What and Why Bitcoin Price Reached $7,000

cybersofts

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Quote from: hugeblack on November 03, 2017, 05:56:16 AM

Increase Reasons

1)announcement of Chicago Mercantile Exchange’s decision to offer Bitcoin futures. [1]
2)now Wall Street more than one reason to put faith in Bitcoin and thus the demand has skyrocketed, along with the price.

Drop Reasons
1) SEC noted that Bitcoin had “fundamental flaws” that made it a “dangerous asset class to force into an exchange traded structure.”
3)The SEC has maintained their position on a Bitcoin ETF, stating that it is not on the cards while they continue to watch its volatility and nature.

Source
https://cointelegraph.com/news/the-what-and-why-bitcoin-price-reached-7000
[1]https://cointelegraph.com/news/sec-may-still-approve-etfs-waiting-for-more-stability-lawyer

Bitcoin price increased to $7,000 because the world biggest exchange called CME announced they will launch bitcoin trading on their platform by the end of this year. That is why a lot of investors everywhere around the world are putting their money into bitcoins - planning to start trading bitcoins on CME when they later launched bitcoin trading on their platform.

digaran

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🖤😏

One exchange couldn't possibly cause an increase from $4500 to $7200. Bitcoin is not small enough for Bitfinex to manipulate the price, maybe if the biggest exchanges collude they could pump the price, but don't forget that every day you could mine 1800 Bitcoins with the entire hash power.
Hard forks are the new black for crypto currencies.
United states is abusing their power over financial and global markets, they do what ever suits them and there is no body to answer to, wouldn't you abuse your power if there was nothing to stop you?
Countries like Russia, China and many other countries are helping with the adoption of Bitcoin to pump the price and decentralize a new currency to use instead of dollar.

maeusi

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Yes, news/fake news/placative predictions have can cause limited course correction (best examples China "ban", J.P. Morgan). But forks, community and acceptance keep Bitcoin on its main trend upward.

richardsNY

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Quote from: alyssa85 on November 03, 2017, 08:36:43 AM

Most of teh action is on Bitfinex, using tethers to buy (and tethers arn't real US dollars, they're just another crappy alt) - so there is a bit of fakery going on. Be careful out there people.

People are going nuts on Tether, but they don't realize that the purpose of its existence is gone already, due to it not being able to keep its value at a 1:1 ratio with the USD. That's exactly the reason I never trade with anything that's tied to Tether. That being said, Bitfinex is a shady exchange to begin with, which is another reason to avoid using that centralized garbage. People however don't seem to care and just continue to make use of Bitfinex and Tether, which is a clear sign that their greed has got the better of them -- people eventually will pay the price....

Lieldoryn

sr. member

Activity: 630

Merit: 272

If the big miners will refuse to service bitcoin I'm sure it won't last long. There are certainly people who want to make money. The less miners the higher the income. Perhaps there would be some delays in the completion of the transaction but I'm sure it will recover quickly and we will see more free bitcoin. Without the dictates of the miners.

Kemarit

legendary

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I think its really about the news of the looming Segwit2x that really push the price of bitcoin to $7000 levels. Those you have mentioned may have been somewhat contributed, but its not the main source of the current increase. Many are expecting that Segwit2x will really bring another free coins, but I don't know and I'm not sure about it so don't take my word.

Quote from: atc1-REAL on November 03, 2017, 08:16:19 AM

We don't know if there will be a massive crash, but for sure there will be a correction. Now, if S2X doesnt go well, there might well be a crash, however, i feel that if properly managed, theres no reason, apart from the inevitable correction, for a crash of extreme proportions.

I don't think that there will be a major crash after Segwit2x, there might be some problems like miners not supporting it or mining a empty blocks but I think it can be sorted out after the implementation. What I worried most is that when some big entities try again to manipulate the price by making big sell orders right after the activation, we may see a ensuing panic specially for newcomers.

jackhdt

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Activity: 476

Merit: 256

Quote from: dinoloverpete on November 03, 2017, 08:20:37 AM

The announcement of futures trading is certainly going to be affecting the price, to what extent it is unclear, but it shows confidence in bitcoin and takes it more main stream. As others have said I feel segwit2x is the main reason why bitcoin has reached its current price

i agree with you. the rationale above does not seem to clear. look into the past 25/10 ago when rumors about imminent fork, We have a strong price increase and I think so do current.

abanansah

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www.daxico.com

Bitcoins has a future, uninitiated are all rushing to obtain Bitcoins because they want to share the success story of those that has make it with BTC. It is an asset now. More people are buying and holding, rather than selling and blockchain technology is advancing each and every day.

YuginKadoya

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Quote from: barwizi on November 03, 2017, 08:50:26 AM

Quote from: alyssa85 on November 03, 2017, 08:36:43 AM

What you need to understand is that news does't cause pumps - the pumps are simply timed to coincide with news so that people don't think it's odd and they can rationalise in their minds why the coin is pumping.

Most of teh action is on Bitfinex, using tethers to buy (and tethers arn't real US dollars, they're just another crappy alt) - so there is a bit of fakery going on. Be careful out there people.

LIAR !!!!!!!!!!!! NEWS CAUSE PUMP OF COURSE

News will surely cause an outburst from the peoples point of view about bitcoin and an uproar within the market cap and the one time it did was the news about china's gonna ban all ICO related project it's been a topic for quite a while back then and they think that china's gonna ban bitcoin for sure,

But I think the Pump that we are experiencing right now is not because of some news but the impending Hard Fork that is coming and many are buying bitcoin for sure.

crairezx20

legendary

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I think the only reason that i know why the price is keep increase because of 3rd coming fork.. there is no other reason behind this why the price of bitcoin is keep increase and reached $7000 this is always happening the price is increase before and after the fork ..
If you already experience what happen from the first fork which is bitcoin cash people are not ready in that time when the price is increase there are people are afraid what actually will happen with bitcoin but now after bitcoin gold we see the price increase too much until now..
So i think the price is normally increases due to coming fork..

CoolShop

newbie

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Quote

1)announcement of Chicago Mercantile Exchange’s decision to offer Bitcoin futures

not think this is reason Because they can only give price small pump .

price increase more than 1,500$

barwizi

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Quote from: alyssa85 on November 03, 2017, 08:36:43 AM

What you need to understand is that news does't cause pumps - the pumps are simply timed to coincide with news so that people don't think it's odd and they can rationalise in their minds why the coin is pumping.

Most of teh action is on Bitfinex, using tethers to buy (and tethers arn't real US dollars, they're just another crappy alt) - so there is a bit of fakery going on. Be careful out there people.

LIAR !!!!!!!!!!!! NEWS CAUSE PUMP OF COURSE

alyssa85

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CryptoTalk.Org - Get Paid for every Post!

What you need to understand is that news does't cause pumps - the pumps are simply timed to coincide with news so that people don't think it's odd and they can rationalise in their minds why the coin is pumping.

Most of teh action is on Bitfinex, using tethers to buy (and tethers arn't real US dollars, they're just another crappy alt) - so there is a bit of fakery going on. Be careful out there people.

dinoloverpete

full member

Activity: 308

Merit: 105

The announcement of futures trading is certainly going to be affecting the price, to what extent it is unclear, but it shows confidence in bitcoin and takes it more main stream. As others have said I feel segwit2x is the main reason why bitcoin has reached its current price

atc1-REAL

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We don't know if there will be a massive crash, but for sure there will be a correction. Now, if S2X doesnt go well, there might well be a crash, however, i feel that if properly managed, theres no reason, apart from the inevitable correction, for a crash of extreme proportions.

DaMut

sr. member

Activity: 1274

Merit: 263

i do not think it was the reason behind this pump and i believe it's totally prepared by them.
what i mean is,everything is out of control and they manipulated it right now.
the reason behind this pump and the dump later on because of the segwit2x itself,
and other than that is the split caused by the chain and because of that many people got a free 'money'.
there're a lot of news similiar to that one for the past few years and it did not affecting the price too much,
when we're playing with something that has no authorities or decentralized,
the biggest weakness is manipulation from peoples,groups.even though those news slightly affecting the price,but it did not determine the movement this much unlike fiat or other assets

hugeblack

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Quote from: https://cointelegraph.com/news/sec-may-still-approve-etfs-waiting-for-more-stability-lawyer

Increase Reasons

1)announcement of Chicago Mercantile Exchange’s decision to offer Bitcoin futures. [1]

2)now Wall Street more than one reason to put faith in Bitcoin and thus the demand has skyrocketed, along with the price.

Drop Reasons

1) SEC noted that Bitcoin had “fundamental flaws” that made it a “dangerous asset class to force into an exchange traded structure.”

3)The SEC has maintained their position on a Bitcoin ETF, stating that it is not on the cards while they continue to watch its volatility and nature.

Source
https://cointelegraph.com/news/the-what-and-why-bitcoin-price-reached-7000

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