Combination of many reasons. Tap Root, E***s tweet again, El Salvador's good news and the usual market that whenever we see a crash.
There's a recovery after it. I guess we're going to see $50k again if this continues but I know that there will be some stoppage along its way.
Topic: So what's causing the current rise? - page 3. (Read 533 times)
BTC went up %13 in one day, as you guys might know. I know what caused it to decline (our troll friend Elon). What's causing it to rise back up?
I guess that's because BTC hit one of its support prices and now investors are pouring in some money seeing a decent recovery from the support price. Also, Bitcoin adoption by El Salvador and other positive news are likely to boost the price of bitcoin.
Also, the recent trend of "buy the dip" is influencing the masses to buy Bitcoin at the current price.
As of now the current price of bitcoin is $41,000.
There are just two news today which might have caused the increase in bitcoin price.
1. Elon Musk replying to a tweet about accepting bitcoin for Tesla when it uses more than 50% clean energy
2. Paul Tudor Jones speaking about inflation of USD and advicing to hold at least 5% in bitcoin
Both the news have created a positive sentiment today and I think this is why we are seeing the current spike.
But I also think that the price will correct soon. We might see below $40k again followed by another pump in price.
Reference:
https://twitter.com/elonmusk/status/1404132183254523905
https://cointelegraph.com/news/bitcoin-price-hits-40k-as-paul-tudor-jones-slams-fed-inflation-claims
There are just two news today which might have caused the increase in bitcoin price.
1. Elon Musk replying to a tweet about accepting bitcoin for Tesla when it uses more than 50% clean energy
2. Paul Tudor Jones speaking about inflation of USD and advicing to hold at least 5% in bitcoin
Both the news have created a positive sentiment today and I think this is why we are seeing the current spike.
But I also think that the price will correct soon. We might see below $40k again followed by another pump in price.
Reference:
https://twitter.com/elonmusk/status/1404132183254523905
https://cointelegraph.com/news/bitcoin-price-hits-40k-as-paul-tudor-jones-slams-fed-inflation-claims
It's not so bit percentage to be surprised. We've seen a lot bigger. El salvador, Taproot, Elon's tweet and other things did it.
Don't forget the Nexon purchase worth 100m USD in bitcoin, these barrage of more positive news is a good indicator that the prices are going to rice again in the next month or so since there's another institutional investor joining the fray.
Probably that fcked up troll Elon Musk again. I really can't understand the mind of the masses nowadays. Never have I thought in the past that a time would come when lots of investors would rely on someone's tweet to make profits or decide when to buy or sell. This is just outrageous, and here I thought people already learned well after Elon Musk dragged this whole industry to the bearish times and made lots of people lose their capital. Don't get me wrong, I love to see green on ky portfolio, it's just that I think it would've been better if the price went up because accumulation process has finished and the hdling process just started.
It's not so bit percentage to be surprised. We've seen a lot bigger. El salvador, Taproot, Elon's tweet and other things did it.
BTC went up %13 in one day, as you guys might know. I know what caused it to decline (our troll friend Elon). What's causing it to rise back up?
13% up or down is nothing we haven't seen very many times - that percentage used to be much higher on some occasions. People are always trying to find a reason why something happened in order to try to predict the market in the future - but in most cases the reasons are only discovered in the future or remain completely unknown.
What seems to me to be the reason for today's growth is the fact that the price has stabilized in the zone above $30 000 for a long time and that each time there was strong resistance in that zone - the market simply moved in the other direction, but now we need to see if it can keep that direction or will repeat tomorrow the same story we have been watching for the past month.
10k comments and 50k likes for a reply in less than 24 hours, and people are stills saying Musk is becoming irrelevant and his influence is fading away! We're living in the social media age, one fart by those so-called influencers and everything is upside down no matter what the reality is or what pure reason tells you it should happen.
EM may no longer enjoy the trust and respect of one part of the crypto community, but its number of followers is increasing every day, which means that its popularity continues to grow. If we go in the direction of conspiracy theories, who can say with certainty that he deliberately bring down the price to accumulate even more coins - and now indirectly gives signals that it is possible that he will change his mind.
I did a quick check and I didn't find the tweet though.
It was a reply, that's why is not showing on his main page
https://twitter.com/elonmusk/status/1404132183254523905
10k comments and 50k likes for a reply in less than 24 hours, and people are stills saying Musk is becoming irrelevant and his influence is fading away! We're living in the social media age, one fart by those so-called influencers and everything is upside down no matter what the reality is or what pure reason tells you it should happen.
Of course, the herd didn't read the rest which tells that nothing has changed.
The herd never reads, or if it does no matter what is written there they will understand what they want to.
But right now, I don't care that much, it's going up so everything is fine, wait till the moron opens its mouth again...
What did he tweet this time?
He seems to have been saying that Tesla Will Start Accepting Bitcoin For Payments Again. Of course, the herd didn't read the rest which tells that nothing has changed.
Quote from: https://azcoinnews.com/elon-musk-tesla-will-start-accepting-bitcoin-for-payments-again.html
When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.
I did a quick check and I didn't find the tweet though.
The bears are exhausted and are going into hibernation. :-)
BTC went up %13 in one day, as you guys might know. I know what caused it to decline (our troll friend Elon). What's causing it to rise back up?
Some say that it was another tweet from our friend.
Some say it may be Taproot lock in over week-end.
I'd say that the artificial, FUD based downtrend had to end (sooner or later) and it's just about time for that.
It may worth mentioning that the hash rate seems to be recovering too.
What did he tweet this time?
BTC went up %13 in one day, as you guys might know. I know what caused it to decline (our troll friend Elon). What's causing it to rise back up?
Some say that it was another tweet from our friend.
Some say it may be Taproot lock in over week-end.
I'd say that the artificial, FUD based downtrend had to end (sooner or later) and it's just about time for that.
It may worth mentioning that the hash rate seems to be recovering too.
The recent rise in the price of Bitcoin has been astounding, where most of the information we have is that a bear market is happening. but in fact the bear market did not last long. so still waiting for this increase to continue to $40,000 more, we are looking forward to it.
despite the profit factor, I believe Bitcoin is not for individuals to play with.
Please stop talking about him and start looking the other way.
despite the profit factor, I believe Bitcoin is not for individuals to play with.
Please stop talking about him and start looking the other way.
BTC went up %13 in one day, as you guys might know. I know what caused it to decline (our troll friend Elon). What's causing it to rise back up?
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