this pump is because of russia? - page 3.

Ever-young

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Quote from: ImThour on April 26, 2023, 10:02:57 AM

No, I don't think so it's because of Russia. Also, why would you call it a pump? Bitcoin went from $31k to $29.6k.
It's just an upward move after a slight correction and it's healthy for Bitcoin price.

I am expecting Bitcoin to reach at least $32k this month. Let's see how it goes.

There is definitely a high possibility for us to see $32k before the month end though it's just few days not up to a week, but this fast correction done by Bitcoin under few hours have increased my expectations.
If $32k don't happen on or before the month ends we will see it on the first coming days of May.

bittraffic

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The correction is over and now it's bouncing again as the continuation of this bull market. But Binance reopening the market to Russia must have contributed as well to this bounce. And then the EU having the first to have regulatory authority for crypto (MICA) must have helped the people in EU decide to invest in BTC. $35K and a correction is expected again.

Faisal2202

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Quote from: cafter on April 26, 2023, 09:06:33 AM

i think just returning a exchange don't cause it, but pretty good news for russians

It's not the main factor behind this slight pump, as BTC was already in a correction state from the last week. According to my view, There was no bad factor causing BTC to dump down to $27,900 (almost) instead it was only a correction. As many analysts had predicted the price of BTC to reach around $40k in May. And we have also seen a big amount of BTC has been accumulated in the past 15 days.

And the news you shared is of the same day when BTC hit its ATL of the week ($27,199) on April 25, around 14:35 and the news was out around 25 minutes earlier, So it wasn't the main factor but it must have impacted the market from to maintain it's support level. Plus this news also represents a good factor causing BTC to maintain its pump. If such good news keeps coming then BTC will definitely go to reach $40k in May but it's only my speculation so please DYOR too.

KingsDen

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Quote from: logfiles on April 26, 2023, 09:59:18 AM

Does Bitcoin price movement have to be hinged on any Country or Government decisions?

"Bitcoin pumped because Russia did this"
"Bitcoin dumped because China did this"
"Bitcoin dumped because US did this"

What if the price had dumped further? I guess the post would be like "Bitcoin dumps because binance lifts restrictions on Russian users"

Some of them are weak reason in my opinion. Price movements are a result of demand and supply, which keep fluctuating over time. Sometime's we have a coincidence of Government decisions and market movements, and then people start claiming that the pump or dump is because of this and that.

I have said about this severally. At every point in time, bitcoin success or woes must be attributed to one situation or the order. Most especially situations concerning countries economy and economical decisions.
I am not blind to the fact that fundamentals drive the market but in must cases the guesses are wrong. The whole crypto market is at $1.2T and bitcoin is much bigger than those days that slight news moves its price.
But the norms have been customised, at every point in time, bitcoin success or woes must be attributed to something.

ImThour

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Bitcoin Bottom was at $15.4k

No, I don't think so it's because of Russia. Also, why would you call it a pump? Bitcoin went from $31k to $29.6k.
It's just an upward move after a slight correction and it's healthy for Bitcoin price.

I am expecting Bitcoin to reach at least $32k this month. Let's see how it goes.

logfiles

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Does Bitcoin price movement have to be hinged on any Country or Government decisions?

"Bitcoin pumped because Russia did this"
"Bitcoin dumped because China did this"
"Bitcoin dumped because US did this"

What if the price had dumped further? I guess the post would be like "Bitcoin dumps because binance lifts restrictions on Russian users"

Some of them are weak reason in my opinion. Price movements are a result of demand and supply, which keep fluctuating over time. Sometime's we have a coincidence of Government decisions and market movements, and then people start claiming that the pump or dump is because of this and that.

kryptqnick

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Accepting Russian cards for deposits and withdrawals doesn't sound very nice to me. Binance expressed support of the Western sanctions and of Ukraine, and now they're just quietly lifting restrictions as if everything is back to normal? Sure, not many people expected the war to be so long, but it's not over yet, and Russians still overwhelmingly support the invasion of Ukraine and the full-scale war against Ukraine. I wonder if it's something Binance managed to do or an indicator of a bigger change, like some Russian banks being quietly removed from the Western sanctions or managing to successfully bypass them, though.

Wapfika

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Quote from: cafter on April 26, 2023, 09:06:33 AM

I read this news about Binance returned to Russia,
https://www.coindesk.com/business/2023/04/24/crypto-exchange-binance-is-back-in-russia-lifts-restrictions-on-russian-users-report/
i think just returning a exchange don't cause it, but pretty good news for russians

Highly doubt it. Binance just cut out the use of Visa and Mastercard for Russian citizens but they can still use the exchange using different payment methods. I think those sanctioned wallets from Russian oligarchs are still not usable and I'm sure that normal citizen already finds a way to deposit on Binance without the use of Visa and Mastercard so this restriction is not really a problem. They just got another option to deposit and withdraw but not enough to create this kind of hype.

Bitcoin is already down for fast few days. I think people is just buying the dip and not this kind of news because real hype news will put the Bitcoin price above 30K levels and stays there.

OcTradism

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Quote from: cafter on April 26, 2023, 09:06:33 AM

I read this news about Binance returned to Russia,
https://www.coindesk.com/business/2023/04/24/crypto-exchange-binance-is-back-in-russia-lifts-restrictions-on-russian-users-report/
i think just returning a exchange don't cause it, but pretty good news for russians

Binance and not only them but also other exchanges can move from one nation to another and other nations. Citizens in one country can use many exchanges, from local to global brands.

Years ago, China policies forced some cryptocurrency exchanges moved their head quarters from China mainland to other countries. The USA., Russia and other countries can contribute the same stories at different times. I think if you are in this market a few years, you will see they are not real reasons for Bitcoin pumps and more important Bitcoin growth.

The growth is come from its technology, design and its sharply increasing adoption growth. China, the USA., Russia and other countries are contributors to make a snowball effect for Bitcoin.

franky1

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tax month is nearly over so its time trades start moving again

Nwada001

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I don't think Binance has lifted any restrictions from Russia traders because there was never a direct sanction from Binance to Russia traders, and the Russian card payment cutout was in line with International Interbank Settlement (SWIFT). If the citizens have regained access by using their cards to purchase crypto, then I guess the EU has lifted the card restrictions. There are still some forms of restrictions, though on P2P, there are some pairs that are limited to Russian access.
That being said, I don't see how this can contribute to the price pump of over 9% in BTC in the past 24 hours.

cafter

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I read this news about Binance returned to Russia,
https://www.coindesk.com/business/2023/04/24/crypto-exchange-binance-is-back-in-russia-lifts-restrictions-on-russian-users-report/
i think just returning a exchange don't cause it, but pretty good news for russians

Topic: this pump is because of russia? - page 3. (Read 324 times)