Why has Bitcoin suddenly jumped above $30,000? - 06/21/23

Z390

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Quote from: Ale88 on June 22, 2023, 08:09:01 PM

Quote from: BADecker on June 21, 2023, 03:09:45 PM

Did China do something that made the Chinese people start buying? Or what?

Cool

China for the moment is letting Hong Kong doing their "crypto experiments", and that's a very good news, but not enough to bring the price again at $30k. This is the classic "buy the rumor" because several big funds, especially BlackRock, are applying for bitcoin spot ETFs, and if they will get approved it would be a huge news!

I think this is more than buy the news sell the rumor, today is June 29th and Bitcoin is still trading at 30k and counting, the fact is big institutions were all holding back before because of the denial of all ETFs in the past and today a new hope is shinning right on top of ETF, it looks like they will be approved soon and one already passed the test so yes it's enough to make the market bullish, I believe this is just the beginning, those who still waits for 10k Bitcoin will never see any buying and selling orders at that price range.

WizardOfTalk

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It is a mix between big news and scarcity, the BlackRock ETF stuff is a big deal, lets see if it gets approved

3kpk3

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Weird. Why do you think it's the Chinese that helped BTC increase in value suddenly op? I didn't read anything about them being involved with the current bull market which is why I am confused about your query.

The true reason which many posters pointed out already is due to big instituitional investors purchasing BTC rapidly triggering the bull run.

MusaMohamed

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Quote from: Smack That Ace on June 28, 2023, 10:40:02 PM

Many people have given a series of reasons for the price of bitcoin to increase, such as positive news about ETFs or the war between the SEC and Binance has ended...But to me, it's the movement of the market, and you need to adapt and always be mentally prepared for every situation instead of looking for the cause. Bitcoin can rise and also fall at any time, that is the movement of bitcoin because bitcoin is unpredictable. Sometimes news is released just to legitimize bitcoin's movement, it's not what will determine bitcoin's action.

They always want to have reasons. Reasons for Bitcoin jumps, reasons for Bitcoin falls. After price falls or jumps, they will always see reasons by news on media and they feel satisfied with reasons from media. Behind the scene, whales who manipulate the market and operate those news feel satisfied too because their victims are still naively and very satisfied with news they read.

If those victims won't change, continue to be naively and keep believing in news, whales will still have good chance to succeed with their manipulations.

Smack That Ace

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Many people have given a series of reasons for the price of bitcoin to increase, such as positive news about ETFs or the war between the SEC and Binance has ended...But to me, it's the movement of the market, and you need to adapt and always be mentally prepared for every situation instead of looking for the cause. Bitcoin can rise and also fall at any time, that is the movement of bitcoin because bitcoin is unpredictable. Sometimes news is released just to legitimize bitcoin's movement, it's not what will determine bitcoin's action.

tread93

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Quote from: The Cryptovator on June 21, 2023, 04:09:27 PM

The recent surge in Bitcoin's value can be attributed to the introduction of a new US exchange called EDX, which has generated significant market interest. Additionally, recent legal developments have helped resolve the allegations against Binance, further stabilizing the cryptocurrency market. These positive events have had a notable impact on Bitcoin's price, prompting increased buying activity among investors. Consequently, the market charts have shown a significant upward trend, indicating a bullish market sentiment.

Now we can add BlackRock's ETF filing to the list, along with Riot miner historic purchase of new GPUs, also Saylor acquired more BTC for Micro Strategy Cool

Sexylizzy2813

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To me the sudden rise of Bitcoin is something I wasn't expecting to happen this month, was expecting it to bump by early July but these rise of Bitcoin price is something we really can't say is now or then it will go up or down. I still hope it goes higher than $30k and I believe this is what investors are really looking up to. Since this is the first time Bitcoin is climbing up to $30k this month, several factors can be the major cause it like the supply and demand the competition, even regulatory environment. Some other factors are market sentiment and institutional interest, by understanding these factors it can as well help investors make informative decisions when investing or trading in BTC.

Bako97

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Did China do something that made the Chinese people start buying? Or what?

Cool

[/quote] After coming across this post, it further interest me to know what's the actual cause of the sudden rise of Bitcoin. Upon my research, i discovered that it was the launching of EDX market.
The launching of EDX market addresses some recent regulating issues surrounding crypto currency such as functioning as non-custodial crypto exchange( meaning it won't hold it clients money in a custodial account), it will also function in separating broker-dealer function from exchange, which will offer exclusive opportunity to obtain prices for retail orders.
And the additional factors that affects the rise of BTC is the recent growing institutional interest in bitcoin from financial companies such as Black Rock and Fidelity investment, and also in Germany, Deutsche Bank applied for a license to hold digital assets in custody.
In conclusion to my opinion, despite Black Rock been known to be the world's largest assets manager with over 8.5trillion in asset under management(due to Forbes), i'll say is the introduction of "EDX market" that gives the BTC a bullish effect as it enforces on security and offers exclusive opportunity to obtain prices for retail orders.

DapanasFruit

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I am not actually so sure the many factors for the ongoing surge of BTC in the vicinity of $30K but maybe this has something to do with solidifying institutional interest especially the one in relation to Bitcoin ETF. Now, I also heard somewhere that there seems to be a big possibility of China again opening its door with Bitcoin and maybe with cryptocurrency as they are getting good signals with Hong Kong right now. Now, whatever can be the reason/s, I am quite happy and excited that despite the not-so-encouraging pressures applied by the SEC USA, we are seeing the cryptocurrency getting more resilient.

BenCodie

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Quote from: BADecker on June 21, 2023, 03:09:45 PM

Did China do something that made the Chinese people start buying? Or what?

Cool

- US corporations including Citadel, Black rock and other wall street giants signalled their backing and support of the US exchange, EDX Markets
- Black rock and another company have filed for a Bitcoin ETF
- Overall US institutional volume has increased due to the above

It's probably a play just to capitalize on the news. I believe that there will be another event that will bring devastation to the price before the halving run begins. Mtgox and seized coins are yet to be sold, and the liquidation of Coinbase is only proving more possible due to the above news. All of this selling at once will inevitably drive the price down for a short period of time, and as we all know there is always a sharp dump to liquidate long positions before the quick recovery and upwards run begins.

Sayeds56

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Quote from: RewFrew on June 23, 2023, 01:36:12 PM

I think many big good news effected to jumped avobe $30k.such as Alibaba will accept bitcoin and Brazil’s bigest Bank ITAU is joining National Association to Defend Bitcoin and crypto. And Coinbase wins at supreme cort as ruling backs Arbitration. I think thats big news are effected for increase. I think it will continue and within short time Bitcoin price will hit new ATH. If suddenly we get more positive news then bitxoin will be boom. And where bitcoin price will go we could not imagine.

Indeed, decision of an influential group like Alibaba, and Brazil's Biggest Bank joining national association to support crypto, have brought a wave of positivity for the crypto community. These events have provided a sigh of relief and countered the negative impact of SEC actions on the market, and as a result market appears to be recovering with Bitcoin maintaining and Bitcoin its price above $30,000 even during the weekend, and Bitcoin dominance index is also above 50%, indicating influx of funds in the market. Hopefully, the current positive sentiment will persist in coming weeks, potentially propelling Bitcoin price to reach its next phycological level of $35,000 level soon.

RewFrew

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I think many big good news effected to jumped avobe $30k.such as Alibaba will accept bitcoin and Brazil’s bigest Bank ITAU is joining National Association to Defend Bitcoin and crypto. And Coinbase wins at supreme cort as ruling backs Arbitration. I think thats big news are effected for increase. I think it will continue and within short time Bitcoin price will hit new ATH. If suddenly we get more positive news then bitxoin will be boom. And where bitcoin price will go we could not imagine.

Ozero

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In the news, they write that bitcoin has recently increased in price for two reasons.

First: entry into the crypto market of large investment companies in two projects at once. EDX Markets, a digital asset exchange, launched this week with investments from big names such as Citadel Securities, Fidelity Digital Assets and Charles Schwab Corp. At the same time, BlackRock, one of the world's largest investment companies, has applied to launch a spot exchange-traded fund of bitcoins in the United States.

The second reason for the rise in price of bitcoin was that the SEC and Binance reached an agreement according to which Binance.US assets will be available only to employees of the American division of the crypto exchange.

Sayeds56

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Quote from: ?? on ??

May be a bull trap. Now the 29,000 CME gap is filled. What can we expect next?

While it is true that, predicting next move of Bitcoin is incredibly difficult , but when we analyze the market in the context of recent developments in the market, such as influential institutions applying for ETFs and decision of Hong Kong government to encourage Banks to accept crypto clients. These important developments suggest positive sentiment of the market . From technical perspective, if Bitcoin price sustains above $30,000, there is a good chance that it will surpass its next significant resistance which is at around $31,600.

Ale88

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Quote from: BADecker on June 21, 2023, 03:09:45 PM

Did China do something that made the Chinese people start buying? Or what?

Cool

China for the moment is letting Hong Kong doing their "crypto experiments", and that's a very good news, but not enough to bring the price again at $30k. This is the classic "buy the rumor" because several big funds, especially BlackRock, are applying for bitcoin spot ETFs, and if they will get approved it would be a huge news!

The Sceptical Chymist

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Quote from: un_rank on June 21, 2023, 04:06:06 PM

I usually overlook news about ETFs and the likes cause they are not directly related to Bitcoin, so it comes as a surprise that it could possibly be the reason that the price jumped by over 6% in the space of a few hours.

Oh, man....I have been hearing about bitcoin ETFs for years now, and I've also been hearing speculation like this as regards jumps or dives in bitcoin's price. I haven't been keeping up with whatever news there is about ETFs, but one thing that did come to my attention courtesy of this wonderful forum of ours was this news about some big banking/brokerage firms starting up their own crypto exchange.

If those firms really are starting a big exchange, that's extremely bullish news (regardless of whether you or I would ever use it), because it means some very heavy institutional players are starting to put their faith in crypto. That's not a small thing, and my personal opinion is that bitcoin's pop up past $30k is because of that.

Then again, I've never really cared much for explanations as to why bitcoin is up or down. It could be anything.

Edit: Whoops! Looks like my theory was already presented. That's what I get for posting first and reading second.

panganib999

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Quote from: SmartGold01 on June 22, 2023, 04:33:31 PM

Quote from: kawetsriyanto on June 21, 2023, 11:11:36 PM

Let's see if the plan for the US crypto exchange is really true or not!

Do you think anyone that involved them selves with the said exchange won't undergo paying tax or for storing their assets in the exchange? There are people who are good in holding their coin in exchange for easy trade and conversion if there is any strong dip they could easily sell and wait for the next possible opportunity to buy when it's dip. Since we know the US don't do something without something being attached to it in form of pay back.

I think the main reason for the price increase comes from the fact that BlackRock bought significant amounts of bitcoin over the weekend. That alone will be enough reason for bitcoin to increase in value, but the fact that it came from a private company may have discouraged a lot of people in here, especially the ones who are for decentralization and the de-corporation of public properties like bitcoin, so it sat quite nicely on the 30k mark but did not rally any higher despite the fact that it could've been a great catalyst for a continuous pump in value.

As for US crypto Exchanges and the SEC, I heard news about Gary being replaced by someone else which sounds swell for bitcoin and other assets that are not particularly bound by US law and enforcement but I haven't heard of any other news besides that. Plus I don't think this news is enough to give confidence to the public since Gary or not they'll continue their assault against bitcoin.

SmartGold01

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Quote from: kawetsriyanto on June 21, 2023, 11:11:36 PM

Let's see if the plan for the US crypto exchange is really true or not!

Do you think anyone that involved them selves with the said exchange won't undergo paying tax or for storing their assets in the exchange? There are people who are good in holding their coin in exchange for easy trade and conversion if there is any strong dip they could easily sell and wait for the next possible opportunity to buy when it's dip. Since we know the US don't do something without something being attached to it in form of pay back.

kryptqnick

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I don't think it has anything to do with China, although Hong Kong encouraging banks to accept crypto clients is pretty recent news. From what I see, it seems that the ETF applications are more likely to be the reason behind the recent rise. Unfortunately, though, it might also mean that the increase is very temporary because it's a short event, unlike adoption of Bitcoin by some country or in some region.
But also, it's not such a huge increase that would require an obvious trigger. It can simply be a natural leap forward after some time of stagnation.

Sayeds56

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Quote from: minairia3 on June 22, 2023, 08:36:59 AM

Simply put, it's the movement of the market and that's also the interesting thing about bitcoin that no other asset class has. Bitcoin always surprises us, and it is our duty to have a plan to enjoy it. Instead of looking for why it went up and why it fell, we should be prepared for both scenarios because bitcoin is unpredictable. I'm just enjoying the bitcoins above $30k before another correction, I will be happy if I can buy back the bitcoins under $26k.

Indeed, Bitcoin continually surprised market with unanticipated moves, yet there is always a rationale behind its volatility. The recent strong surge was triggered by sudden increase in interest from mega financial institutions of United Staes in spot ETF. This heightened interest is likely to result in approval of ETFs, as they are highly influential with substantial financial resources. I think the Chinese factor didn't have significant impact on current upswing in crypto market.

Topic: Why has Bitcoin suddenly jumped above $30,000? - 06/21/23 (Read 495 times)