Topic: Why has Bitcoin skyrocketed recently? - page 2. (Read 357 times)
Yesterday, there were rumours and FOMOs about Bitcoin ETF approval, which hasn't been a valid reference yet. But Bitcoin seems to have started pumping even without confirmed ETF approval. Its all about FOMO, investors jumping to make quick money from the ETF news. Price seems to have started dumping today; 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 think cryptocurrencies are growing because demand for them is high and the acceptance of bitcoin as a means of payment is increasing. In recent times commercial organizations have invested hundreds of billions of dollars in its pursuit of financial benefits. The higher the amount invested in bitcoin the more its value will increase so it is the right time to hold bitcoin. As its value automatically increases as more investors become involved the price of bitcoin may rise further. We are not concerned about short term growth or decline we believe bitcoin is a fundamentally powerful asset this virtual asset has significant potential in the long run.
My friends here speculate that it's the Bitcoin ETF that has triggered the recent surge in its value. As for the news surrounding the acceptance of Bitcoin as a means of payment, I believe there hasn't been any significant development on that front. Currently, people seem to be more inclined towards speculating on Bitcoin as a store of value, with perhaps less than 40% of users actually utilizing BTC for transactions.In my opinion, this is a preparatory phase. All investors are keeping a close eye on the potential for Bitcoin to skyrocket in the near future. The announcement from the SEC holds the key to the bullish momentum at the end of this year, along with the Bitcoin halving event scheduled for the next year.
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.
Why are all cryptocurrencies soaring these days? Does anyone know the inside story?
Bitcoin as everyone has contributed is waging war against it's resistance to run bullish, the market is going higher and we are likely to experience more bullish than bearish for now till we moved out of the dip in the confined zone of 30,000 to anything above $32,000 upwards, there are many activities happening currently and the breaking news on bitcoin spot ETF is one of the things that took part in this fast rising experience, maybe we should for now anticipate more of bull even before the main bullrun begin.
It's been pretty fun watching bitcoin skyrocket at the moment. Having been around since bitcoin was in the 100's of dollars range, going all the way to 70k, to 20k, now up around 34k, it's been one wild ride!
But as many others have already stated, it mostly has to do with the ETF news. It looks like BlackRock will be one of a handful of financial fund companies to open up their own spot bitcoin ETF's. I'm not sure if some realize how big of news this is!
But as many others have already stated, it mostly has to do with the ETF news. It looks like BlackRock will be one of a handful of financial fund companies to open up their own spot bitcoin ETF's. I'm not sure if some realize how big of news this is!
In my point of view the reason is that when the ETF fake news enter in the market and everyone look that how the market perform. And now people are thinking that if ETF news becomes in reality so the market will perform more well therefore people are buying more Bitcoin and holding and many whales are also entering in the market. So let's see how the market will perform in the coming days when the big companies will get ETF approval.
Have you been waiting for 10k bitcoin before you start investing? Some people are making mistakes and they don't know, they are listening to some YouTubers saying don't buy yet, we are still going lower, I am not saying its impossible but the chances are small, why not choose DCA instead of waiting? So many people will wait until it's too late.
Because covid happened in 2020 does not mean another thing will happen this time around, do not sit on a side of a coin, make sure you plan favours both side of the coin, bull or bear you should be good, why wait? DCA and forget what its happening in the market, until the bull market is finally here.
It's very unsafe to be out of Bitcoin investment right now, 2024 might not be like the past, something new might happen this time around, do not believe that what you know is what will happen, always expect the impossible some times do not fight it, just prepare for any possibilities.
Because covid happened in 2020 does not mean another thing will happen this time around, do not sit on a side of a coin, make sure you plan favours both side of the coin, bull or bear you should be good, why wait? DCA and forget what its happening in the market, until the bull market is finally here.
It's very unsafe to be out of Bitcoin investment right now, 2024 might not be like the past, something new might happen this time around, do not believe that what you know is what will happen, always expect the impossible some times do not fight it, just prepare for any possibilities.
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.
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.
Due to the right momentum and BTC's ability to penetrate the resistance level in the $30K - $32K range, FOMO and ETF listing euphoria were able to bring BTC to rise even stronger to $34K - $35K. The question now is whether this momentum will continue until the end of the year? plus there are some rumors that the FED will loosen the interest rate. Or will this just be a fake out and return to the bearish phase?
Technical analysis sometimes provides a little enlightenment on BTC price movements, but when it comes to fundamentals, BTC is so cruel that even the bulls will continue to rage.
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.
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.
Why are all cryptocurrencies soaring these days? Does anyone know the inside story? 
I was also going to see if anyone asked this question or not, although I knew the answer, when the news of lisiting approved of BTC ticker got public. I thought it might not be that much of importance but it was around 2 o clock of the night here, so I slept and when I woke up the market was up. That me's created so much hype, that demand increased over supply and price of btc started to increase. But my bets were, btc could not go above $32k but when I saw BTC crossing $35k I was shocked. I avoided doing future trading and did some buying for holding purposes and making some profit on those. But those who took short trade are now liquidated. That is so unfortunate for them.
And generally speaking, this is just a temporary up, use of skyrocketed term would not be wise, because btc not been pumped to $50k yet. I will call it skyrocketed when it will jumped to a $50k minimum. Overall, this news of BTC ETF's ticker getting listed acted as a domino effect which started a good vibe series in the market.
Now the best practice for all of the in esters including holders and traders is to book some profit at least half of it and then re invest it in btc or whatever coin you like. It is not a financial advice, just a opinion.
Why are all cryptocurrencies soaring these days? Does anyone know the inside story?
That is the movement of bitcoin and the market. Do you want the market to always be bearish? The financial market has only two directions: up and down, so you don't need to be surprised when it starts to increase after many days of decline. This is also proof that just by actively accumulating bitcoin, bitcoin will bring you sweet results. I have been accumulating since last year so far and my portfolio has had pretty good returns but I won't be in a rush to sell it all anytime soon as I believe bitcoin will take me to the next level.
Well the market can go sideways for years on end.
so there are three directions
down
sideways
up
It doesn't matter, though. We are here for the long term, and the short-term movements aren't our primary concern.
With the current state of the market, it seems like the bull run is just around the corner. They say that, according to trends, a bull run tends to occur before the halving. Could it be that this time it will appear earlier? Regardless, I think there's no need to panic if we don't intend to sell.
Simple. Bitcoin price continues to rise after fake ETF news emerged until now. Because the price of the crypto parent rises, the altcoin market automatically also rises. The pattern that can be accepted in simple terms is that a lot of money comes in (investors and retail) and floods the Bitcoin and altcoin market capitalization.
I do not think this is true. The price fell after this false news, so its impact now is very limited.
At least the fake news became a momentum boost that was able to make the BTC price rise by up to 30K even though the BTC price immediately experienced a decline at that time. This indicates the confidence of investors in Bitcoin ETFs. Then prices continued to rise again, with several factors such as war which caused Bitcoin and gold to suddenly become favorites as safe haven assets due to the current fear and economic/geopolitical instability.
Plus there is talk of reducing the interest rate from the FED.
This seems more like a factor and it is strong enough to cause the recent gains in Bitcoin. Investors are simply moving their money to Bitcoin thereby creating more demand and price rising accordingly. If this argument holds, the rise may not be sustained for long before market finds equilibrium pending when there also another solid fundamental to cause another significant rise in price. As well as the role of Nasdaq in finally listing a Bitcoin ETF from iShares: https://www.investing.com/news/cryptocurrency-news/blackrocks-spot-bitcoin-etf-now-listed-on-nasdaq-trade-clearing-firm--bloomberg-analyst-3206311
It could be that this price jump was also influenced by this, where the FED cut the interest rate plus large amounts of funds entered the iShares BTC ETF, FOMO occurred and Bitcoin changed to bullish mode.
I think cryptocurrencies are growing because demand for them is high and the acceptance of bitcoin as a means of payment is increasing. In recent times commercial organizations have invested hundreds of billions of dollars in its pursuit of financial benefits. The higher the amount invested in bitcoin the more its value will increase so it is the right time to hold bitcoin. As its value automatically increases as more investors become involved the price of bitcoin may rise further. We are not concerned about short term growth or decline we believe bitcoin is a fundamentally powerful asset this virtual asset has significant potential in the long run.
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
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.
That Cointelegraph intern who published the article about ETF I think has a 3rd eye or he simply had peeked or eavesdropped on a discussion about the coming ETF that's why he published that article.
Quite a pump really and I think its not over because some of the discussions I've watched on popular youtube channel was that, they are saying the price could hit up to $48k. Obviously, it's just them speculating this but seeing the TA, it could likely be happening.
Why are all cryptocurrencies soaring these days? Does anyone know the inside story?
That is the movement of bitcoin and the market. Do you want the market to always be bearish? The financial market has only two directions: up and down, so you don't need to be surprised when it starts to increase after many days of decline. This is also proof that just by actively accumulating bitcoin, bitcoin will bring you sweet results. I have been accumulating since last year so far and my portfolio has had pretty good returns but I won't be in a rush to sell it all anytime soon as I believe bitcoin will take me to the next level.
Well the market can go sideways for years on end.
so there are three directions
down
sideways
up
Simple. Bitcoin price continues to rise after fake ETF news emerged until now.
I do not think that the fake ETF news is responsible for the continued increase in price of Bitcoin. If you noticed, the price pumped when the news came out and dropped within a short interval when it was confirmed that the news was fake. Even though it is not clear what might be propelling the surge in price that we are seeing now, I do not think it will be unconnected from the increased interest in Bitcoin in preparation for the events of next year which include the halving and most likely the approval of some of the ETFs. Plus there is talk of reducing the interest rate from the FED.
This seems more like a factor and it is strong enough to cause the recent gains in Bitcoin. Investors are simply moving their money to Bitcoin thereby creating more demand and price rising accordingly. If this argument holds, the rise may not be sustained for long before market finds equilibrium pending when there also another solid fundamental to cause another significant rise in price. 
Search the forum and you will find that the ETF is now about to be approved since 2017 and every time the date is postponed, so far there are no guarantees that the ETF will be approved within the next two months. Also, if this is true, the upward momentum should continue to reach 35-39k and from there to 43k, and this did not happen, which indicates that it broke a resistance barrier that had become weak.
I got you. The ETF has been talked about for a long time and it's always said 'very soon'. In the long run you lose faith or no longer take further reports seriously. Especially not after the “fake news” from Cointelegraph.
But what was crucial for me to answer here was the point I raised here:
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.
I think this is strong evidence that things are finally gaining momentum.
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
Why are all cryptocurrencies soaring these days? Does anyone know the inside story?
This is due to the positive development for ETF Spot approval submitted by Blackrock. Although there’s some fake news that initially triggered the pump Blackrock show some sign that their ETF approval is near that’s why many crypto traders speculated the Blackrock will buy their Bitcoin to backed their spot position.
This positive news is great because it has a follow up up positive news which is the Bitcoin halving next year. We might see an early bullrun starting this October to 2nd quarter next year. Massive pump is coming.
They are indeed a key catalyst behind this recent market rally. Although after that fake ETF news, the one that kickstarted the market recovery before this big rally is Ripple’s recent victory over SEC in which we saw the price somewhere between $28k to almost $30k in range.
As of this time of writing, BTC is now getting close to hitting $35k again (it touched this price earlier before pulled back to $34.4k+) and it would be very interesting for us to see where the market goes before the year ends as we are anticipating the much-awaited Bitcoin halving coming mid-next year.
I believe we’re riding the FOMO wave now. As long the Bitcoin bulls can maintain the strong support level right now, there is a possibility that it can break the new resistance level.
I’m happy that I keep holding BTC where I have done some DCA last year. Even I’m at a profit, selling is not in my plans yet as I have a specific target price for that.
Why are all cryptocurrencies soaring these days? Does anyone know the inside story?
It is mainly because of Bitcoin and why Bitcoin is going up? Because of positive news like the ETF ticker from BlackRock. You can google everything when you see some movement in the market, whether it's negative or positive, you can do the search and everything is going to pop with the results.
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