Bitcoin Forum

https://i.ibb.co/wd5vNK6/Bitcoin-Recent-Price-Surge-800518.jpg

Digital currency markets have seen a strong price spike on Friday,
adding billions to the overall market capitalization of the entire cryptoconomy.

The surprise upward trend shows a few of the top-performing cryptocurrencies have gained between 10-20% in the last 24 hours.
https://news.bitcoin.com/market-update-crypto-prices-spike-significantly-in-a-matter-of-minutes/

There are many theories for the surge. Some say it is all about China. Others speculate it is U.S. Congress grilling Mark Zuckerburg.
Their skepticism and lack of understanding brings more confidence to the market (very contrarian view). There is a group that believes
Bitcoin whales drive price since they work on weekends and this is when these spikes tend to happen.
https://www.bitcoininsider.org/article/77091/3-reasons-could-explain-why-bitcoins-price-surged-42-one-day

Price of Bitcoin goes up every time Brad Sherman speaks

https://i.ibb.co/kBKnPcm/sherman-800450.png (https://youtu.be/h3ytXLW1vlI)

Representative Brad Sherman, a Democrat from California, once again exclaimed that bitcoin was a threat to the U.S. dollar.

The thing for certain is Bitcoin is wild and volatile. From technical analysis charts to consumer sentiment and adoption who knows where this train ride is heading?

So what is your theory on the latest Bitcoin bump?

I believe it is all due to Xi Jinping, he encouraged their country to accelerate Blockchain adoption in their country.
as US contenders, their actions will influence many countries because as one of the leaders in economy their actions can be considered as a path for others.
if China success in adopting the Blockchain, that means they are making a transformation and innovation in the industries.
 

ya i agree with homeboy above me here, China for sure imo
they are a MASSIVE financial superpower, more then most people realize i think
the financial energy they can direct at BTC could put it on the moon WELL before the 1/2ing
their citizens are prob just STARTING the buy frenzy with this recent news

Will we see another Xmas pump like 2017 tho?  :o  

I'm one of the hopeful. China is big in cryptocurrency so if they can kick start the buying frenzy, the more I'd be hopeful to look 2017 will repeat itself. But if that is just a burst and die in days, well I say thanks to XI he gives traders the amount of hope that a government can back how useful blockchain technology will be. Xi should keep doing speaking blockchain on TV for it will make BTC surge over and over.

Whales are playing. It is happening all the time. In June price went up and down 20 % in few days. Price went down two days ago for almost 10%. Bitcoin price is highly manipulated by whales. That is why trading of Bitcoin is highly not advised.

Exactly. And such games with such volatility are possible due to low liquidity. And the news is what supposedly explains the reasons for the sharp rise.

China trying to set a pace in the adoption of blockchain development was responsible for the recent surge in the price of bitcoin we shouldn't forget that china has world largest bitcoin mining thus a major boast for bitcoin, I foresee more countries in few days ahead following the foot path of china I am very sure these will culminate into more price surging of bitcoin thus positive fundamental is the main key to the upward or bullish sentiment of the price of bitcoin.

this phenomenon is call any price manipulation that is interrelated, already accustomed to the digital currency cycle even more so bitcoin which is very very important part of crypto, besides that the momentum when it happens is an advantage for us so just enjoy the conditions while the trend ,theory could be wrong but still the whale sure can strengthens market

I've heard of that news but it could be it's not really him that made the pump and those whales rode into his words thinking that it was him that started the pump. They could be into blockchain technology and their country is one of the biggest so it's possible.

I'm still thinking of the true reason but it looks like everybody has a point of thinking it was not him or it could be him. But whatever made this pump lately, I wish that we won't see a quick fall as it made the pump so quick.

I think it's still primarily due to the fact that China has issued some positive word in terms of blockchain tech.

I don't think that this is going to translate into anything in the long run, and that the markets are most likely just looking at anything to get things hyped up right now which explains the FOMO buying of yesterday.

People need to realise the difference between blockchain and crypto, especially when it comes to decentralised cryptos.

This is the result of most traders thinking the same. As a result, China itself did not do so by investing billions in the BTC. To me, it is just the usual naturalness of crypto. Today's news from China can be met differently by the community tomorrow and we can see prices falling. That is why evaluate the price increase instead of looking for reasons.

yes, i have the same think xin jinping statement give a big impact on the bitcoin market yesterday.
and after the president of china xin jinping make the statement whales take this chance to make FOMO on market

Everyone has a different opinion about the recent surge in Bitcoin price. It's the 4th biggest price increase of Bitcoin in a 24hrs period. Some say it's due to Tether and Bitfinix law issues and that some tether was printed. But I think it's due to China's president said his country would take the leading position in Bitcoin and blockchain. This was indeed a huge one considering China banned Cryptocurrencies in 2017. I believe that was the reason for the pump. You can check out the article source here: https://www.theblockcrypto.com/post/44646/xi-jinping-says-to-let-china-take-the-leading-position-in-blockchain

in my opinion if there is no good news
lets keep it simple, in technically the recent surge in bitcoin price is because the price touch a strong demand zone my friend
so,the price flying really high,

China I think influenced the market as their leader proclaim an all out support for blockchain. Although it's not directly for Bitcoin. People are hopeful that China will unban all cryptocurrency Exchanges so people there will pour their money on cryptocurrency market. We all know how huge money China can bring to the market. If China unban cryptocurrency, probably Bitcoin will hit all time high again for sure.

Harder to explain what is the cause of the fast hype price of bitcoin last friday, and now bitcoin little low their price, but they mive high volatility quick and fast mobpving their price. I think the movement of the bitcoun price is because of the public demands and the eefect of the speculation trends.

May be large holders are never think the good news and sell the large hype. This is one of the best moments for single day and many investors are also increase the current traffic. Majority of the peoples are said it will go back again, But it will raise instantly in crypto market. Already everyone celebrate this special moment so I am also enjoy the yesterday results.

It is the combination of public demand and speculation trends. But for sure the public demand which you and I mentioned is also influenced by several factors. One of which, as far as the most recent pump is concerned, must have something to do with the chinese president Xi Jinping's announcement that the country should explore and utilize the blockchain technology. It must have caused a bullish outlook among the world's Bitcoin investors and supporters.

probably a bull trap, not more
anyway you can try to find many explanations and even find one that everyone agree on, it still does not matter
the market is random and unpredictable.. you're trying to find explanation to randomness
just to satisfy the story you were telling to yourself..
i think better stop listening to "news" and try to look on the market as a machine

The recent news I read is that the Chinese government is starting to take an interest in crypto businesses and they are ready to support and develop this new industry.
This is probably the main reason why the price of bitcoin and alts in China soared on October 26.

Not a bull trap for me, it can be a coincidence that China announces interest regarding blockchain and praises this innovation that makes more want to buy BTC and cryptocurrency, or whales take this opportunity to play the market as China known to be anti BTC then suddenly became interested. Hopefully, not a bull trap as BTC price already reach it's bracket of $7k that seems to be it's point to really start some bull.

Of course, it is not him that made the pump. It does not make any sense for a president to do that, what I am talking about is the ban that might be lifted and their influence on their decision in promoting Blockchain. Many China people are using cryptocurrency secretly afraid of the government but with this positive news, they should not be worry using it openly.
the true reason for this pump is obviously profit, we are getting near to the end of the year. Based on our history, the price should start to move up but everything can happen.
I do hope this pump will last for long or trigger a bull trend.

In addition, when there is news From the Chinese news interval, there is also news that Twitter CEO are making bitcoin purchases. and in my opinion this is a support that the cryptocurrency market is still quite strategically invested. especially bitcoin at this time is very good when invested because the profits we get are also large

when someone asks me like this around me then I will answer this is already a natural thing when demand from bitcoin starts to rise then the price of bitcoin can be very expensive because we all know that the supply of bitocoin is only 21 million pieces of bitcoin so making bitcoin becomes very expensive because of the influence of high demand in the market.

You read the wrong news my friend. Chinese President said the government should adopt blockchain technology and make sure it is ahead with innovation and development of tech. He said it before also many times, China is not unfriendly toward technology!

But blockchain is not necessarily crypto and China does not like Bitcoin in the past.

You are really right, because the statements of the Chinese authorities dealt with blockchain technology and that this area of ​​science will be studied in some Chinese educational institutions.  But also in the media it is said that the prices of coins of certain Chinese companies soared in line with government statements.  I believe that nothing happens in China in a disagreement, which means that everything is coordinated and will have real consequences for the cryptocurrency market.

Maybe it bring impacts since Chinese investors are good assessing the potentials, if they are really moved back into this game they can
create good numbers of people who will buy and hold bitcoin for investment purposes. Everything is just a speculative guess but it can't be
denied that due to numbers of Chinese people, if they are going to invest while waiting for whatever the president is up behind this innovations
with working with blockchain, there's impact that will take place.

The rest of the world is much bigger than china. The rest of the world's population is much larger than china's. The rest of the world getting into Bitcoin and crypto offers much more possibilities to Bitcoin and crypto than just china alone. We need to give china its due but we must not forget that with or without china, Bitcoin will continue to find the success it is destined to achieve.

First of all, you should not forget, that before the pump happened, BTC rolled back and lost 2k USD within two hours. The reason was meeting because of Libra coin and after that dump, some whales decided to pick up fallen BTC.

The current increase in price of BTC is one of the signs that BTC is still being targeted by investors to invest and of course this has a positive effect on the current price increase of BTC, especially now that China has officially adopted and developed the blockchain system and I think the remarks of President XI Jinping a few days ago pushed the price of BTC today, as a great leader of course his every statement will influence what is developing, as say xi Jinping who said if now the blockchain is one of the best breakthroughs to increase innovation in core technology innovation modern era now.

https://insidebitcoins.com/news/xi-jinpings-new-pro-blockchain-position-causes-bitcoin-22-jump/241538

many people believe the bitcoin surge related with china news, president Xi urges blockchain adoptions.
and the others believe it's because of ATH baakt volume.
i dont wanna ensure about the surge cause, but im so happy bitcoin death cross would be canceled. short MA can go up long MA

But why does BAKKT suddenly have this amount of volume - isn't it because of Chinese president as well?

I have really no idea because the what the Chinese president had said to his people. It was very meaningful actually and you can literally see where they would be going if they develop and adopt blockchain technology in every system they have. I suppose this includes the digital Yuan currency they will be making.

People are buying in because of China news, but that doesn't mean China is good news then you take a closer look. People just don't understand what's the difference between a private blockchain and Bitcoin adoption. In fact i can't see anything in their statements that would benefit free decentralized currencies or Chinese altcoins. Yet this happens from time to time. When cannabis got legalized, cannabis themed coins raised in price. Markets are just insanely irrational when it comes to hype.

Weill it looks like China is one of the contributing factors to this latest trip to the moon and everyone is talking about it, so it has had a ripple effect on the market in a most positive way, for Bitcoin and large-cap coins of course. Here is one tweet on it: https://twitter.com/Hawk_HKC/status/1188043787693522944, there are so many more now tweeting about the President of China's last positive outlook on the Blockchain and how it will have a positive impact now on 1.4 billion people, which is huge, to say the least. Once China goes big on somethign it goes big and nothing can stop it. There will hopefully be good competition and innovation because of this last stance China has taken towards the Blockchain.

It looks like Brad Sherman knows how to get into news headline just by bashing BTCitcoin, no one knew who Brad Sherman was before this statement and now his name is published world wide for his statement and that is what these people want.

We saw the market rallying the in the past two days and we saw the market going down and i bet no technical analysis and chart will help in understanding these volatility  :D. The surge is a mystery still but i still believe that it has everything to do with the future market than any other news in the market.

That China news has been put out of context, I mean they love blockchain technology so I can't understand why suddenly the price exploded because of that news. Maybe whales riding on that statement and others started to sell that news to newbies to FOMO again.

It really hard to explain what's the real causes of the spike, maybe it's the China new or not. But as you can see on the price, after the FOMO the price started to go down, and in the last couple of hours it tried to get to $9500 successful but it was not sustainable. Meaning the news has died down already.

It could be news about China or the manipulation of whales. Any of these could be a reason for the price hike but since Bitcoin is volatile, these changes are also uncontrollable and it's just part of its characteristic as a digital currency. The market is quite dropping down again so the price has been really unstable because of different news and events on the mainstream.

Many say this is a reaction after the Chinese government issued a policy to adopt Blockchain technology and would legalize Cryptocurrency in their countries. I believe this is the beginning for each country will also follow the steps taken by the Chinese government and of course will make the price of Bitcoin will increase dramatically.

CZ Binance sent an interesting Tweet block about that
https://twitter.com/cz_binance/status/1187757313559384065 (https://twitter.com/cz_binance/status/1187757313559384065)
https://cdn.discordapp.com/attachments/535269424496771073/638140050076598275/unknown.png

The price increase may be a reaction but it is not only influenced by a single factor. The Bitcoin market is big enough and multi-faceted enough that a single statement coming from the president of china is enough for it to rise. And considering that the president did not specify Bitcoin, did not even mention it in his announcement. The increasing Bitcoin price is probably a mixture of rising market, a good outlook, and the coincidental statement of the president of china.

A mixtures where even whales are riding with this rise, we know that there's emerging possibilities that China's stand regarding to crypto currency has been changed and they are aiming to work with blockchain system where crypto is base, there's a big chance that with this particular statement many whales who understand the potentials are now accumulating as they are expecting higher appraisal in the next following months or years.

I just thought that bitcoin price had increased yesterday was just because facebook (Mark Zukemberg) won't be apart as company who support libra coin. A few days ago, he came at the invitation of the US senator and he was explained that he will adheres to policies issued by the US government, so the investor of bitcoin will see it as a good news.

I didn't find any information except it and even since the facebook some companies who intend to create the global currency then there are a lot of countries who take consideration to make their own currencies. At least, they  were aware that cryptocurrency is a technology which can be use by many people on this world in the future.

How ironic of China who's totally against to bitcoin and bans it even in their mainland, be the reason of this sudden pumps. Anyway, this something new to me though and I looking forward to 2017 feels.

But I still believe that this drastic changes was made by those whales around. Nothing more to that. Well if it is not then may be we might experienced pumps in the end of the year if things in crypto go well in China.

As long as it is a threat to the strong countries then it will still be supported and its price surge could come up anytime. ;D

I don't think they could just stop it.
It had also been the escape pod of different rich people to escape taxes which is saving them a lot of money instead of paying that annually.
That is just one out of many reason of why a person would buy bitcoin.
Another could be savings. Instead of saving it in a bank which interest rate are too low and you will almost die before feeling that number.

CZ was writing a good point about that but im feeling curious how people are taking it as their reason to create such a correlation to the crypto?
China is aware if blockchain is vital for that country but just try to draw my conclusion if xi will make it clear about will it be correlating with crypto or not and that will answer all of the questions around here right now.

Most of us are now talking about this because we only know that the president of China or the Chinese government is the main reason for the sudden pump of bitcoin. I have been monitoring the price of bitcoin and right now it just becomes stable at the price of 9200$ to 9300$ and I wonder if the price will keep on increasing because as you can see China is now supporting cryptocurrency and blockchain technologies. Lastly, I know there are still some reasons behind on sudden pump but I still hope for a better price at the end of this year.

It is simple just CHina pump, just imagine what will happen when the president of US tweet in support Bitcoin, then the market will go gaga. I still have my second thought about Chinese money flowing into the space like the precious times, like 2016 when they were the one pumping the market, now the CHinese economy is struggling and I don't think the cash cow s still there like before

The most likely explanation by far, many are claiming that China announcement about the development of the blockchain technology is responsible for this.

But the days when the Chinese government could make a statement and move this market are far away, what it is happening is probably the result of the whales trying to get every single dollar and bitcoin out of small investors, if that is true you can be sure the price will crash during the next weeks.

Forget the news. It is a technical correction because the whole crypto space has been oversold for two months already. We now know there are buyers in the $7,500 region for Bitcoin, maybe it will go up to $8,000 and slowly to $9,000 as we near the Bitcoin halving.

The recent price surge is an actual bullish move and a new start of cycle that may lead to the next bull run neither a preparation for the near halving season but now we are in a couple of weeks in correction which is very normal after this price surge. We have to wait for the next bull market to start.

I think China is the country that uses the most crypto in this market and all manipulation activities start from here so the financial problem certainly doesn't affect them much. In my opinion, big countries are starting to support this market more and if this trend can last for a few more years, Bitcoin will definitely increase in price. Now everything just stops at predictions so it is best to be more patient during this time.

I believe that the value of Bitcoin will soon stabilize and we have the right to hope for a better future for the crypto market. I personally expect the value of Bitcoin to reach $30,000 by 2022 because that is the year when there is a lot of important news for the entire market.

CZ might have made a lot of money by investing in bitcoin and he went all in investing in bitcoin selling his house and now he is running a billion dollar company, it is a dream come true for everyone who is looking up to his profits and how he made his money and i am sure there are many who trusted bitcoin and went all in in the past.

Because it get's more and more attention world wide, with millionaires, and billionaires wanting a piece of the pie, it's only natural to see these HUGE spikes in price from the millions of dollars pouring into the markets.
The Panama leakage shows that these people care a LOT about tax evasion, privacy etc. So I've got no doubt that DEX's will the the preferred means of exchange moving forward to these rich individuals.

That's why I decided to invest in projects like Blocknet, who could benefit from these rich individuals pouring BTC in to trade to whatever coins/tokens they want to hold, while still remaining anonymous.

So, why Blocknet? Look at the chart below comparing the latest DEX's and it's obvious:

Obviously, we can categorically call CZ a bitcoin maximalist, or at least a ardent supporter of it. I remember that he even de-listed BSV when there was so much drama about it specially when CSW claims that he is Satoshi.

Pump or not, bitcoin will continue it's surge specially there is block halvening next year. If we wanted to be CZ or be the next crypto millionaire, time to accumulate this year < 5 digit is still a cheap price of bitcoin.

There is no guarantee it would happen, but people are expecting about it, so it could bring hype to the market, but we need more big news that would also help make this market bullish again.

Not all of us will become millionaire but we can all be successful or profitable if you do everything at the right timing.
People who accumulated at $3K+ are already sitting with a good profit now, they have an option to still hold and wait for some good news next year.

As long as we're active and kicking, everybody has the chance to become one of the millionaires around the world. Maybe not this time, but in the future. Every now and then surges will accumulate, so keep posted and updated with the ongoing market fluctuations, don't you dare miss it.

I agree too that China has a role in influencing this sudden pump up because of their huge population in which probably lot of Chinese businessmen answered the call of their president Xi Ping that the country should "seize the opportunity" of bitcoin's blockchain technology. Hopefully this will trigger the long awaited market Bullrun and to prove of how important is the Chinese in crypto community.

I also read a lot about this news and almost all analysts claim that it was precisely because of the statement of the Chinese government that there was a sharp jump in prices on the cryptocurrency market.  There is only one amendment that the statement said words about blockchain, and not about Bitcoin.  But nevertheless, if we take into account that we are talking about cryptocurrency, too, for the Bitcoin miners in China, which are in this country almost 60% of the total, favorable times will come.

You know, someone once told me something, he said if you want to make money from cryptocurrency, you need to be able to think like the whales and that is how you can ride with them and know every of their moves, which I think what you said here is not out of context considering what first happen when bakkt was launched.

The whales took that as an opportunity to hide under the bakkt release to crash the market for their own benefit by creating fud in the market which enable them to do more of accumulation, and now comes the news of china which was actually a very good way for them to actually create fomo for profit to climb the already purchased coin, and you will see that soon, we may have another big correction when they start selling.

I really believe that market correlation is one way of bull trap. The unexplainable surge of bitcoin price are just influence by President of China which contribute the advantage of whales to manipulate the price.

I think you were right it's kinda look like a trap but at least after it touches the $10k part it stays at $9k. And that saves the talking about of how the price of Bitcoin surges up suddenly without a prior notice. Everyone would think that it is because of the decision of the China's president but the truth is that it is just a mere results of price manipulation.

When we are talking of manipulation, I don't think that we should be pointing accusing finger to china because china has never been a lover of cryptocurrency until recently, which it even got so bad to the extent of threatening to ban miner and of which we also know this really reduced the activities of the Chinese people in cryptocurrency, so if majority of them have been out for a while, why should we think that they are the ones manipulating the market.

I think when we are talking of manipulation, majority of those things actually comes from the united states the more, and I don’t trust united states for even doing most of the things we see because they don’t like bitcoin and wants it dead.

the development of cryptocurrencies cannot be predicted with certainty and may be one reason as now with positive news the prices and values of crypto and bitcoin currencies in particular are increasing in price and value and of course the benefits of investors who invest with these coins patience will bring benefits for the investor

This is what I believe as well, it is too good to be true for the price to go up so fast and after it the price has remained at the same level for days.

The whales are manipulating the market and are manipulating the perception you have of the market, just a few weeks ago it seemed as if the market was ready to go down even more and suddenly the price went up just when we needed it, and all that noise about China is just that and it is irrelevant for this market because China is not going to use a decentralized currency.

For me in my opinion those recent surge in bitcoin price came from whale's only. wherein probably they start trying to manipulate the price again because there's a good news around the market. Such the good news from china which is surely can make can huge impact in crypto currency .Because you know whale's are very smart  when there's  a good news about the crypto.  Wherein they will jump immediately to make a good sign  in the market (and so that ppl will panic to buy and accumulate more.)  But after that they will make a huge dump once they reach their traget price. Actually this thing always happened because of them.  And for sure they will take advantage this news from china just to gain massive profits ..so be ready because it will swing like a roller coaster.  Lol

surges and price developments in cryptocurrencies we cannot predict with certainty and that is the risk we will get in investing in cryptocurrencies if the rise and fall of prices has become a common thing in investing with cryptocurrencies our confidence and our patience is a very important capital in investing with the crypto currency

I think China has been a crypto "lover" for a long time,,, just that the state is the one always banning and changing its mind about the whole thing, but 100% in love with technology. The pressure to act and ban actually is from the thousands of scam cases that happened, not so much because they hate the concept of crypto.

Price these days also are not about China in this sense because nothing has changed about China itself.

Yeah even their country was banned crypto so many times but china exchanges are having so big volume, means china people are love to trade and investing in crypto currency.
Right now their president started to see the potential of cryptocurrency by developing their own blockchain technology, but i think they won't use blockchained technology builded and owned by their own country because it must be have backdoor and will be not decentralized. People love the freedom of owning cryptocurrency without no one knowing their wealth.

If I am right, China until now is leading in bitcoin mining and trading volume even if the Chinese government is against this decentralized bitcoin. The same in United States, people love bitcoin but their government is hesitant on it. @davinchi if you are saying the United Stated government is the one manipulating the prices, I disagree. Every whale club wanted to manipulate everything to their advantage and bitcoin is no different.  

Many members here will justify the reason behind bitcoin surge to be china decision to implement blockchain technology as it is center for btc mining and have great impact on prices in global market but what i think is that whales are once again trying to manipulate the market with crearing pump situations and then suddenly we can see fall in prices to lower level to make profits.So any possible reason coule justify this sudden price surge.

LOL I see...  ::) You're buying the Peter Schiff theory...
Don't you think it's just some FUD?

"Bitcoin’s recent sharp rally likely had nothing to do with China, or any fundamental factor.  It clearly looks like market manipulation by whales looking to sucker in momentum buyers.  By pumping up a technically weak market, they are able to dump more #Bitcoin at higher prices."

"Bitcoin hodlers won't sell as they believe they'll get rich when #Bitcoin moons. Bitcoin whales get rich by selling now to realize their paper gains before a market crash wipes them out. The whales must make sure the hodlers don't lose faith and cash out so that they can cash in!"

https://u.today/bitcoin-whales-are-selling-btc-before-market-crash-peter-schiff

Of course, speculators and big whales have a great influence on the cryptocurrency market, but in this situation their role seems really exaggerated to me.  If big whales had specific opportunities to carry out price fluctuations on such a scale, then this would happen in 2018, when from June the cryptocurrency market fell almost until the end of the year.  As for me, the version of news from China is more likely.

Totally agree with this. Xi Jinping has been a great influence with adoption of Bitcoin. And it has been in the record before that China are opposing and cracking Bitcoin down. In addition China plays a big role in crypto currency community specially in mining, they produce for about 70% of total hash power in the world. Adopting maybe bitcoin or other stuff related in crypto currency is surely has a big impact in crypto currency market.

I do think the China stuff may have triggered the initial rise. But it's not true that all movements are news-related. What tends to happen in crypto is runaway price movement. If some news can have a small effect, then that causes panic-selling and FOMO buying as people think the next phase of crypto's famous volatility is starting up, and they want to get in/get out as appropriate. It's kind of a self-fulfilling prophecy really.

Wake up everyone,  china publicly announced their new found love for crypto months ago not recently.  This is the tether cartel.