This morning, more Bitcoin traded hands in one hour than any other time in histo

[sunX3]

TCUSD volume: ~$550M XBTUSD volume: ~$635M That's $1.2 billion trading volume in one hour!
https://twitter.com/cryptorae/status/984414418829131779

That's crazy. Do you think it's a bull trap? Manipulation? Thoughts?

[vlad230]

This is the altcoin section, everything non-Bitcoin related is discussed here. Please move your thread to the bitcoin discussion section.

Going back to your question, I think this is all due to the opening of a new market in the Middle East after Bitcoin was declared compliant with Sharia law. That means about 1.6 to 1.8 billion people will be able to buy bitcoin and this has also spiked the price for it since yesterday.

You can read more about it here: https://www.ccn.com/bitcoin-declared-compliant-with-sharia-law-price-surges/

[DerekGT]

Very interesting info. Sharia law could be one of the causes of market rise, but not the only one.
Fiscal year end could be a larger one.
https://www.shopify.com/encyclopedia/fiscal-year

[tonylewisverdu]

Yeah the market went a little nuts briefly.

Go Green!

[chenjkai]

It goes green now, the situation that you wrote happened because there was only red time before the huge growth appeared. There are also thoughts that it might go down again... But no one knows again...