I mean, it is, though?
For example, let's assume that why bitcoin hit 60k was 100% proven because of the recent stimulus package. Supply and demand in this case still takes to effect, because we can assume that the market demand for bitcoin increased because people suddenly have more money to spend(because of the stimulus money) and buy bitcoin.
For example, let's assume that why bitcoin hit 60k was 100% proven because of the recent stimulus package. Supply and demand in this case still takes to effect, because we can assume that the market demand for bitcoin increased because people suddenly have more money to spend(because of the stimulus money) and buy bitcoin.
This.
Also, Bitcoin's market cap is currently north of $1 trillion (current price * circulating supply). At this level, there is without any doubt that institutions are backing Bitcoin. For example, Elon Musk disclosed Tesla bought 1.5 billion in Bitcoin back in January. When institutions are involved, price manipulation is thrown into the mix. If a company has enough capital, it is possible to raise and lower the price of Bitcoin to shake retail investors (people like you and me) into selling their coin. Then, that institution will buy your coin at the discount you just provided them.
Buy and hodl.
Even if the news influence/instigates what the price of crypto-currency will do, it has to do it this way, disclaimer, -am not in the saying that Elon musk or any influencers on social media influence the price, nor any government-, so if any influence affect bitcoin/crypto-currency price, it has to go through demand and supply, for explanation if the influence is attractive then the demand goes up, then affects the price and vise versa.
I disagree here. How does Elon Musk / certain governments not directly influence the price? Elon sent some tweets out about Doge and propelled it into an entirely new price bracket shredding old all-time-highs before bitcoin was north of 50k.
