Why has Bitcoin skyrocketed recently?

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Quote from: ShowOff on October 27, 2023, 04:03:25 PM

Some whales seem to believe that ETFs will eventually be approved, so they have seized the opportunity to buy sooner than others. Even if they don't see the ETF approved later, then the halving will probably help them get a return. It makes sense to buy now instead of waiting for an ETF to be approved or when demand for bitcoin increases due to the halving.

It's two way around on this upcoming bull run. Those that are optimistic with the ETF approval, they'll have to buy before the push happens from this news and you're right that even there's no good news about the approval, the halving is approaching and that's another factor that will make the market higher and will result to a higher bitcoin's price.

Quote from: sana54210 on October 27, 2023, 12:59:59 PM

So the question we need to ask, if the ETF didn't get approved now, why would it go up now? It should go up when the approval comes in, and it is not coming in anytime soon, not like for another month and probably even later. So, it is basically just a rumor that made the price go up this much and that's not really a good reason but as long as it is higher, I am happy, no matter what the reason is.

I think if there's not ETF approval, the common ground here is the basic reason for what makes bitcoin up and that's the preparation for the halving. We can say that the increase of the price was due to the manipulation and wrong news about Bitcoin which tends to be good and positive news. But without that, we can still have a good ending for this season because of how we're seeing thing like now that there is a FOMO whenever that we're so close to the halving day.

serjent05

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It was stated in an article that the Bitcoin price surge is not only driven by the increased institutional and retail interest but also by technical patterns observed in the price chart. The article also stated that the cryptocurrency as a whole (not Bitcoin only) had broken out of a consolidative pattern. Since the Bitcoin market sentiment is bullish, the crypto fear and greed index currently shows 72 indicating that the market is in greed sentiment.

source

This is one of the few reasons why Bitcoin uptrend recently.

Fatunad

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Quote from: sana54210 on October 27, 2023, 12:59:59 PM

Quote from: carlfebz2 on October 25, 2023, 04:34:19 PM

You could read up from these articles, might be the same headline but sentiment could really differ a bit
depending on the article. Just take a peak on reading up.

https://news.bitcoin.com/bitcoin-soars-as-blackrock-moves-closer-to-launching-spot-bitcoin-etf/
https://www.coindesk.com/markets/2023/10/25/bitcoins-rise-fuelled-by-us-investors-buying-ahead-of-potential-spot-etf-approval-matrixport/
https://www.reuters.com/technology/bitcoin-leaps-2023-high-etf-bets-2023-10-24/

As we can see then it would really be all pertaining about that ETF potential approval and this is where the community been eyeing.
Bitcoin or crypto market doesnt usually reacts with external reasons but it turns out to be completely different as of this year
on which these sentiments turns out to be significant already.

The weirdest thing is that they are not even getting accepted. I am not saying it would never be, just that there is no extra added reason why it should be accepted at this point, we could definitely see a point where it may not be all that crazy. I believe that we are going to end up with something that would benefit a ton if it really happens but it is not happening at this point.

So the question we need to ask, if the ETF didn't get approved now, why would it go up now? It should go up when the approval comes in, and it is not coming in anytime soon, not like for another month and probably even later. So, it is basically just a rumor that made the price go up this much and that's not really a good reason but as long as it is higher, I am happy, no matter what the reason is.

This what makes this market unpredictable on which even if the situation is pretty obvious but it totally goes opposite on what are the effects that its been showing.Its true that it wasnt still that been approved but turns out that the market do make out some significant jump to its price even if its not really that still approved.How much more if its approved? We do know that sentiments could really be ended up on being positive or negative.This is why if you do see or notice that the market is really having that positive vibe or momentum then it would really be just that wise that you should really be taking advantage.

Quote from: blckhawk on October 27, 2023, 03:31:03 AM

You can't expect any inside story ever popping up about bitcoin, I am pretty sure that those who has that aren't tattletale about it if there really is an inside story. And to quell your wonder, you just have to look at the history of the bitcoin price this month to know that this is a pretty month for bitcoin combine that with the ongoing Bitcoin ETF stuff then it's not a wonder anymore, the magician's trick revealed sort of.

Quote from: LoyceMobile on October 25, 2023, 11:29:13 AM

What is this? A skyrocket for ants?

OP probably hasn't seen bitcoin price go this high this fast, probably a total newbie.

This is what im trying to say on which it turns out that if you are someone who doesnt really have that enough experience or awareness into this market then you would really be having
this kind of reaction on which you would really be shocked that the market is really that somewhat odd? You havent seen those rollercoaster like ride in the past.
We arent still something into those movements in the past or simple we arent on that exciting part. Cheesy

ShowOff

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Quote from: sana54210 on October 27, 2023, 12:59:59 PM

Quote from: carlfebz2 on October 25, 2023, 04:34:19 PM

-

So the question we need to ask, if the ETF didn't get approved now, why would it go up now?

Some whales seem to believe that ETFs will eventually be approved, so they have seized the opportunity to buy sooner than others. Even if they don't see the ETF approved later, then the halving will probably help them get a return. It makes sense to buy now instead of waiting for an ETF to be approved or when demand for bitcoin increases due to the halving.

sana54210

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Quote from: carlfebz2 on October 25, 2023, 04:34:19 PM

You could read up from these articles, might be the same headline but sentiment could really differ a bit
depending on the article. Just take a peak on reading up.

https://news.bitcoin.com/bitcoin-soars-as-blackrock-moves-closer-to-launching-spot-bitcoin-etf/
https://www.coindesk.com/markets/2023/10/25/bitcoins-rise-fuelled-by-us-investors-buying-ahead-of-potential-spot-etf-approval-matrixport/
https://www.reuters.com/technology/bitcoin-leaps-2023-high-etf-bets-2023-10-24/

As we can see then it would really be all pertaining about that ETF potential approval and this is where the community been eyeing.
Bitcoin or crypto market doesnt usually reacts with external reasons but it turns out to be completely different as of this year
on which these sentiments turns out to be significant already.

The weirdest thing is that they are not even getting accepted. I am not saying it would never be, just that there is no extra added reason why it should be accepted at this point, we could definitely see a point where it may not be all that crazy. I believe that we are going to end up with something that would benefit a ton if it really happens but it is not happening at this point.

So the question we need to ask, if the ETF didn't get approved now, why would it go up now? It should go up when the approval comes in, and it is not coming in anytime soon, not like for another month and probably even later. So, it is basically just a rumor that made the price go up this much and that's not really a good reason but as long as it is higher, I am happy, no matter what the reason is.

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Quote from: seek3r on October 24, 2023, 07:15:31 AM

Quote from: hugeblack on October 24, 2023, 07:10:39 AM

I do not think this is true. The price fell after this false news, so its impact now is very limited.

I think the green candles a few hour ago were influenced by the result that the Bitcoin ETF is now about to be approved.
Officially we are still waiting for approval from the SEC, but there are now indications that it might not take too long tho Roll Eyes

The Ishares Bitcoin ETF can already be found at https://www.dtcc.com/products/cs/exchange_traded_funds_plain_new.php under the trading symbol IBTC and the CUSIP number (security number of) 46438F101.

for How many years that we have been waiting this ETF thing seems like there is a light now? and if this is true then the next bullrun is knocking in our doorways and yes this is huge compared to other past bull.
and hoping that the approving will happen if not this year , will be in the next (2024)
though the term Sky rocket is exaggerating as we only experienced 20% or more and seems now enough to be called skyrocketing ?

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Quote from: savetheFORUM on October 25, 2023, 02:56:30 PM

Quote from: Emmanuelex on October 24, 2023, 01:26:30 PM

The market is going wild because of the ETF news. But I don't think we have started the bull run, neither are we close to it yet. There is still more time before the main bull run will start. Although I wouldn't neglect the fact that the market will continue to make some little up trends before the right time comes for it to make the major move towards to the top.

I don't think that news has anything to do with the current price surge because the news has gone old already and the impact that we saw because of it on Bitcoin or the market has finished already. This is more like a cyclical pump where the price finally managed to go across the resistance at $31k which Bitcoin hasn't been able to cross for the last few months and now when it finally did, it managed to at least touch $35k, so far, I had already expected this t happen.

So, I think we shouldn't connect this pump with the fake ETF news which a lot of people are saying but it isn't true. However, some might think, are we in the bull run already? I would say that might not be the case, the movement isn't looking that strong to me, it has dropped a little after touching $35k and is stable right now but it can come down a little bit again after it.

I think the recent price increase is related to the ETF news because from what I observed people discussing ETFs daily on all social networks, the interest in ETFs is actually greater than we think. But there is nothing wrong in saying that what is happening is market movement because markets cannot fall forever, they are always moving.

We are up over 20% in the last 7 days, isn't that a huge increase? Bitcoin is correcting but it is still above $34K. And I think we won't drop to 30k$ anytime soon in the coming days.

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You can't expect any inside story ever popping up about bitcoin, I am pretty sure that those who has that aren't tattletale about it if there really is an inside story. And to quell your wonder, you just have to look at the history of the bitcoin price this month to know that this is a pretty month for bitcoin combine that with the ongoing Bitcoin ETF stuff then it's not a wonder anymore, the magician's trick revealed sort of.

Quote from: LoyceMobile on October 25, 2023, 11:29:13 AM

What is this? A skyrocket for ants?

OP probably hasn't seen bitcoin price go this high this fast, probably a total newbie.

adaseb

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I don’t think it’s the hedge funds which are buying these bitcoins to add to their etf. From what I learned they only need like $1-2 million worth to get the fund listed. And after people actually buy the shares they will buy more then from the market.

Also keep in mind that many of these could of been bought OTC without causing too much of a price difference. There are many large players that only do OTC and you got the US government even holding coins which are seized which might be sold to them.

carlfebz2

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Quote from: [email protected] on October 24, 2023, 06:32:10 AM

Why are all cryptocurrencies soaring these days? Does anyone know the inside story? Huh

The latest?
You could read up from these articles, might be the same headline but sentiment could really differ a bit
depending on the article. Just take a peak on reading up.

https://news.bitcoin.com/bitcoin-soars-as-blackrock-moves-closer-to-launching-spot-bitcoin-etf/
https://www.coindesk.com/markets/2023/10/25/bitcoins-rise-fuelled-by-us-investors-buying-ahead-of-potential-spot-etf-approval-matrixport/
https://www.reuters.com/technology/bitcoin-leaps-2023-high-etf-bets-2023-10-24/

As we can see then it would really be all pertaining about that ETF potential approval and this is where the community been eyeing.
Bitcoin or crypto market doesnt usually reacts with external reasons but it turns out to be completely different as of this year
on which these sentiments turns out to be significant already.

Sophokles

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ETF news made a significant impact to the market. Also grayscale bitcoin conversion and blackrock ETF ticker registration makes thing exciting and people assume that this is mark that shows blackrock ETF will be approved in the future. So many takes speculative measure for this when whale sees it as an oportunity to break the resistance level which liquidate many new short position.

savetheFORUM

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Quote from: Emmanuelex on October 24, 2023, 01:26:30 PM

The market is going wild because of the ETF news. But I don't think we have started the bull run, neither are we close to it yet. There is still more time before the main bull run will start. Although I wouldn't neglect the fact that the market will continue to make some little up trends before the right time comes for it to make the major move towards to the top.

I don't think that news has anything to do with the current price surge because the news has gone old already and the impact that we saw because of it on Bitcoin or the market has finished already. This is more like a cyclical pump where the price finally managed to go across the resistance at $31k which Bitcoin hasn't been able to cross for the last few months and now when it finally did, it managed to at least touch $35k, so far, I had already expected this t happen.

So, I think we shouldn't connect this pump with the fake ETF news which a lot of people are saying but it isn't true. However, some might think, are we in the bull run already? I would say that might not be the case, the movement isn't looking that strong to me, it has dropped a little after touching $35k and is stable right now but it can come down a little bit again after it.

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There are a few things at play here. The catalyst I would say being that the Blackrock ETF listing to customers is basically an admission they know it’s going to be approved so people are buying the rumor to sell the news. Another big factor at play is the season we’re in. Since I’ve been in Bitcoin, the time around Halloween has always been incredibly bullish, so I wouldn’t be surprised to see this rally run for a couple weeks.

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What is this? A skyrocket for ants?

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Quote from: kryptqnick on October 24, 2023, 10:36:48 AM

No, there was a price surge because of the fake ETF announcement, but then there was a small correction, and the 7-day impact on the price was at, like, 8%. I don't think that the current 21% can be attributed to it because the fake news was debunked some time ago, and a nearly 12% increase occurred just over the last 24 hours.
But that can still be related to ETF (just not to that particular episode with a fake approval), namely to what lombok pointed out about BlackRock's ETF being listed on DTCC and the expectation of a potential upcoming ETF approval by the SEC.

That's true, I hope the ETF drama will end soon because the SEC has already made many acts, that seem to manipulate the market, even if they are against decentralization. If this drama of delaying, rejecting, or approving, goes long then the expert can make some good profit while the newbies will be liquidated and might face huge losses.

And if drama comes to an end, and that ETF gets approved then BTC is going to skyrocket, and might reach $60k reaching this range, seems a little difficult, but if only the news can have that much good impact on the BTC then the actual implementation of the news will do 2x.

And one more thing, if this ETF got approved, then other ETFs might approved too, because a few weeks back, some shared the news that some big company's CEO made an announcement that, if one ETF got approved then all other ETFs would also get approved by SEC and it will bring more than 1 Trillion dollars into the market. That seems to impossible but let's see what will happen.

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Quote from: [email protected] on October 24, 2023, 06:32:10 AM

Why are all cryptocurrencies soaring these days? Does anyone know the inside story?

This question often I heard the past few days, from my friends, forum, and beginners who just came in crypto. If i were you, I just follow in what happened today. I will definitely listen to advice from the seniors here. so you don't worry and never ask the question again in the future when the situation happens again. Because this just a game from people with a lot of money, so you don't have to go with the flow, so you don't have to sell it if you have a crypto asset. Maybe this is just the beginning to rise even higher, it could be just a trap so that you feel that the price is top, and bid your asset on the market.

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Quote from: seoincorporation on October 24, 2023, 04:37:18 PM

Was a crazy bump for 24 hours, but looks like that motivates a lot of people to sell their coins, that's why now is down to $33,7k and i say down because it was up to 35 at some point, but over $30k still good.

Don't forget Bitcoin started this year at around $16k, so, people who bought there already doubled up their investment with a 100% profit. If fun how volatile cryptos are, while banks only offer 4% annually, bitcoin already gives 100% this year to their investors, so, let's call it a good year.

Above $30k is still a good price compared to the price that was stuck on around $26k for a few months this is always happening to Bitcoin every nearly November and December expect for the huge price increase and I think we will get a new ATH for this year(We already got a new ATH this year but I guess this is not the final ATH this year).

serjent05

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The fake news, the fake listing, and the optimistic sentiment of the market is the reason behind the recent Bitcoin surge. I think these actions are all manipulation, even the recent news are all about the optimistic sentiment of the Bitcoin market making an impression that Bitcoin might surge more. This brings hype and FOMO to people making them pour money into the Bitcoin market.

Quote from: seoincorporation on October 24, 2023, 04:37:18 PM

Quote from: hugeblack on October 24, 2023, 07:10:39 AM

The price of Bitcoin continued to reach the resistance point and was unable to break it several times, but it succeeded this time because every time the price approached the resistance level, it became weaker. The way is now open to reach $38,000. the more we continue to close at levels higher than $32,000, the more possibility that we would not see $20,000- $30,000 levels soon.

we have until the end of the month. If the price continues above $32,000, we will most likely begin the beginning of the bull market.

Was a crazy bump for 24 hours, but looks like that motivates a lot of people to sell their coins, that's why now is down to $33,7k and i say down because it was up to 35 at some point, but over $30k still good.

Aside from people taking profit, this might be the effect of the removal of the Blackrock ETF ticker from DTCC which possibly make other Bitcoin demand to be pulled out resulting to some minor correction in the market.

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Quote from: hugeblack on October 24, 2023, 07:10:39 AM

The price of Bitcoin continued to reach the resistance point and was unable to break it several times, but it succeeded this time because every time the price approached the resistance level, it became weaker. The way is now open to reach $38,000. the more we continue to close at levels higher than $32,000, the more possibility that we would not see $20,000- $30,000 levels soon.

we have until the end of the month. If the price continues above $32,000, we will most likely begin the beginning of the bull market.

Was a crazy bump for 24 hours, but looks like that motivates a lot of people to sell their coins, that's why now is down to $33,7k and i say down because it was up to 35 at some point, but over $30k still good.

Don't forget Bitcoin started this year at around $16k, so, people who bought there already doubled up their investment with a 100% profit. If fun how volatile cryptos are, while banks only offer 4% annually, bitcoin already gives 100% this year to their investors, so, let's call it a good year.

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Quote from: The Cryptovator on October 24, 2023, 04:16:39 PM

hence, DTCC removed Blackrock from the list. But still, the chart is pretty strong. I hope ETF approval is near and will be approved. So if it creates a big FOMO, then likely we will see another bull run.

I agree, despie that DTCC removed the ticker already, the reaction of the market is incomparable when they've shown the ticker.

It's still strong and likely to go back to $34k any moment now. It had made a big FOMO and it will be larger when we see the approved Bitcoin ETF application.

BlackRock is such a big company that many do trusts and based their decision so, that's to be expected that will play a part in the next bull run.

Topic: Why has Bitcoin skyrocketed recently? (Read 357 times)