The cause of the recent Bitcoin price hikes

tbterryboy

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Quote from: davinchi on December 08, 2020, 03:13:23 AM

Everyone offers one or the other and I doubt that it is just one of them. It is obvious that everything plays a big role in crypto and we are in a situation where all of it matters. For example, if I were to make a great purchase right now, in tune of 100 million dollars let's say, that will definitely make bitcoin go up a bit, maybe a lot if many people join me, but it will not be the only reason, whatever happened before I made that purchase and whatever will happen afterwards will play a big role as well.

This is why I really care about all the news that comes regarding crypto, because every single of them made bitcoin go up, whenever it goes down those news also made it go down, you selling your 100 dollar worth btc matters too, this is a whole community thing and each single move matters.

I also think all these big companies CEO's buys it for themselves as well. I mean look at the situation right now, doesn't it look like it is going to a level where it will be a big corporation thing? Some companies are getting into crypto like it is not a big deal and they are doing a stock situation like always, and I feel like these companies getting into crypto without any fear means that CEO's must be getting involved as well.

That really means only one thing , there is more money involved from those companies than what we see from the corporation purchases we know about. Probably a lot less, because they probably can't afford to get in this much, but still tens of millions of dollars from unknown sources goes into crypto as well.

Reatim

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Quote from: davinchi on December 08, 2020, 03:13:23 AM

Everyone offers one or the other and I doubt that it is just one of them. It is obvious that everything plays a big role in crypto and we are in a situation where all of it matters. For example, if I were to make a great purchase right now, in tune of 100 million dollars let's say, that will definitely make bitcoin go up a bit, maybe a lot if many people join me, but it will not be the only reason, whatever happened before I made that purchase and whatever will happen afterwards will play a big role as well.

Yet it is about the News and the factor of mentioned above that's why You will invest,because if the market did not bullied surely you will not Invest that 100Million of yours.
This is a Domino effect of the previous News and Progress so we are following their steps to make it more valuable.

Quote from: davinchi on December 08, 2020, 03:13:23 AM

This is why I really care about all the news that comes regarding crypto, because every single of them made bitcoin go up, whenever it goes down those news also made it go down, you selling your 100 dollar worth btc matters too, this is a whole community thing and each single move matters.

I tend to disagree mate because not all news are valuable and need to take in place,there are some Media exposure that is not appropriate for the community to believe or even learn because those news are being Paid Shill or Fud for the sake of Money.

davinchi

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Everyone offers one or the other and I doubt that it is just one of them. It is obvious that everything plays a big role in crypto and we are in a situation where all of it matters. For example, if I were to make a great purchase right now, in tune of 100 million dollars let's say, that will definitely make bitcoin go up a bit, maybe a lot if many people join me, but it will not be the only reason, whatever happened before I made that purchase and whatever will happen afterwards will play a big role as well.

This is why I really care about all the news that comes regarding crypto, because every single of them made bitcoin go up, whenever it goes down those news also made it go down, you selling your 100 dollar worth btc matters too, this is a whole community thing and each single move matters.

kentrolla

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There are several factors for the pump in BTC, many of the corporate companies involved in buying and the American election also there was a lot of demand because of hype.

Many of them are still interested to buy but they are afraid of what happened in 2017, anything can happen from now as the price is already high if in case some big whales start to sell in bulk definitely it will impact BTC price.

cytpoway121

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Quote from: tunaduong on December 03, 2020, 07:37:07 PM

Coinbase bought MicroStrategy's $ 425 million worth of Bitcoins in September 2020, which spiked the price of BTC, whether Bitcoin is hitting the next new high.

I do not think that a single news would cause a spike just like that; if you follow details, updates, you would notice that for almost 2 months now the blockchain and crypto currency has been building hypes; with Paypal letting its platform users to buy and sell crypto currency easily on paypal; to etherum 2.0 incoming; and also with new sets of bitcoin and crypto currency investors; the increase in price was fundamentally bound to happen. Only the longevity of the bull run is unpredictable which is why it is advisable to hodl for the foreseeable long term or take profits.

RealMalatesta

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I think coinbase is strong enough that the point of attack towards them would really hurt bitcoin and its price, I was afraid of what it could do when we are talking about this much money but it is not really just about the amount, it is about the name and that name recognition means something to crypto world.

So, I assume when people talk about how insignificant the amount must be, they are forgetting one thing, it could have been 40 million or 400 million or 4 billion and it wouldn't really change the topic, the topic is about coinbase being the spear head for these type of big deals and as long as they keep doing it we can feel at ease with the fact that someone can buy 10 dollars worth of bitcoin from them or 400 million dollars from them ad we are all the same in crypto world.

BuNga_cute

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I believe that a large quantity of Bitcoin purchases can make the Bitcoin price go up. So regarding the news that Coinbase bought
Micro Strategy $ 425 M worth of Bitcoin can indeed increase demand for Bitcoin. And finally Bitcoin can continue to increase in price,
but there are other things that make the price of Bitcoin reach an all time high price this year. Among others, Paypal accepts cryptocurrency,
several large companies began to be interested in Bitcoin and many billionaires who ended up investing in Bitcoin. The accumulation of
positive things has finally made the price of Bitcoin pump, I even believe that by the end of this year Bitcoin can rise to a price of $ 22,000.

target

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Apart from the coin they bought in September, they recently announced that they have bought again worth $50M worth of BTC just yesterday . Micheal Saylor must have been serious about holding BTC for a very long time.

If the resistance on $20K still stands and the price dips back to $14k like what speculators said, Microstrategy will likely be going to see it as a buying opportunity again.

exstasie

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Quote from: adaseb on December 05, 2020, 12:40:04 AM

The company actually ended up buying more Bitcoins according to the CEOs tweet. He bought $50 million dollars worth of BTC at a price of $19500. So basically he pretty much bought the top. His average is still like $11500 or so even with the $19500 compounding, since his new addition only accounts for an extra 10%. So I guess I was incorrect in assuming he would take partial profits at $19500 when in fact he decided to add more to his holdings.

I knew they wouldn't be selling. Saylor made that really clear in an interview 2 months ago:

Quote

Saylor told Pal that many people believe he has weak hands, saying “Ya, Saylor’s going to buy it and he’s going to dump it. He’s going to buy it and then buy another company with it. He’s going to buy it until he gets this profit and do whatever.” But in reality, he isn’t going to sell it, explaining that he is in it for the long haul:

“They don’t understand the mindset of long. I’m buying it for the dude that’s going to work for the dude that’s going to get hired by the guy who takes over my job in 100 years.”

https://cointelegraph.com/news/michael-saylor-claims-the-company-will-hold-bitcoin-for-100-years

Whether you believe they're going to hold for 100 years or not, they definitely aren't buying for short term speculation. They are buying and holding.

Oceat

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Quote from: Coin_trader on December 04, 2020, 11:35:47 PM

Purely speculation and hype on news is the main reason why BTC and not that $425 million USD bitcoin purchase alone. As stated above of some user, With bitcoin marketcap, It doesn't seem so realistic to give credits alone to that 425M purchase because it will just pump the price maybe around 20 to 30% for a short time and will surely drop once no follow up buying pressure.

You can't determine exactly what is the reason unless you will track all big purchase of BTC and determine the owner of that address.

This is also my take about of the Bitcoin price hike and we know that the hype of PayPal accepting Bitcoin did great to push the price up until now. I don't know how much they did add but it's still one of the factors that caused the price to spike up. We don't know if those $425M purchase really give a huge push but that's also part of factors in why Bitcoin did pump. These hype on the news and speculation is somehow helping to create a FOMO that helps adoption easier since people would notice how Bitcoin did manage to grow up so fast in just a short period of time.

Roidz

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There are several important factors that caused the bullish bitcoin some time ago, The Office of The Comptroller of the Currency (OCC) in the United States which has allowed banks in the US to hold crypto assets, and of course this has triggered an increase in demand for various crypto assets, such as Bitcoin in the United States and also other countries, Then there are large companies such as paypal that started to adopt bitcoin and we know that paypal is the largest cross-country digital payment intermediary company, now paypay has allowed users to buy, sell and store crypto assets on its platform (paypal), so that also triggers an increase in demand bitcoin which ultimately pushed up the price of bitcoin in the market.

tunaduong

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Quote from: Fortify on December 05, 2020, 07:59:50 PM

There seems to be a lot of investment funds and mainstream payment companies snapping up Bitcoin for different purposes right now - like Paypal, Square and the Winklevoss Brothers. These people have already made billions in the last few months and are likely to be buying more right now. There are a lot of factors in play, but I think we should all be happy with the current price right now for year end 2020. It'll be interesting to see what new heights are reached next year.

I think next year Bitcoin will fall to the $15,000 ~ $17,000 zone

kotajikikox

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Quote from: LUCKMCFLY on December 05, 2020, 08:43:15 PM

Quote from: Fortify on December 05, 2020, 07:59:50 PM

There seems to be a lot of investment funds and mainstream payment companies snapping up Bitcoin for different purposes right now - like Paypal, Square and the Winklevoss Brothers. These people have already made billions in the last few months and are likely to be buying more right now. There are a lot of factors in play, but I think we should all be happy with the current price right now for year end 2020. It'll be interesting to see what new heights are reached next year.

I think that like you, one of the main reasons why I think it also went up was because of the massive purchase of Bitcoins by Paypal, this contributed to the price going up in that way, and this leads to emotions in people produce massive purchases, the market moves that way too.

Well those mentioned are just some of the reason but the main reason now is Investors from the past years are now coming back because if course the Bullying season and also to bag another big amount.

We have seen this back in 2017 when massive investments happening every day but in just a week,They drop the Value of Bitcoin almost 50% and the remaining investors are those trapped and those Long term holding.
We must realize that what ever happen this market is too volatile to trust for short term investing as in any minute value may decrease or increase.

LUCKMCFLY

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Quote from: Fortify on December 05, 2020, 07:59:50 PM

There seems to be a lot of investment funds and mainstream payment companies snapping up Bitcoin for different purposes right now - like Paypal, Square and the Winklevoss Brothers. These people have already made billions in the last few months and are likely to be buying more right now. There are a lot of factors in play, but I think we should all be happy with the current price right now for year end 2020. It'll be interesting to see what new heights are reached next year.

I think that like you, one of the main reasons why I think it also went up was because of the massive purchase of Bitcoins by Paypal, this contributed to the price going up in that way, and this leads to emotions in people produce massive purchases, the market moves that way too.

Fortify

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There seems to be a lot of investment funds and mainstream payment companies snapping up Bitcoin for different purposes right now - like Paypal, Square and the Winklevoss Brothers. These people have already made billions in the last few months and are likely to be buying more right now. There are a lot of factors in play, but I think we should all be happy with the current price right now for year end 2020. It'll be interesting to see what new heights are reached next year.

Febo

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Quote from: btc78 on December 03, 2020, 10:07:17 PM

Now please Mind How come that that not even 1% of the totality Funds inside Bitcoin will Trigger the Bullying of Bitcoin?

Because of their hyping it. It is old pump and dump strategy. You buy coins. Overs of those companies bought Bitcoin in past years unless they did also before 2017. Then half year ago or end of last year they also bought with companies they are running. Now they simply promote and hype it. They go from TV to TV and promote Bitcoin they get journalist to write in newspapers. That is their main occupation. As soon as price will rise they will dump on newcomers. after the dump next year or in 2022, they will start FUDing Bitcoin to buy back cheap.

FanEagle

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The fact that people put this much faith of crypto in the hands of these huge companies makes me scared a bit. I mean we are making the price centralized more than we know.

Making price centralized is not that much of a deal compared to making the blockchain centralized, as long as blockchain keeps being decentralized and under nobodies power, we could simply just let it continue to have a centralized price, but it is still not a great deal if we consider the fact that bitcoin price could be changed in a way we want, but we are also giving that same power not to thousands or even millions of us, but few companies instead as well, if it was thousands of companies that would make sense but simply paypal/microstrategy/grayscale trio could come in and destroy the price today if they want to, and that is scary.

LogitechMouse

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Quote from: tunaduong on December 03, 2020, 07:37:07 PM

Coinbase bought MicroStrategy's $ 425 million worth of Bitcoins in September 2020, which spiked the price of BTC, whether Bitcoin is hitting the next new high.

Not only this.

- Paypal's integration of Bitcoin in their app
- Grayscale's interest in buying Bitcoin
- Integration of Bitcoin in VISA cards
- hyping of the news media.

There are many ways that have been done that made its price spike to near its recent ATH. Expect more upside move in the future since there are some companies who are having interest too in Bitcoin. This might cause the price of Bitcoin to spike again.

cryptomaniac_xxx

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Quote from: tunaduong on December 04, 2020, 06:29:18 PM

Quote from: Kemarit on December 03, 2020, 11:39:22 PM

Quote from: tunaduong on December 03, 2020, 07:37:07 PM

Coinbase bought MicroStrategy's $ 425 million worth of Bitcoins in September 2020, which spiked the price of BTC, whether Bitcoin is hitting the next new high.

We really didn't have this info in our hand in the beginning though, so we can't really say that it is the big cause of the massive spike to $19k or even as others have said, new all time high. But I will tell you that right after the halving, there is already a huge demand on bitcoin that's why the price keeps slowly rising up. So basicially, FOMO and then supply and demand that really spike the price.

MicroStrategy or whatever companies coming into the picture is somewhat like a icing on the cake. So in the end in the last 2 months or so, we have seen the price going up steadily with some minor retracement.

For about 2 months now the Bitcoin price has increased and decreased very unpredictably and it seems to have reached a certain value.I think Bitcoin price in the future will be between $ 18,000 ~ $20,000

No, bitcoin doesn't work like that, we may have reach certain price but it doesn't mean it won't go up again. This is could sideway pattern, but sooner or later we will have a break out, either going down or up. So I would say though that the chances of bitcoin going more than $20k this month or the start of next year are very high since we are still in the bullish trend, specially if FOMO continues.

adaseb

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The company actually ended up buying more Bitcoins according to the CEOs tweet. He bought $50 million dollars worth of BTC at a price of $19500. So basically he pretty much bought the top. His average is still like $11500 or so even with the $19500 compounding, since his new addition only accounts for an extra 10%. So I guess I was incorrect in assuming he would take partial profits at $19500 when in fact he decided to add more to his holdings.

So its very bullish as you can see. Basically stock market at highs, most stocks like AAPL and TSLA are way overvalued. What else is there to buy? Certainly not the dollar. Hence BTC is the only other attractive asset right now. Hence why many are loading up on it. However it doesn't mean it will break ATH soon. Could be weeks or months before it breaks. He bought this BTC as a long term investment.

Coin_trader

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Purely speculation and hype on news is the main reason why BTC and not that $425 million USD bitcoin purchase alone. As stated above of some user, With bitcoin marketcap, It doesn't seem so realistic to give credits alone to that 425M purchase because it will just pump the price maybe around 20 to 30% for a short time and will surely drop once no follow up buying pressure.

You can't determine exactly what is the reason unless you will track all big purchase of BTC and determine the owner of that address.

el kaka22

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Big companies buying a lot of bitcoin and making a news, nearly a billion dollars bought and stored, is something very valuable. Just because marketcap is ato hundreds of billions dollars doesn't mean that you can't change it with just half a billion dollars you can definitely create a rally behind bitcoins bull run and cause everyone else to get hyped as well which will mean that your half a billion dollars will be not the important part, it will be all the other people you stirred up to get the price higher.

We are going to find many other reasons as well, this one news is not really enough to increase it, all the paypals and eth 2.0 and many other stuff are contributing factors as well, but these all pay a role, none of them are useless irrelevant news, they all play either a big or a small role in increasing the price.

tunaduong

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Quote from: btc78 on December 03, 2020, 10:07:17 PM

Quote from: tunaduong on December 03, 2020, 07:37:07 PM

Coinbase bought MicroStrategy's $ 425 million worth of Bitcoins in September 2020, which spiked the price of BTC, whether Bitcoin is hitting the next new high.

$435 million worth of Bitcoin?and not 425 million Bitcoin?

The Market Capitalization now is $570 Billion ,and the Bitcoin Capitalization is 356 billion Dollars..

Now please Mind How come that that not even 1% of the totality Funds inside Bitcoin will Trigger the Bullying of Bitcoin?

And the new ATH already happen last week.

But What we must be proud is the idea that Bitcoin proves coming back from the lowest value this ever had.

perhaps more and more Bitcoin will go up and its value will reach new levels

tunaduong

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Quote from: adaseb on December 03, 2020, 11:17:59 PM

Yes we all know when that guy bought all those bitcoins. His average price if I recall is $11111 or so. He was actually a little underwater for a while on his position. The question to ask now is? Did he sell any of those bitcoins. Honestly it would seem irresponsible to not take a least some off the table.

We won't know until the reports are released from his companies holdings. However I predict that if the market finds out that a portion of his BTC holdings were sold recently then the market might take it as bearish news and a sell-off can start. Especially if its released in January when most people are going to be selling anyways for tax reasons.

However keep in mind when he was buying those BTC. He bought it very slowly. He didn't cause any type of FOMO. Price went below his average anyways. So him buying those bitcoins in secret caused no market reaction until it was revealed a few weeks after.

haha it's kind of like the crowd effect, when people see someone or more people buy it they get swept up and buy BTC in any amount.

tunaduong

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Quote from: Kemarit on December 03, 2020, 11:39:22 PM

Quote from: tunaduong on December 03, 2020, 07:37:07 PM

Coinbase bought MicroStrategy's $ 425 million worth of Bitcoins in September 2020, which spiked the price of BTC, whether Bitcoin is hitting the next new high.

We really didn't have this info in our hand in the beginning though, so we can't really say that it is the big cause of the massive spike to $19k or even as others have said, new all time high. But I will tell you that right after the halving, there is already a huge demand on bitcoin that's why the price keeps slowly rising up. So basicially, FOMO and then supply and demand that really spike the price.

MicroStrategy or whatever companies coming into the picture is somewhat like a icing on the cake. So in the end in the last 2 months or so, we have seen the price going up steadily with some minor retracement.

For about 2 months now the Bitcoin price has increased and decreased very unpredictably and it seems to have reached a certain value.I think Bitcoin price in the future will be between $ 18,000 ~ $20,000

Kemarit

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Quote from: tunaduong on December 03, 2020, 07:37:07 PM

Coinbase bought MicroStrategy's $ 425 million worth of Bitcoins in September 2020, which spiked the price of BTC, whether Bitcoin is hitting the next new high.

We really didn't have this info in our hand in the beginning though, so we can't really say that it is the big cause of the massive spike to $19k or even as others have said, new all time high. But I will tell you that right after the halving, there is already a huge demand on bitcoin that's why the price keeps slowly rising up. So basicially, FOMO and then supply and demand that really spike the price.

MicroStrategy or whatever companies coming into the picture is somewhat like a icing on the cake. So in the end in the last 2 months or so, we have seen the price going up steadily with some minor retracement.

adaseb

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Yes we all know when that guy bought all those bitcoins. His average price if I recall is $11111 or so. He was actually a little underwater for a while on his position. The question to ask now is? Did he sell any of those bitcoins. Honestly it would seem irresponsible to not take a least some off the table.

We won't know until the reports are released from his companies holdings. However I predict that if the market finds out that a portion of his BTC holdings were sold recently then the market might take it as bearish news and a sell-off can start. Especially if its released in January when most people are going to be selling anyways for tax reasons.

However keep in mind when he was buying those BTC. He bought it very slowly. He didn't cause any type of FOMO. Price went below his average anyways. So him buying those bitcoins in secret caused no market reaction until it was revealed a few weeks after.

btc78

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Quote from: tunaduong on December 03, 2020, 07:37:07 PM

Coinbase bought MicroStrategy's $ 425 million worth of Bitcoins in September 2020, which spiked the price of BTC, whether Bitcoin is hitting the next new high.

$435 million worth of Bitcoin?and not 425 million Bitcoin?

The Market Capitalization now is $570 Billion ,and the Bitcoin Capitalization is 356 billion Dollars..

Now please Mind How come that that not even 1% of the totality Funds inside Bitcoin will Trigger the Bullying of Bitcoin?

And the new ATH already happen last week.

But What we must be proud is the idea that Bitcoin proves coming back from the lowest value this ever had.

tunaduong

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Coinbase bought MicroStrategy's $ 425 million worth of Bitcoins in September 2020, which spiked the price of BTC, whether Bitcoin is hitting the next new high.

Topic: The cause of the recent Bitcoin price hikes (Read 315 times)