Curious since this is actually a bit annoying. But can anyone send a reference or source as to who/why is keeping the price of btc above 1k for this long?
*Yes I want it to fall, nothing to hide here*
*Yes I want it to fall, nothing to hide here*
It could have something to do with the decisions on the exchange-traded funds (ETF) being considered soon. There's a few big players in the game (https://cointelegraph.com/news/barry-silbert-now-competes-with-winklevoss-twins-solidx-for-launching-first-bitcoin-etf-in-2017) and there's a lot of speculation at the moment (http://seekingalpha.com/article/4044517-bitcoin-etf-approved-march-2017-black-swan-asymmetric-risk-reward). I think there will be a decision making hearing next month (http://www.newsbtc.com/2017/02/06/sec-faces-march-11-deadline-bitcoin-etf-decision/).
This is the main reason. The price will still increase until March 11 when SEC will decide whether ETF is granted. So for now, we are waiting for the decision, but the consensus is that the SEC will not approve it so its up to us on how to play our bitcoin to earn until the SEC decision is handed down.
What's confusing is that transactions confirmation times are increasing (https://bitcointalksearch.org/topic/m.17944442) while transaction fees are spiking (https://bitcointalksearch.org/topic/m.17944442). So, while the bitcoin network is under stress, the price keeps increasing (https://bitcointalksearch.org/topic/m.17953316) which seems counter intuitive. Might all this be related to the ETF speculation, or is there something else in the works?
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