Topic: Why has Bitcoin suddenly jumped above $30,000? - 06/21/23 - page 2. (Read 493 times)

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.

If that's the only reason, then it'll presumably be shortlived when the SEC say "no" again, just like they have done for every previous filing so far.    

I'd like to think the picture is a little more nuanced than that, though.  There must be dozens of other contributing factors.  People seem to want easily-digestible soundbites to explain market movements, rather than trying to gain any in-depth understanding as to what's really happening.

Was watching some Bloomberg news the other day, and they too were attributing the current price rise to Edx,  but what I don't understand is why chase away Binance and comeback as wolf dressed in sheeps skin
At this point not sure what to expect but I "think" these new players joining the crypto space have found the opportunity thanks to the void being left by Binance and business continues...

And from the price raise its also safe to say regulation or centralization will not be leaving us anytime soon!, buckle
Up people !

Bitcoin raised to $30,000 quickly without one day needed, I don't heard any good news why Bitcoin can pump suddenly and success raise changed up more than 10% from lower price under $26K until success raise to $30,000 above. But bitcoin up suddenly make the market dominance and altcoin looks slowly for growing up, its drastically difference last few days when bitcoin drop drastically altcoin follow what happen with bitcoin and drop drastically.

Last time when bitcoin dropping have bad news and issues with SEC Commission, seems investor keep believing with crypto and not care what did by SEC then success make bitcoin back again above $30,000.

adding to this. also the hashrate is at a new high of 390exa+ meaning the cost of mining is higher than say december 2022 meaning the economic bottom line cheapest efficient acquisition of bitcoin has gone up meaning the speculative market ontop of this gets more support for higher speculation to occur

As everyone mentioned before, this time we have good news coming in and bringing back the green color, to be honest, the mood of many people has changed significantly in the past time. Since then, from the controversy between the SEC and the big names in the crypto space, we are now hearing rumors about EDX, or BlackRock.
I can put some faith in the beginning of another exaggerated period regarding the many news surrounding this market in the near future.

Hong Kong which is seen as a vassal state of Mainland China has been making groundbreaking laws that will make the country a crypto hub in a few years. Recently the Hong Kong Monetary Authority mandated banks to support crypto businesses and startups. Analysts are suspecting that China is gradually opening its financial borders to cryptocurrencies. Maybe they have observed that banning crypto transactions is not in their best interest. This might have also contributed to the increase in the price of Bitcoin and others.

But the major reason for this sudden price hike is spot Bitcoin ETF applications by major investment firms in the US which include Wisdom Tree, Invesco, and BlackRock. These firms are major investment companies with Wisdom Tree having about $93 billion in assets under management and Invesco having about  $1.49 trillion in its management portfolio. Another reason might be the support of EDX Markets, a new exchange by these notable large financial institutions which include Citadel Securities, Fidelity Investments, and Charles Schwab. This huge move is giving the crypto market the right attention and needed boast. And the recent decision of the US central bank to hold interest rates steady has given citizens the privileged of additional funds to invest. Since March last year, the US government have increased interest rate ten times.

If Federal Reserve reduces the interest rate or keeps it steady, SEC approves the spot Bitcoin ETF and Hong Kong keeps expanding its friendly policies bitcoin price will keep going high. SEC should swallow its pride and approve these applications because approving them will contribute positively to the crypto business of the US.

This is surely not going to start a bull run, what is most likely to happen is that the price will stay ~ 30k for a short time before falling down to the range of ~ 25k-27k. This type of small price jump will concern only short term and day-traders, not the long term holders, for those who are looking for an entry point, they can wait and see if the price falls a little bit before they buy, or they can just buy now because we don't know for sure what the next price movement will be.

Outside of the exchange and ETFs the fed and other central banks have paused interest rate hikes so people are looking for other places to put investment money in.
A few million people putting in couple of hundred or even a thousand or two across the world can move the price this much.

What a lot of people do not take into account and no matter how many times you try to drill it into their heads, one of the main differences between BTC and other investments like stocks and bonds is that anyone anywhere can invest in it relatively painlessly. As a US citizen trying to invest in RACE (Ferrari N.V. stock) my tax burden is crazy. Someone I know online who is from Spain, could not invest in a US company he WORKED FOR without a tremendous tax burden. But, crypto is getting easier so it gets a bump.

And, with what looks like more regulations coming in from the US govt and various state governments and parts of the EU people feel safer. We might not like more KYC / regulations / rules but a lot of investors do.

-Dave

It's really surprising that the value of Bitcoin has suddenly increased so much in just a short span of time. The market took a few hours to go from $26000 to $30000, the market has changed so much in just a few hours. Maybe there is some positive news about the market due to which a large number of people are buying Bitcoin which could be one of the reasons behind the sudden increase in the price of Bitcoin. It's great that the price of Bitcoin has increased, but I'm still skeptical about whether the market will bounce back from this situation or return to the previous level.

Does that mean you are making predictions using technical analysis? I don't believe what the chart shows us because not only do we see it, but everyone can see it, even the market makers know it. Do you know what percentage of bitcoin will hit $40k in the coming weeks, as that's a pretty high target given the not so good economic conditions? My prediction is that bitcoin will keep going up in the coming days, and my target will sell some at 32k because I bought a bit when it was below 27k. $40k is really too high a target for me.

Everything could be fake out though, January? we have a huge increased 40%? could be fake though or there could be no reasons to grow. But wait since then we have a lot of positive movements and maybe at the end of the month we could be in green again.


Might be too late though mate. I do hope that you really know when you should buy. We all know that how time flies. In the next 6 months if is the end of the year and then we are going to enter the block halving. What if the prices didn't drop before the end of the year? Are you going to FOMO when the price hits $50k?

I made a thread earlier when Bitcoin price was at $27k, as Bitcoin took support at a great Fibonacci level, it is going for $40k in the coming weeks. No one can stop now Bitcoin from breaking these basic resistances. Also, the big institutions are done loading up Bitcoins, so now they are making a push in the market to raise the prices and general public will follow them like always. Good Luck!

Do you come to this market to prove yourself right or to make money? This is a financial market and almost impossible to predict. Whatever the reason for this bull run, it might just be a trap, as you say, but that won't be as important as making a profit. I recommend taking a broader and broader view instead of just focusing on the news everyone knows and making short-sighted judgments about the market. We all know the economy is in crisis, and the Fed will still raise rates, but it shouldn't be a barrier to keeping you from buying now to make a profit. Furthermore, no one can know exactly what will happen in the future, so don't wait uncertainly.

What do you expect? The following big companies are gearing up for the possible ETF approval and this time it looks possible

Invesco
Wisdom Tree
Black Rock
Fidelity

The bullish news is that many more bigger companies can still join the list soon, the crypto market needs this generally, if Bitcoin is ever going to reach a new all time high in near future, new loads of money needs to swing into the market, and maybe this is it.

What a time to be alive. We are seeing big institutions rushing to get involved in bitcoin basically because of the fear of missing out(FOMO). These asset management companies like Blackrock whose job is to make money for their investors. Also the news about a crypto exchange being supported by big financial institutions - Backed by Fidelity, Schwab and Citadel. It is a positive news for the market. It is obvious that these financial institutions with deep pockets are now bullish with bitcoin. Therefore there is positive sentiment which comes as no surprise to see bitcoin increase by 20% in the last 7 days. Another positive sentiment is the news of WisdomTree, Invesco, Valkyrie applying for a Bitcoin ETF. We are waiting to see more bigger institution join in. FOMO is real for them.

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https://www.coindesk.com/business/2023/06/20/new-crypto-exchange-backed-by-fidelity-schwab-and-citadel-launches/

https://decrypt.co/145566/wisdomtree-invesco-follow-blackrock-with-spot-bitcoin-etf-applications

https://cointelegraph.com/news/valkyrie-submits-btc-spot-etf-application-to-go-with-its-futures-miners-etfs#:~:text=Valkyrie%20filed%20an%20S%2D1,Bitcoin%20(BTC)%20futures%20ETFs.

I wouldn't mind that actually. You can't have enough Bitcoin, but I'd like to buy at least some more at a lower price.

During the past week, there have been several noteworthy developments, that have had significant impact on market, and led to notable shift of market sentiment from negative to positive.This series of important events including submission of ETF application by Black Dock and decision of Hong Kong government to permit establishment of crypto exchanges. These positive developments have played key role in generating a significant increase of around $4000 increase in Bitcoin price within few days.

I guess we can expect the price to stay around $30K for some time, as the SEC is not finished whamming crypto companies. The consequence of that is we'll probably get back down to the old $20-something prices.


Yes, I also agree with you that it's probably a bull trap. I mean, all this excitement will evaporate a few weeks after SEC approves/denies the ETFs anyway,

It's BlackRock and big institutions that push the prices up. You wouldn't expect the Chinese to really buy BTC but I guess they prefer to mine them. Chinese creates their own projects, you could say copy someone else products or buy their own like the NEO.

It's very interesting though why they were not buying up at the start of June since it's the date when they open for crypto trading in Hongkong. There would be lots of theories to come up with for this such as they know something that we don't.