Explain the cause of Bitcoin 'not coming down'

[bounty.cvn]

Explain the cause of Bitcoin 'not coming down'

China is the country that helped push Bitcoin up 40% in the last 7 days. Do you think so?
In my opinion then with US trade - China is tense. Chinese investors are trying to drain their money to other assets like USD and Bitcoin, they think the yuan will continue to devalue. President Trump has increased taxes on China in the past 2 weeks, making the yuan 2% lower than the USD. Some people worry that China will reduce the value of Chinese currency to help cheaper Chinese goods to compete with US products despite tariffs. Therefore Hong Kong wealthy merchants are withdrawing money from China

Meanwhile, China is blocking people from selling the yuan and very strictly transferring money from the country, and Bitcoin is the only way. According to calculations by experts, 20% of Bitcoin trading volume comes from China

[dothebeats]

Countries wrecking each other somewhat helps pushes. Until Washington D. C. and Beijing don't agree to terms and continue their trade wars, the Chinese would find ways to bail out of the mess. While the USD Is continuously reaping the benefits, the Yuan is struggling to keep up with the pace and ends up compromising the value of their own products (as they always do). Anyway, after this trade war is at ease once more, the money earned from bitcoin has to go somewhere, and we all know that it isn't stocks or bonds as 2020 is predicted as the year of yet another financial crisis.

[CryptoBry]

What is happening with China and USA can certainly affect the movement of Bitcoin. it is quite possible that investors are looking for a good alternative where to stake their money with and provide some safe haven...and Bitcoin is one of the most viable alternatives for now. Another contributing factor is that we are now entering the FOMO stage where investors big and small do not want to miss the bull ride. This can increase the speculations on bitcoin which in turn can help it solidify its position for more upswing moves. In the next few days and weeks, there can be some good news on the horizon that can influence the movement of bitcoin and the more that institutional money can be coming in. We can soon be in a frenzy with many influencers speaking positive reviews on bitcoin and even other cryptocurrencies too.

[dentolas]

I would look at less hyped countries ... we always think about China, US, Russia..... but there was a huge buy movement from ... Brazil... more than 1.5B
And check who is the president of their central bank........maybe some question will get answered 
not that I'm right, this is just one more clue among this chaos of misinformation

[jseverson]

China is the country that helped push Bitcoin up 40% in the last 7 days. Do you think so?

Are you saying that the rise could be attributed to the Chinese buying up Bitcoin to blunt the effect of the trade war? I certainly could see that helping, but I don't believe that it's the primary factor. CMIIW but didn't the price start rising even before all this trade war talk broke?

It might be significant in the coming days though, as tensions seem to be escalating. If nothing else, I could certainly see it extending the rally.

[freedomgo]

Is this your own presumption? I like your opinion about the rise of bitcoin, but this could only be one of the reason but if this one is true, it's a major reason for the pump. I just imagine how much money will be poured in crypto with this trade war, and AFAIK crypto exchanges are ban in China, so how are they gonna acquire bitcoin?

[bounty.cvn]

Is this your own presumption? I like your opinion about the rise of bitcoin, but this could only be one of the reason but if this one is true, it's a major reason for the pump. I just imagine how much money will be poured in crypto with this trade war, and AFAIK crypto exchanges are ban in China, so how are they gonna acquire bitcoin?

It is true that I am thinking that way.
The long-running trade war will cause a global economic crisis. And then the rich have to think of a way to find a safe haven. It is Gold. And Bitcoin is now digital gold ..The exchanges are not open in China but Chinese people can trade or buy Coin from foreign exchanges. Do you find it reasonable?

[bounty.cvn]

China is the country that helped push Bitcoin up 40% in the last 7 days. Do you think so?

Are you saying that the rise could be attributed to the Chinese buying up Bitcoin to blunt the effect of the trade war? I certainly could see that helping, but I don't believe that it's the primary factor. CMIIW but didn't the price start rising even before all this trade war talk broke?

It might be significant in the coming days though, as tensions seem to be escalating. If nothing else, I could certainly see it extending the rally.

Let's wait for the trade war and the global economic crisis. Then BTC will break all previous peaks

[Pursuer]

Explain the cause of Bitcoin 'not coming down'

things that are obvious are also hard to explain. a better question would be to ask why bitcoin hasn't gone up more than this and why has it taken this long for the recovery to start when market was ready and the adoption has been growing!

China is the country that helped push Bitcoin up 40% in the last 7 days. Do you think so?

China has been out of the game for a long time and it has no effects on bitcoin price anymore since they don't even have a decent exchange that is big enough to be among the big exchanges that do affect the price!

According to calculations by experts, 20% of Bitcoin trading volume comes from China

I would love to know more about these "experts" and where they get their stats...

[pushups44]

There are possibly many factors working together, but I suspect the recent price surge is being driven by sovereign or institutional buying. The fact is bitcoin is scarce, and we are approaching the halving in about a year, so this is bullish. Also, the continued devaluation of fiat currencies and the trade war can also boost bitcoin.

[Baofeng]

There are a lot of speculation that the Chinese has put their money on bitcoin because of the on-going trade wars between US and China. I have heard this from lots of so called experts, as Chinese are betting and levering their money into crypto specially bitcoin. But we don't know if that is true or not, I mean there are also alot of good news like the Bakkt coming alive again and having a test run in July. And then lots of institutions like Fidelity and TD Ameritrade entering the crypto space as well.

[tspmhack8]

There are possibly many factors working together, but I suspect the recent price surge is being driven by sovereign or institutional buying. The fact is bitcoin is scarce, and we are approaching the halving in about a year, so this is bullish. Also, the continued devaluation of fiat currencies and the trade war can also boost bitcoin.

I agree with the author of the article. And you have the same view. In my opinion, if the US-China trade war lasts, the price of Bitcoin will increase

[tspmhack8]

Explain the cause of Bitcoin 'not coming down'

things that are obvious are also hard to explain. a better question would be to ask why bitcoin hasn't gone up more than this and why has it taken this long for the recovery to start when market was ready and the adoption has been growing!

--> If the US-China trade war lasts, the price of Bitcoin will continue increase

China is the country that helped push Bitcoin up 40% in the last 7 days. Do you think so?

China has been out of the game for a long time and it has no effects on bitcoin price anymore since they don't even have a decent exchange that is big enough to be among the big exchanges that do affect the price!

--> However, Chinese people can completely play on foreign exchanges. And China is the most populous country in the world. It is also the country with the largest number of billionaires in the world 

According to calculations by experts, 20% of Bitcoin trading volume comes from China

I would love to know more about these "experts" and where they get their stats...

I continue Find and send to you

[MonsterV]

Is this your own presumption? I like your opinion about the rise of bitcoin, but this could only be one of the reason but if this one is true, it's a major reason for the pump. I just imagine how much money will be poured in crypto with this trade war, and AFAIK crypto exchanges are ban in China, so how are they gonna acquire bitcoin?

In China, bitcoin trading is indeed prohibited, but it is possible for those people to buy illegally and secretly, there could be a broker who sells bitcoin in China. No matter how tight the government prohibits bitcoin, in fact the population still has a great desire in the freedom to transact.

[Haunebu]

There are a lot of speculation that the Chinese has put their money on bitcoin because of the on-going trade wars between US and China. I have heard this from lots of so called experts, as Chinese are betting and levering their money into crypto specially bitcoin. But we don't know if that is true or not, I mean there are also alot of good news like the Bakkt coming alive again and having a test run in July. And then lots of institutions like Fidelity and TD Ameritrade entering the crypto space as well.

Exactly. There is no way to know for sure what the actual reason behind the current bull run. I think a multitude of reasons like the ones you mentioned(Fidelity, Bakkt, Trade wars etc) are responsible in this context.

Stop asking for reasons people. Be happy with the organic growth of BTC.

[Beerwizzard]

In my opinion then with US trade - China is tense. Chinese investors are trying to drain their money to other assets like USD and Bitcoin, they think the yuan will continue to devalue.

I am very curious to see some facts that would back your opinion. Because Chinese currency is already artificially devaluated. That was made in order to push their export. Actually, partly their cheap currency is one of the reasons why there is so many things manyfactured in china and this is why Aliexpress is so popular around the world.
I guess that market conditions may not devaluate their money whey they are already devaluated. But even if it happens it may still help chinese export.

[Red-Apple]

bitcoin is not yet at that point to be chosen like what you suggest just because of the trade wars between US and China. not to mention that we are talking about big money transactions, and big players like regular users don't want to experience losses because of bitcoin volatility. imagine a big contract of million dollars is suppose to go through and they agree to pay with 142.85BTC because that is worth $1 million at $7000 then price shoots up to $8000, they either have to break their contract and lose the other party's trust or suck it up and pay the same amount which means they are paying $172k more just because price went up above $8k.

[Johnzky]

I would look at less hyped countries ... we always think about China, US, Russia..... but there was a huge buy movement from ... Brazil... more than 1.5B
And check who is the president of their central bank........maybe some question will get answered 
not that I'm right, this is just one more clue among this chaos of misinformation

Not only Brazil but also Asian countries,like Singapore and those close to that country

Chinese news always brings movement to the market that’s why media and other entities are pushing always when China has something about crypto community

[Genemind]

Sounds like we're focusing on China and were unaware of other countries who are contributing a lot for cryptocurrency.
There are other countries who are also supporting Bitcoin with high demand and they're also expecting the bull run that they're accumulating more.

[Ailmand]

We don't have to complicate things through thinking of thousands of reasons why the price is increasing. Bitcoin needs this type of recovery and we should be grateful about it. There are good things happening with bitcoin such as adoption so it has a positive impact in the price of bitcoin.