Bitcoin Surges Above $4900 Amid Catalan 'Independence' Declaration

[Hydrogen]

Bitcoin began accelerating ahead of Catalan leader Puigdemont's initial speech time, but after his delayed start, the crypto currency accelerated higher...



http://www.zerohedge.com/news/2017-10-10/bitcoin-surges-above-4900-amid-catalan-independence-declaration

It seems that the timing of the btc price spike earlier today coincided with the timing of Catalan leader Puigdemont's speech earlier today discussing Catalonia's independence from spain(green dashed arrows in the image above).

One takeaway here could be that if brexit or other independence movements become official the price of bitcoin will rise. And so that could be a good time to buy in for those who are able to time it properly.

There are many such independence movements in the world today which could diminish the power and influence of central bankers upon the nations of the earth. It is possible that china's recent crackdown on exchanges was ordered by central bankers, as well as the number of analysts, economists and experts who recently began to criticize bitcoin in the media. There may be some question as to who is pulling the strings behind the scenes.

[angaper]

But what has the issue of Catalonia to do with the price of bitcoin? I am always surprised at the ease that the supposed analysts take any pretext to justify a market movement without a logical explanation. In any case, the Brexit should have generated a greater volatility in the bitcoin price and it did not happen.

[Simple_Man]

I don't think Catalan independence announcement has anything to do with the bitcoin price. Bitcoin touched $5k earlier also so the recent surge in price was just a matter of time. I think Malaysia recently announced to prepare a framework for the crypto currency exchanges and they are planning to legalize it. That may have worked as a catalyst behind the current surge.

[Hydrogen]

But what has the issue of Catalonia to do with the price of bitcoin? I am always surprised at the ease that the supposed analysts take any pretext to justify a market movement without a logical explanation. In any case, the Brexit should have generated a greater volatility in the bitcoin price and it did not happen.

Here's an interesting article for you regarding brexit.

World currencies are tanking on Brexit, but bitcoin is surging

Global currency markets are a sea of red in the wake of this morning’s shock Brexit news. The pound is down 6.44% against the euro and weakened 10% against the dollar. But one currency–or more accurately, cryptocurrency–is surging: Bitcoin is up 7% in the last seven hours of trading, adding gains to a rally that started as the UK went to the polls yesterday (June 23).



Bitcoin was actually slumping after a bull run that started in mid-May and had put the digital currency at a two-year high. That changed around 3pm UK time on the day of the referendum. Bitcoin has gained 20% in value over the last 24 hours of trading.

https://qz.com/715681/world-currencies-are-tanking-on-brexit-but-bitcoin-is-surging/

This could mean there is a good precedent for independence movements like Catalonia and brexit generating noticeable gains in btc's price.

It could mean that were similar price movements on days when Hungary liberated itself from the influence of central bankers recently and iceland prosecuted bankers. One of these days I'll have to look up price movements on those days. It could make for a good story if nothing else.

[edynolan]

has nothing to do with rising bitcoin prices with catalonia, even one country forbidding bitcoin prices will keep increasing especially if only declarations in spain are so unrelated, prices go up and down as investors are not due to declarations

[squatz1]

These sorts of events have no correlation to each other, at least the Catalan 'Independence' one and the Bitcoin surge in price. Think about that for a second and then come back to me, as a place declaring independence that will never have it granted to it by the government and then practice being squashed by the Federal government for trying to vote for this sort of thing isn't real news. Nothing happened there, and they'll be going back to business as usual.

So, good try but no cigar.

[Mometaskers]

I haven't been checking the price on a daily basis so I haven't really noticed those hikes shown in the graphs but interesting nonetheless. Maybe just one event happening at a time may not affect the price that much but the uncertainty increasing would eventually have an effect later.

[Iranus]

You could pick any moderately recent event and try to draw some meaningless lines on a graph about it, but it doesn't really prove anything.

One takeaway here could be that if brexit or other independence movements become official

I don't see what you mean by "become official", because Article 50 has already been activated and Britain is almost certainly leaving the EU at this point.
There really isn't any meaningful development.  This is a great example of people assuming that correlation equals causation.

[allthingsluxury]

Its absolutely stunning to look at these charts. Remember, nothing goes up in a straight line forever however. Tread with caution.

[jekjekman]

But what has the issue of Catalonia to do with the price of bitcoin? I am always surprised at the ease that the supposed analysts take any pretext to justify a market movement without a logical explanation. In any case, the Brexit should have generated a greater volatility in the bitcoin price and it did not happen.

He doesn't need to spoon feed it though, on the third paragraph of his statement he said

There are many such independence movements in the world today which could diminish the power and influence of central bankers upon the nations of the earth. It is possible that china's recent crackdown on exchanges was ordered by central bankers, as well as the number of analysts, economists and experts who recently began to criticize bitcoin in the media.

Maybe he is thinking too deep but I think there is a very slight chance that it will still affect the global price of Bitcoin as Catalonia is a country just like China so giving a positive feedback regarding Bitcoin will have an impact no matter how small or big it is.

[dead_m92]

There have been a lot of announcements between yesterday and today, and a lot of countries were saying that they are going to legalize bitcoin, or just give some good news about their relationship with them. I think this all affects the price of bitcoin and the entire crypto market, but it is being pumped a lot right now, and it scares me a bit.

[Hydrogen]

I know most don't recognize a connection between the independence of catalonia and bitcoin's price increasing. I think that as time passes and people witness more evidence of a connection between statehood independence and bitcoin's price increasing, it will become standard knowledge that independence movements against pro one world government entities like the EU, and bitcoin price increases, are strongly correlated.

Catalonia is not a small, isolated, event. There are many other independence movements in other nations occurring. Right now there are independence movements in #1 Scotland(UK) #2 Flanders(belgium) #3 Basques(Spain) #4 New Caledonia(France) #5 Corsica(France) #6 Faroe Island(Denmark) #7 Lombardy and Veneto(Italy). It is similar to the arab spring movement of years past. It is a relevent topic in the world of finance and economics. Enough so that it can legitimately be utilized as a valid explanation for movements in crypto price.

It might be fair to say crypto price movements do not occur randomly within a vacuum. There is almost always a specific reason or explanation behind it. Thinking back I can't remember a noticeable price movement which didn't have an explanation. Either it was a SEC announcement or a fork announcement or another reason behind price shifts. Very few crypto price movements have no reasoning or explanation behind them.

[Raegorl]

Catalan independence? Lol, this has no impact whatsoever in the price of bitcoin...what a weird relation this article is trying to make

[Mometaskers]

I know most don't recognize a connection between the independence of catalonia and bitcoin's price increasing. I think that as time passes and people witness more evidence of a connection between statehood independence and bitcoin's price increasing, it will become standard knowledge that independence movements against pro one world government entities like the EU, and bitcoin price increases, are strongly correlated.

Catalonia is not a small, isolated, event. There are many other independence movements in other nations occurring. Right now there are independence movements in #1 Scotland(UK) #2 Flanders(belgium) #3 Basques(Spain) #4 New Caledonia(France) #5 Corsica(France) #6 Faroe Island(Denmark) #7 Lombardy and Veneto(Italy). It is similar to the arab spring movement of years past. It is a relevent topic in the world of finance and economics. Enough so that it can legitimately be utilized as a valid explanation for movements in crypto price.

It might be fair to say crypto price movements do not occur randomly within a vacuum. There is almost always a specific reason or explanation behind it. Thinking back I can't remember a noticeable price movement which didn't have an explanation. Either it was a SEC announcement or a fork announcement or another reason behind price shifts. Very few crypto price movements have no reasoning or explanation behind them.

I think it also have something to do with the attitude of today. More and more people there are becoming distrustful of their government. While the main driver to bitcoin adoption in Asia is the profit, it seems that in Europe it is financial independence. I remember during the bottom of the Greek crisis, my aunt in Italy said the banks closed and when they came back they've put a limit on withdrawals. I believe a lot of people there still remember that. That's how she heard of bitcoin anyway. Apparently most of her friends and acquaintances there has bought some.

I still think the Venetians are bit crazy though. What would they eat, those fish they get in their muddy lagoon? I don't think tourism would be enough to sustain them. Seems the Lombards have a better chance of surviving.

[Kemarit]

I know most don't recognize a connection between the independence of catalonia and bitcoin's price increasing. I think that as time passes and people witness more evidence of a connection between statehood independence and bitcoin's price increasing, it will become standard knowledge that independence movements against pro one world government entities like the EU, and bitcoin price increases, are strongly correlated.

Catalonia is not a small, isolated, event. There are many other independence movements in other nations occurring. Right now there are independence movements in #1 Scotland(UK) #2 Flanders(belgium) #3 Basques(Spain) #4 New Caledonia(France) #5 Corsica(France) #6 Faroe Island(Denmark) #7 Lombardy and Veneto(Italy). It is similar to the arab spring movement of years past. It is a relevent topic in the world of finance and economics. Enough so that it can legitimately be utilized as a valid explanation for movements in crypto price.

It might be fair to say crypto price movements do not occur randomly within a vacuum. There is almost always a specific reason or explanation behind it. Thinking back I can't remember a noticeable price movement which didn't have an explanation. Either it was a SEC announcement or a fork announcement or another reason behind price shifts. Very few crypto price movements have no reasoning or explanation behind them.

There's been discussion's about the Catalonian fight for independence and I can't seems to connect the dots with the rising tide of the price. But it is somewhat interesting to see the correlation if ever there is one. Although the theory should be taken seriously, one thing though that I can see is that bitcoin has becoming a safe haven and hedge against any crisis like what we have been witnessing in Venezuela and even India's demonetization. Yes, I consider this a gray area for now but as time passes by it will be clear that there are connections with regards to the price movement and fight for independence against government just like Catalona is experiencing right now. We will see. And thanks for bringing this thoughts @Hydrogen.

[Beerwizzard]

Connection between BTC growth and Catalan "Independence" seems not real and even a bit funny. I don't think that there are so many cryptocurrency users in Catalinia so they could cause such pump. But it could be a smart move if Catalonia leave spain. If it happens then they will have to establish their own new currency that will turn into garbage pretty soon in their current situation.

[olushakes]

I am still trying to understand the relevance and correlation between Catalan independence and the price of bitcoin where the independence is not certain as the uncertainties surrounding it is something that does not seem to clear. If this is linked there we could also say the price of bitcoin is being influenced by the election holding in Liberia that the only African to be crowned world best player is expected to win.

[jaysabi]

Bitcoin began accelerating ahead of Catalan leader Puigdemont's initial speech time, but after his delayed start, the crypto currency accelerated higher...



http://www.zerohedge.com/news/2017-10-10/bitcoin-surges-above-4900-amid-catalan-independence-declaration

It seems that the timing of the btc price spike earlier today coincided with the timing of Catalan leader Puigdemont's speech earlier today discussing Catalonia's independence from spain(green dashed arrows in the image above).

One takeaway here could be that if brexit or other independence movements become official the price of bitcoin will rise. And so that could be a good time to buy in for those who are able to time it properly.

There are many such independence movements in the world today which could diminish the power and influence of central bankers upon the nations of the earth. It is possible that china's recent crackdown on exchanges was ordered by central bankers, as well as the number of analysts, economists and experts who recently began to criticize bitcoin in the media. There may be some question as to who is pulling the strings behind the scenes.

Seems to be an unrelated coincidence. Trying to link causality out of this with absolutely no data to back up the assertion is silly. Also, the conspiracy bent to the rest of the post (central bankers ordered the China btc crackdown) further suggests a rather lazy correlation.  Further confirmation is anything posted by zerohedge, which is the lowest tier of garbage information websites. They cater to people inclined to see non-existent patterns and believe in deep conspiracy theories, or are otherwise never going to be accused of being deep thinkers.

[joseafonso123az]

I dont see the link between this independence and BTC urge to grow in terms of value.  BTC increased because of it's speculative nature, there were being positive reviews about it, the forks are also coming which may make BTC decrease a bit in terms of value because of the uncertainity it would create.

[ask]

European union have too many problems. Eur is rising but i am sure it will start to fall soon.
This will cause on bitcoin price more rising opportunity in long term.