Just a thought: this is the result of the bear market for almost 2 years.

[dothebeats]

The ECJ ruling AT LEAST alleviate what problems there are in terms of taxation in EU. It might not be overall good, but still there IS a part of it which do good for most people.

Yes, I agree with you. There are positives to the ruling, it does define bitcoin better in the EU.

Going back to my original point, I don't see any "really good news" in the environment. There is still the blocksize debate hanging over us and it's been swept under the carpet until some convention early next year. People view market news differently, does not mean they are disconnected from the market or dwelling in a cave.  

This might be another reason for some significant price changes to come. Idk whether team Blockstream would still stay on their reasoning for the block size limit or they will accept some suggestions from other parties.

Haha probably joshing around when I said "dwelling in a cave." I hope all things are good.

[1714705157]

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[QuintLeo]

I'm pretty sure the recent rise is fueled mostly by the news out of China, coupled with worries about the China "South China Sea" push starting to get some significant push back action and the potential of that escalating.

 Not subject to VAT finding isn't a big deal, though mostly positive - the concensus among most government agencies I've seen rullings out of are in line with Bitcoin being a commodity, that was just more of the same (though it's still early days yet and there's a lot of agencies haven't announced any sort of ruling yet).

 Gemini - *yawn* - no actual news there.

 Bubble in the making? Many past bubbles started out based on real news, then got out of hand as everyone jumped on the bandwagon once it got rolling.

 Blocksize limits issue isn't a "gonng hammer folks hard this year" one, it was looking more likely to be a significant issue 2-3 years down the road. Take the time to fix it right actually makes sense, as long as it's done in the next year or even 2.


 DO NOTICE that the massive transaction volumes have been happening on Chinese exchanges....

[dothebeats]

…
 DO NOTICE that the massive transaction volumes have been happening on Chinese exchanges....

People have already noticed it and thinks that it's insane to sustain that kind of volume in a week. It is fake, though the majority of the market share is still in China. Also, it is not surprising for our Chinese brothers to maintain that volume since most mining farms and free trade fee is imposed on exchanges there.

[worhiper_-_]

…
 DO NOTICE that the massive transaction volumes have been happening on Chinese exchanges....

People have already noticed it and thinks that it's insane to sustain that kind of volume in a week. It is fake, though the majority of the market share is still in China. Also, it is not surprising for our Chinese brothers to maintain that volume since most mining farms and free trade fee is imposed on exchanges there.

We just saw a 20$ drop as MMM went into pause mode, the price was moving upwards fast until that moment. We can't really tell if the drop came solely from people directly related to MMM but if we're going to make correlations, I'd say that the news sent ripples to the market as the buying pressure that was supposedly coming from people looking to participate in the ponzi would no longer be sustained.

[PolarPoint]

Those who have sold low are now panicking. They are may not be able to buy back the coins at the price they sold. There are also people who are regretting why they didn't buy more when it was near $200. There will be a big rush to buy coins if bitcoin continues to rise.

[dothebeats]

Those who have sold low are now panicking. They are may not be able to buy back the coins at the price they sold. There are also people who are regretting why they didn't buy more when it was near $200. There will be a big rush to buy coins if bitcoin continues to rise.

I'm good. Sub-$200 buyer and coins that I previously bought with a dollar cost avg. of $217 per coin. I almost sold some yesterday, but seeing how the sells were overcome immediately, I changed my mind and hodl lol.

[dothebeats]

…
 DO NOTICE that the massive transaction volumes have been happening on Chinese exchanges....

People have already noticed it and thinks that it's insane to sustain that kind of volume in a week. It is fake, though the majority of the market share is still in China. Also, it is not surprising for our Chinese brothers to maintain that volume since most mining farms and free trade fee is imposed on exchanges there.

We just saw a 20$ drop as MMM went into pause mode, the price was moving upwards fast until that moment. We can't really tell if the drop came solely from people directly related to MMM but if we're going to make correlations, I'd say that the news sent ripples to the market as the buying pressure that was supposedly coming from people looking to participate in the ponzi would no longer be sustained.

That MMM thing surely has an effect in the price, or is it because it's just a weekend that's why the price isn't that moving at all? It could be a cause of the halt of price increase, but we'll see what happens if the MMM resumed operations

[Nagle]

I don't believe the sudden spike is caused by "good news". There aren't any really good news to be honest

That's what's surprising about this. There's no new use case.

It does seem to be driven by trading from China. Over 90% of the volume is in CNY.

How much of that is real?

Some of this seems to be associated with MMM Global, which is a Ponzi scheme in China. That can't end well.  Since they advertise 100% gain per month, the collapse can't be too far away.

The guy behind MMM Global did this before.

[QuintLeo]

I'd say that the "MMM" stuff counts as "news out of China".

 9-)

[Pierre 2]

This is not only the bear market of long years. It has speculative characteristics.
It may be caused by Chinese, I'm not sure but I am sure that fuel will be spent and price will be stabilized around 250.

[azguard]

I'm looking at the Chinese economy being the primary driver. Keep an eye on Yuan/USD exchange rates....

you think that Yuan is gonna be primary hard euro was pushes the same and it can be done over the night like EU though
dollar will stay primary other are here for local currencies