Bitcoin Forum

What was responsible for the spike in bitcoin price early this week? Please give me all the possible reasons! Speculate. Thanks














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In all honesty, who the heck knows. They say it might be MMM ponzi scheme. Then they say that some whales have orchestrated pump and dump.

Then you have about zillion positive reasons. Chinese capital controls, EU rulling on VAT about Bitcoin, many good news in mainstream media about Bitcoin, even Gemini exchange opening since the pump started just after the opening. Than it might be connected with the upcoming halving.

Many many reasons!

I personally think that whales pumped, then ran like hell, hoping bitcoin would come crashing down. But no, we're still here. So damn those whales. The bitcoin network isnt that big, and a rich whale can come in and slap us all around.

There was lot of good news about Bitcoins in mainstream media, EU plays soft on it, China allowed trading for Juan, block halving is close, there is lot of reasons for Bitcoin to gain more value. IDK, but personaly i dont think that MMM ponzi could have lot of influence on price.

I think the continues increase of demands from China. There were some days before the beginning of the rise of price that the price of bitcoin in the Chinese exchanges was higher (not less) than in the exchanges. This demand was continuous and without interruption. As such was inevitable the spread of it. The other exchanges begin to reflect the rise of price of the Chinese exchanges and then begin the story. Maybe there must be even some speculation. The result was the bubble of the last days. Which since today, cannot be called a simple and classic bubble, because the price is yet somewhat more high than the beginning one. Fact this which argues that the increase has within it for sure the increase of the real demand (come from China).

No one have absolutely no clue what is going on, just many speculations. Even in news they are so indeterminate, they just guessing is it convicted Ponzi-schemer Sergei Mavrodi owner of website MMM, is it Chinese`s or it is simply supply and demand.. But I didn`t saw nowhere about people that earn money from this, buying at 230 and selling for 450 is a very good trade and for big players it`s a lot of profit. Maybe I am taking conspiracy theories too seriously, but there is a lot of space for manipulation.

Price spike was was caused mainly by correlation good bitcoin news. Gemini opening, EU no VAT for BTC law, Bitcoin on the cover of main economic newspapers etc.
And to be honest lower bitcoin price is not that bad bitcoin went through its Bubble we now wait for the market's turn.

So much this. IMO, Bitcoin is like a worse version of the stock market on steroids - it responds extremely weirdly to good/bad news and doesn't respond at all to things you think it would. Honestly, you'd probably have a better chance at just guessing than putting in significant thought into what is driving Bitcoin's current price swings.

Prices are slowly moving up its simple. Look at the 1 week chart we have left the bear market some many months ago, the trend has broke.  Now we are in a slow climb before bubble mania.  The push to $500 wasn't even the take off, imagine this next bubble.

I cannot clearly solve the situation but whales or Chinese pump and dump seems more logistical.
So they left market, price seems stable now.

Big whales pumped the price and then dump the coin. In the process, they make good profit, leaving small fish dry on the beach.

I think it was China allowing folk to link banks etc back with the exchanges and that 'loosening' of the 'death wish' against bitcoin....then the reason it tanked was
the exchanges (okcoin) could not keep up with the demand...and 'choked' at the worse point in time ..and scared folk off ..or some would say ..had them come back
to their senses after the 'party binge" 'we're back" that was China

again my lame theory....now hopefully it will inch back up to the same point in a more 'modest' way ...because the 'china loosening' as I call it ..is still in play...

(then again every time price pumps to the moon and 'exchange chokes' in some manner ....illegal/over stressed/ or whatever....a person should probably keep that
in mind if a 'run up in price' burns too hot ....fyi)