Infographic: Why Bitcoin Skyrocketed this week

[99cryptocoin]

I made a little infographic with some explanations for the increase in Bitcoin's value this week. Are there any more theories or ideas out there?

https://static.99cryptocoin.com/images/infographics/img/whybitcoinskyrocketed.png

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[Herbert2020]

there is also
- Chinese news was updated and changed from "China banning bitcoin" to "Chinese exchanges may open up again soon". and also the fact that a big dip happened because of the China FUD and after dip there is a recovery and some small rally
- also the rumor about Amazon accepting bitcoin may have had some effect.
- there is also the fact that everywhere you look these days, they are talking about bitcoin. positive or negative doesn't matter, they are advertising bitcoin and it is bound to bring more money in.

let me quote your post so the picture shows up:

I made a little infographic with some explanations for the increase in Bitcoin's value this week. Are there any more theories or ideas out there?

[davis196]

If the incoming Bitcoin Gold and Segwit2x hard forks have so much positive impact over the bitcoin price,we should make a new hard fork every week.
With more hard forks the bitcoin price will reach 20000 USD after one month.
I pray for Amazon to accept bitcoin payments.This will be a huge breaktrough for mass btc adoption.
The chinese PBOC will realise that fighing against cryptocurrencies is pointless.

[gentlemand]

Bitcoin Gold is going to be a non event. I still don't believe S2X will actually happen. As it stands at the moment there's no incentive left for anyone. It's definitely not seamlessly replacing BTC.

Bitcoin will deflate and alts will bob upwards again when it becomes clear that this is the case.

[Lancusters]

If the incoming Bitcoin Gold and Segwit2x hard forks have so much positive impact over the bitcoin price,we should make a new hard fork every week.
With more hard forks the bitcoin price will reach 20000 USD after one month.
I pray for Amazon to accept bitcoin payments.This will be a huge breaktrough for mass btc adoption.
The chinese PBOC will realise that fighing against cryptocurrencies is pointless.

I do not believe that the fork can raise the price. In my understanding, any global change should lead to a decrease in the level of trust. If Amazon really gives the opportunity to buy goods with bitcoin it will bring more use and popularity of bitcoin. If you have businesses that will produce goods and to pay its employees salary in bitcoin then bitcoins will really become the currency and will have the right to life.

[TrueCryptonaire]

there is also
- Chinese news was updated and changed from "China banning bitcoin" to "Chinese exchanges may open up again soon". and also the fact that a big dip happened because of the China FUD and after dip there is a recovery and some small rally
- also the rumor about Amazon accepting bitcoin may have had some effect.
- there is also the fact that everywhere you look these days, they are talking about bitcoin. positive or negative doesn't matter, they are advertising bitcoin and it is bound to bring more money in.

let me quote your post so the picture shows up:

I made a little infographic with some explanations for the increase in Bitcoin's value this week. Are there any more theories or ideas out there?

The most hyped concept about this is of bitcoin gold, and also I was believing about acceptance of bitcoin on Amazon, but wasn't able to find any official announcement from the team. And I've seen many people say that it's because that bitcoin has discovered its true value or anything like that, but I don't think that's the case as in that case the price would have gradually increased and not like a bear market just shooted up.

[gentlemand]

I was believing about acceptance of bitcoin on Amazon, but wasn't able to find any official announcement from the team.

That was one suggestion from one crypto creep who was trying to sell access to some paid newsletter. Pathetic that so many people fell for it. It's one of the oldest bits of non news possible.

[aso118]

The most hyped concept about this is of bitcoin gold...

There are some people who are trying to con people using the word 'bitcoin'. It is kind of unfortunate. I definitely do not think Bitcoin Gold has any role to play in the price run up. What we are seeing could be Bitcoin discovering its true value.

[hatshepsut93]

There's no way a crackdown on ICO's and altcoins could have resulted in Bitcoin rising by 32%. For Bitcoin's price to rise, someone has to buy with fiat currency - this would increase its USD value. But anything that happens on crypto markets can only have some indirect effect on Bitcoins price. If there is negative news regarding altcoins, people will sell them for BTC, which will cause their prices to drop, but Bitcoin's BTC value will remain the same. The two scenarios that lead to BTC price increase are the following: someone sell their altcoins for fiat and then use this fiat to buy BTC - but this doesn't make much sense, because you would have to pay trading fees twice instead of paying fees once with direct altcoin to BTC trade; and the other scenario is that people who were about to invest their fiat in ICO's/altcoins would decide to invest in BTC instead, but it's unlikely that amount of such money was high enough to push the price to current levels. So, this explanation in general is not very realistic.

[joinfree]

Wow mate, what a nice design, i am really impressed about your skills to make that, you can start offering ANN thread designs and a lot of people will start to use your skills, maybe you can make more than 0.10 from that kind of services.
anyway, yes, those are the primary reasons of why the price has been going up so quickly, because there are no other explanations for it, of course that everybody is buying bitcoins only to receive this new coin.

[Herbert2020]

and also I was believing about acceptance of bitcoin on Amazon, but wasn't able to find any official announcement from the team.

i didn't say Amazon thing is official, it was all a rumor. and rumor work both ways. the same way we have FUD and the price tanks because of a lie (for example the FUD about China 4-5 times every year), the way way price rises on a lie (for example the Amazon accepting bitcoin).

And I've seen many people say that it's because that bitcoin has discovered its true value or anything like that, but I don't think that's the case as in that case the price would have gradually increased and not like a bear market just shooted up.

that is the panic sellers hard at work. they also worth both ways like FUD. the same people who sell at a panic for no good reason, buy with a panic (FOMO) for no good reason.

[DaMut]

The biggest reason this pump happened due to Free coin that will be created based on Bitcoin itself.
or we called it Bitcoin Gold right now,
and the second reason is Japanese regulated their exchanger and followed by Chinese
they changed their statement regarding 'Banning the trade' to 'Stopping it at the moment to regulate it' causing a lot of people FOMO'ing it.
i think that 'Safe Havens' did not give us much impact,
because it's only a reason in the surface why they banning an ICOs while in the reality they're trying to make drama behind it.
plus only chinese banning it completely while korean only banning their local ICOs

[Kronos21]

It seems to me that China's position had no relationship to the pump. Do many people want to get free bitcoin gold and, therefore, put its stocks on hold. After Aug people believe that at every fork of bitcoin will go up. There are even people who dream of forks every month. It makes bitcoin go up. Bitcoin proved that will exist regardless of the position of the Chinese government.

[pealr12]

People buy bitcoin just to have bitcoin gold after the fork.  Which gives them 2x profit. Easy money isnt it?  They already doubled their investment  with a free bitcoin gold coins, easiest way to earn money without doing abything.

[pisston]

People buy bitcoin just to have bitcoin gold after the fork.  Which gives them 2x profit. Easy money isnt it?  They already doubled their investment  with a free bitcoin gold coins, easiest way to earn money without doing abything.

It seems to me that this is a very simple explanation of why Bitcoin has risen this week. But if you consider the issue on the merits, then I want to say that after the previous fork in August this Bitcoin growth nation should have continued steadily, but the fall was due to the actions of the Chinese government. Today everything has stabilized And again growth.

[el kaka22]

It seems to me that China's position had no relationship to the pump. Do many people want to get free bitcoin gold and, therefore, put its stocks on hold. After Aug people believe that at every fork of bitcoin will go up. There are even people who dream of forks every month. It makes bitcoin go up. Bitcoin proved that will exist regardless of the position of the Chinese government.

China's position apparently does not have any impact on the present value of bitcoin. Amazon's position as well is just a speculation and there has been no single direct work from amazon. The surge in price is basically as a result of the upcoming fork and most people surely decided to drop their alts for BTC to get the new forked chains which is much expected anyway.

All the above, the post effect of the 2 forks may result to another increase in value as most people may still just have to dump the forked chains.

[wuvdoll]

If the incoming Bitcoin Gold and Segwit2x hard forks have so much positive impact over the bitcoin price,we should make a new hard fork every week.
With more hard forks the bitcoin price will reach 20000 USD after one month.
I pray for Amazon to accept bitcoin payments.This will be a huge breaktrough for mass btc adoption.
The chinese PBOC will realise that fighing against cryptocurrencies is pointless.

After all, who does not want free money ?
I believe the forks would cause another huge upward spike for the value of bitcoin as most people would just end up dumping their forked chain immediately after the 2 forks.
I still see BCG as a joke while 2x was not even suppose to be in the first place, but if it wants to happen, we support the fork and we discontinue our support few seconds after each successful fork.

[tokeweed]

So meaning that infographic is saying that it's basically the community that's making BTC rise these crazy levels?  Really?  Does the community have enough cash to make it rise like this?

I still think it's plausible that cartels and other criminal enterprises have started to use Bitcoin as a store of value.  They simply can't keep all that cash as is, and going to a bank isn't even an option.