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

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.

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

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.

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.

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.

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 

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.

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


[/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.

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.

- 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.

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.

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.

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.

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.

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!

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.

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.

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 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.

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.

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.

Lolz very funny, I'm very surprised to see it get to $30k. For almost 3 weeks or there about if I'm not mistaken it hasn't gotten to this level and still raising but the question that's going through my head is, will it continue raise with out backsliding to $26-$27?
I just hope it won't go back and I don't know maybe this might be the period of it going up.
Is not that something happened that made it hit $30. After all the Chinese are on top of Bitcoin 😅.

Yep, it is a strong reason for the current pump on Bitcoin price.
Since US wants to launch its own crypto exchange, people feel optimistic again about Bitcoin future.

Anyway, we shouldn't be so surprised by the news. We can understand that US plans to have its own crypto exchange, they can take advantage of it. I'm pretty sure that there are many big whales in US, they've bought as many as Bitcoin when SEC accused some top crypto platforms. Now, they may think it is enough for entry time, it is time to boost the value of Bitcoin by spreading positive news. Let's see if the plan for the US crypto exchange is really true or not!

I suppose the news that has been cited had something to do with it, but we had been in a bear market and sideways for quite some time in a cycle that has been quite disappointing in terms of returns. At some point we had to start going up again, counting that there is less than a year to go before halving. But it has been nice this rapid rise reminiscent of good times past.


This is not only pessimistic but also short-sighted. Bitcoin is still in demand and in very limited supply. Declining supply in the long term. It is better to buy now if you are going to HODL for 10 years, a couple at least, but it seems to me that you are not thinking about that.

It all looks like a big fake-out. I don't see strong reasons for the market to grow right now. Inflation is still pretty high, interest rates are high as well and they will be rased at least 2 more times.

So I would wait for more clear signals to buy cos right now I think bitcoin might drop once again.

Its because Bitcoin doesn't follow the rules or care about anything thats happening other than being the massive stud that Bitcoin is  Honestly there are probably so many reasons why the price has gone up/gone down here or there anytime anywhere but who cares, as long as bitcoin is still working and up and running 24/7 with the fixed 21 million coins we are golden Can you imagine where we will be in 10 years time? Holy smokes!!!

Bitcoin ETF and EDF exchange are only news and they are not real reasons. If we consider this year is the last year of a bear market in a big market cycle from 2020 to 2023 and some early months of 2024, the market must recover and to recover strongly, it must have some big news to bounce.

Like Bitcoin Futures CBOE and CME in 2018, now we have Bitcoin Futures everywhere and Bitcoin still dropped in last two years 2022, 2023 and do Bitcoin Futures are strong enough to save Bitcoin price, they are not.

Bitcoin ETFs will be like Bitcoin Futures and they will be a new normal term a new product we use in Bitcoin market.

There is even a news that states Bitcoin spikes to as much as $138k on crypto exchange Binance.US, it was a short lived though since it goes back to normal as soon as it spiked that much.  It was told to be a liquidity issue between the pair BTC against Tether.[1]

Well, it looks like the Bitcoin ETF and the US announcement of the new exchange really push the price of Bitcoin up[2], after the Binance and coindesk issue which make BTC to plummet.  Bitcoin did it again, surprising and shaming TA's on their prediction about BTC crashing further.

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[1] https://www.coindesk.com/markets/2023/06/21/bitcoin-price-spikes-to-138k-on-binanceus/
[2] https://cointelegraph.com/news/bitcoin-etf-fuels-29-k-btc-price-breakout

And how did you know or come to the conclusion that it is the Chinese people buying bitcoin? 

Anyways, I think the first comment already said it all, some companies, prominent names recently started applying for bitcoin ETF, and I personally believe that to be the major reason why the price of bitcoin suddenly jumped to $30,000, it is the second time in this year that bitcoin has reached the price of $30,000, the first time it did, it later dropped back down to the recent low of $25k, but this time, i am hoping it stays above the $30k mark until a major bull run comes, hopefully.

I don't think so, but the applications of the new spot BTC ETF in the United States by giant investment companies to the SEC, such as BlackRock, which is a leading investment company around the world in asset management and has trillions of dollars in assets, this famous name in the world is seen by the community as a positive step for mainstream acceptance to the world of cryptocurrencies, BlackRock paved the way for other companies such as Fidelity Investments and Citadel Securities and others, and their entry into the crypto space led to the price of bitcoin jumping to above $30,000, reaching this price for the second time two months later, after the bankruptcy of FTX and after the regulatory war by the Securities and Exchange Commission on the leading exchnage platforms and after a lot of other negative news that took the price of Bitcoin previously to a low price range, the Securities and Exchange Commission and the US government can fight crypto and do everything they can, but they will not be able to stop Bitcoin.

Bitcoin price have suddenly increased and on a bullish trend after US launched their own crypto exchange, EDX. This is coming after the lawsuit against binance, one of the biggest exchange in the world was accused by SEC on different offense charges. Could this have anyway related to clampdown this exchange and make theirs the new exchange in town to attract institutional investors while binance face scrutiny by the SEC? The market is showing a positive trend but not sure how long it’s going to last.

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.

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.

Is this a sustainable price increases or just due to excitements which can fade away after a while?

- Jay -

Haha. That is not going to happen because they are already benefiting from the luxury of crypto through there one nation and two system scheme, which means they are one nation which consists of China and Honk Kong (two system). and you might aware of the adoption level of Crypto in Honk Kong.

Well, market after bearing huge dumps due to SEC's actions against Binance, Coinbase went into correction and during this correction huge amount of BTC were bought by big institutes but this buying was through buying the shares of Micro Strategy. I have already shared this infor beforeWell, after this, the dominance of BTC increased 51% which was a good sign for market and then Binance started to spread its reach towards new places such as Kazakhstan and then USA declared his own exchange idea of EDX. Which also act as a good factor.

I red about this post here https://bitcointalksearch.org/topic/m.62437752 I can't really tell if it was the reason for sudden increase over 2 days to possibly hit $30k plus, on US Launching their own Cryptocurrency Exchange (Bitcoin Exchange) after several fight with other cryptocurrency exchange they decided to make their way by getting their cryptocurrency exchange. Maybe let just say, is a positive time for bitcoin price

Maybe it's the Americans with the help of the retail buyers due to the massive Bitcoin ETF news that came out.

Or let's say that if it's really the Chinese people that did it, maybe the words that came from Blinken had given them the confidence that it's the buying signal.

All of the ideas that had came to my mind was literally just like anybody else thinking of these Bitcoin ETF's.

It looks like this has something to do with the fact that more companies (big names) are applying for Bitcoin ETFs (Invesco, and Wisdom Tree)[1]. And there is also the EDX market news (new exchange backed by wall street) which we've seen yesterday[2]

[1] https://decrypt.co/145566/wisdomtree-invesco-follow-blackrock-with-spot-bitcoin-etf-applications
[2] https://cointelegraph.com/news/wall-street-giants-back-edx-markets-cryptocurrency-exchange

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