitcoin surge related with china news, president Xi urges blockchain adoptions.
and the others believe it's because of ATH baakt volume.
i dont wanna ensure about the surge cause, but im so happy bitcoin death cross would be canceled. short MA can go up long MA

But why does BAKKT suddenly have this amount of volume - isn't it because of Chinese president as well?

I have really no idea because the what the Chinese president had said to his people. It was very meaningful actually and you can literally see where they would be going if they develop and adopt blockchain technology in every system they have. I suppose this includes the digital Yuan currency they will be making.

biddicoin

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many people believe the bitcoin surge related with china news, president Xi urges blockchain adoptions.
and the others believe it's because of ATH baakt volume.
i dont wanna ensure about the surge cause, but im so happy bitcoin death cross would be canceled. short MA can go up long MA

DU18

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The current increase in price of BTC is one of the signs that BTC is still being targeted by investors to invest and of course this has a positive effect on the current price increase of BTC, especially now that China has officially adopted and developed the blockchain system and I think the remarks of President XI Jinping a few days ago pushed the price of BTC today, as a great leader of course his every statement will influence what is developing, as say xi Jinping who said if now the blockchain is one of the best breakthroughs to increase innovation in core technology innovation modern era now.

https://insidebitcoins.com/news/xi-jinpings-new-pro-blockchain-position-causes-bitcoin-22-jump/241538

cribusen

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Quote from: phillymogul on October 26, 2019, 09:27:47 AM

So what is your theory on the latest Bitcoin bump?

First of all, you should not forget, that before the pump happened, BTC rolled back and lost 2k USD within two hours. The reason was meeting because of Libra coin and after that dump, some whales decided to pick up fallen BTC.

NathanJB

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Quote from: Pamadar on October 27, 2019, 07:03:37 AM

Quote from: leea-1334 on October 27, 2019, 06:35:34 AM

Quote from: binhvo1505 on October 27, 2019, 12:18:58 AM

The recent news I read is that the Chinese government is starting to take an interest in crypto businesses and they are ready to support and develop this new industry.
This is probably the main reason why the price of bitcoin and alts in China soared on October 26.

You read the wrong news my friend. Chinese President said the government should adopt blockchain technology and make sure it is ahead with innovation and development of tech. He said it before also many times, China is not unfriendly toward technology!

But blockchain is not necessarily crypto and China does not like Bitcoin in the past.

Maybe it bring impacts since Chinese investors are good assessing the potentials, if they are really moved back into this game they can
create good numbers of people who will buy and hold bitcoin for investment purposes. Everything is just a speculative guess but it can't be
denied that due to numbers of Chinese people, if they are going to invest while waiting for whatever the president is up behind this innovations
with working with blockchain, there's impact that will take place.

The rest of the world is much bigger than china. The rest of the world's population is much larger than china's. The rest of the world getting into Bitcoin and crypto offers much more possibilities to Bitcoin and crypto than just china alone. We need to give china its due but we must not forget that with or without china, Bitcoin will continue to find the success it is destined to achieve.

Pamadar

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Quote from: leea-1334 on October 27, 2019, 06:35:34 AM

Quote from: binhvo1505 on October 27, 2019, 12:18:58 AM

The recent news I read is that the Chinese government is starting to take an interest in crypto businesses and they are ready to support and develop this new industry.
This is probably the main reason why the price of bitcoin and alts in China soared on October 26.

You read the wrong news my friend. Chinese President said the government should adopt blockchain technology and make sure it is ahead with innovation and development of tech. He said it before also many times, China is not unfriendly toward technology!

But blockchain is not necessarily crypto and China does not like Bitcoin in the past.

Maybe it bring impacts since Chinese investors are good assessing the potentials, if they are really moved back into this game they can
create good numbers of people who will buy and hold bitcoin for investment purposes. Everything is just a speculative guess but it can't be
denied that due to numbers of Chinese people, if they are going to invest while waiting for whatever the president is up behind this innovations
with working with blockchain, there's impact that will take place.

Irvinn

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Quote from: leea-1334 on October 27, 2019, 06:35:34 AM

Quote from: binhvo1505 on October 27, 2019, 12:18:58 AM

The recent news I read is that the Chinese government is starting to take an interest in crypto businesses and they are ready to support and develop this new industry.
This is probably the main reason why the price of bitcoin and alts in China soared on October 26.

You read the wrong news my friend. Chinese President said the government should adopt blockchain technology and make sure it is ahead with innovation and development of tech. He said it before also many times, China is not unfriendly toward technology!

But blockchain is not necessarily crypto and China does not like Bitcoin in the past.

You are really right, because the statements of the Chinese authorities dealt with blockchain technology and that this area of science will be studied in some Chinese educational institutions. But also in the media it is said that the prices of coins of certain Chinese companies soared in line with government statements. I believe that nothing happens in China in a disagreement, which means that everything is coordinated and will have real consequences for the cryptocurrency market.

leea-1334

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Quote from: binhvo1505 on October 27, 2019, 12:18:58 AM

The recent news I read is that the Chinese government is starting to take an interest in crypto businesses and they are ready to support and develop this new industry.
This is probably the main reason why the price of bitcoin and alts in China soared on October 26.

You read the wrong news my friend. Chinese President said the government should adopt blockchain technology and make sure it is ahead with innovation and development of tech. He said it before also many times, China is not unfriendly toward technology!

But blockchain is not necessarily crypto and China does not like Bitcoin in the past.

Google+

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when someone asks me like this around me then I will answer this is already a natural thing when demand from bitcoin starts to rise then the price of bitcoin can be very expensive because we all know that the supply of bitocoin is only 21 million pieces of bitcoin so making bitcoin becomes very expensive because of the influence of high demand in the market.

TelolettOm

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Quote from: binhvo1505 on October 27, 2019, 12:18:58 AM

The recent news I read is that the Chinese government is starting to take an interest in crypto businesses and they are ready to support and develop this new industry.
This is probably the main reason why the price of bitcoin and alts in China soared on October 26.

In addition, when there is news From the Chinese news interval, there is also news that Twitter CEO are making bitcoin purchases. and in my opinion this is a support that the cryptocurrency market is still quite strategically invested. especially bitcoin at this time is very good when invested because the profits we get are also large

Javi_Anibarro

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Quote from: jossiel on October 26, 2019, 02:49:55 PM

I've heard of that news but it could be it's not really him that made the pump and those whales rode into his words thinking that it was him that started the pump. They could be into blockchain technology and their country is one of the biggest so it's possible.

I'm still thinking of the true reason but it looks like everybody has a point of thinking it was not him or it could be him. But whatever made this pump lately, I wish that we won't see a quick fall as it made the pump so quick.

Of course, it is not him that made the pump. It does not make any sense for a president to do that, what I am talking about is the ban that might be lifted and their influence on their decision in promoting Blockchain. Many China people are using cryptocurrency secretly afraid of the government but with this positive news, they should not be worry using it openly.
the true reason for this pump is obviously profit, we are getting near to the end of the year. Based on our history, the price should start to move up but everything can happen.
I do hope this pump will last for long or trigger a bull trend.

Beparanf

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Quote from: Karto on October 26, 2019, 10:42:59 PM

probably a bull trap, not more
anyway you can try to find many explanations and even find one that everyone agree on, it still does not matter
the market is random and unpredictable.. you're trying to find explanation to randomness
just to satisfy the story you were telling to yourself..
i think better stop listening to "news" and try to look on the market as a machine

Not a bull trap for me, it can be a coincidence that China announces interest regarding blockchain and praises this innovation that makes more want to buy BTC and cryptocurrency, or whales take this opportunity to play the market as China known to be anti BTC then suddenly became interested. Hopefully, not a bull trap as BTC price already reach it's bracket of $7k that seems to be it's point to really start some bull.

binhvo1505

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The recent news I read is that the Chinese government is starting to take an interest in crypto businesses and they are ready to support and develop this new industry.
This is probably the main reason why the price of bitcoin and alts in China soared on October 26.

Karto

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probably a bull trap, not more
anyway you can try to find many explanations and even find one that everyone agree on, it still does not matter
the market is random and unpredictable.. you're trying to find explanation to randomness
just to satisfy the story you were telling to yourself..
i think better stop listening to "news" and try to look on the market as a machine

NathanJB

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Quote from: rodel caling on October 26, 2019, 06:48:51 PM

Harder to explain what is the cause of the fast hype price of bitcoin last friday, and now bitcoin little low their price, but they mive high volatility quick and fast mobpving their price. I think the movement of the bitcoun price is because of the public demands and the eefect of the speculation trends.

It is the combination of public demand and speculation trends. But for sure the public demand which you and I mentioned is also influenced by several factors. One of which, as far as the most recent pump is concerned, must have something to do with the chinese president Xi Jinping's announcement that the country should explore and utilize the blockchain technology. It must have caused a bullish outlook among the world's Bitcoin investors and supporters.

cryptoangel

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Quote from: krisnajsadrak on October 26, 2019, 05:37:28 PM

in my opinion if there is no good news
lets keep it simple, in technically the recent surge in bitcoin price is because the price touch a strong demand zone my friend
so,the price flying really high,

May be large holders are never think the good news and sell the large hype. This is one of the best moments for single day and many investors are also increase the current traffic. Majority of the peoples are said it will go back again, But it will raise instantly in crypto market. Already everyone celebrate this special moment so I am also enjoy the yesterday results.

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