How do you explain the recent surge in Bitcoin price?

[phillymogul]

Digital currency markets have seen a strong price spike on Friday,
adding billions to the overall market capitalization of the entire cryptoconomy.

The surprise upward trend shows a few of the top-performing cryptocurrencies have gained between 10-20% in the last 24 hours.
https://news.bitcoin.com/market-update-crypto-prices-spike-significantly-in-a-matter-of-minutes/

There are many theories for the surge. Some say it is all about China. Others speculate it is U.S. Congress grilling Mark Zuckerburg.
Their skepticism and lack of understanding brings more confidence to the market (very contrarian view). There is a group that believes
Bitcoin whales drive price since they work on weekends and this is when these spikes tend to happen.
https://www.bitcoininsider.org/article/77091/3-reasons-could-explain-why-bitcoins-price-surged-42-one-day

Price of Bitcoin goes up every time Brad Sherman speaks



Representative Brad Sherman, a Democrat from California, once again exclaimed that bitcoin was a threat to the U.S. dollar.

The thing for certain is Bitcoin is wild and volatile. From technical analysis charts to consumer sentiment and adoption who knows where this train ride is heading?

So what is your theory on the latest Bitcoin bump?

[Javi_Anibarro]

I believe it is all due to Xi Jinping, he encouraged their country to accelerate Blockchain adoption in their country.
as US contenders, their actions will influence many countries because as one of the leaders in economy their actions can be considered as a path for others.
if China success in adopting the Blockchain, that means they are making a transformation and innovation in the industries.
 

[CjMapope]

ya i agree with homeboy above me here, China for sure imo
they are a MASSIVE financial superpower, more then most people realize i think
the financial energy they can direct at BTC could put it on the moon WELL before the 1/2ing
their citizens are prob just STARTING the buy frenzy with this recent news

Will we see another Xmas pump like 2017 tho?    

[enhu]

ya i agree with homeboy above me here, China for sure imo
they are a MASSIVE financial superpower, more then most people realize i think
the financial energy they can direct at BTC could put it on the moon WELL before the 1/2ing
their citizens are prob just STARTING the buy frenzy with this recent news

Will we see another Xmas pump like 2017 tho?    

I'm one of the hopeful. China is big in cryptocurrency so if they can kick start the buying frenzy, the more I'd be hopeful to look 2017 will repeat itself. But if that is just a burst and die in days, well I say thanks to XI he gives traders the amount of hope that a government can back how useful blockchain technology will be. Xi should keep doing speaking blockchain on TV for it will make BTC surge over and over.

[Febo]

How do you explain the recent surge in Bitcoin price?

Whales are playing. It is happening all the time. In June price went up and down 20 % in few days. Price went down two days ago for almost 10%. Bitcoin price is highly manipulated by whales. That is why trading of Bitcoin is highly not advised.

[Milamol]

_______________________________
Whales are playing. It is happening all the time. In June price went up and down 20 % in few days. Price went down two days ago for almost 10%. Bitcoin price is highly manipulated by whales. That is why trading of Bitcoin is highly not advised.

Exactly. And such games with such volatility are possible due to low liquidity. And the news is what supposedly explains the reasons for the sharp rise.

[gabbie2010]

China trying to set a pace in the adoption of blockchain development was responsible for the recent surge in the price of bitcoin we shouldn't forget that china has world largest bitcoin mining thus a major boast for bitcoin, I foresee more countries in few days ahead following the foot path of china I am very sure these will culminate into more price surging of bitcoin thus positive fundamental is the main key to the upward or bullish sentiment of the price of bitcoin.

[Doell]

this phenomenon is call any price manipulation that is interrelated, already accustomed to the digital currency cycle even more so bitcoin which is very very important part of crypto, besides that the momentum when it happens is an advantage for us so just enjoy the conditions while the trend ,theory could be wrong but still the whale sure can strengthens market

[jossiel]

I believe it is all due to Xi Jinping, he encouraged their country to accelerate Blockchain adoption in their country. 

I've heard of that news but it could be it's not really him that made the pump and those whales rode into his words thinking that it was him that started the pump. They could be into blockchain technology and their country is one of the biggest so it's possible.

I'm still thinking of the true reason but it looks like everybody has a point of thinking it was not him or it could be him. But whatever made this pump lately, I wish that we won't see a quick fall as it made the pump so quick.

[magneto]

I think it's still primarily due to the fact that China has issued some positive word in terms of blockchain tech.

I don't think that this is going to translate into anything in the long run, and that the markets are most likely just looking at anything to get things hyped up right now which explains the FOMO buying of yesterday.

People need to realise the difference between blockchain and crypto, especially when it comes to decentralised cryptos.

[tenakha]

This is the result of most traders thinking the same. As a result, China itself did not do so by investing billions in the BTC. To me, it is just the usual naturalness of crypto. Today's news from China can be met differently by the community tomorrow and we can see prices falling. That is why evaluate the price increase instead of looking for reasons.

[Kucink]

I believe it is all due to Xi Jinping, he encouraged their country to accelerate Blockchain adoption in their country.
as US contenders, their actions will influence many countries because as one of the leaders in economy their actions can be considered as a path for others.
if China success in adopting the Blockchain, that means they are making a transformation and innovation in the industries.
 

yes, i have the same think xin jinping statement give a big impact on the bitcoin market yesterday.
and after the president of china xin jinping make the statement whales take this chance to make FOMO on market

[nelson4lov]

Everyone has a different opinion about the recent surge in Bitcoin price. It's the 4th biggest price increase of Bitcoin in a 24hrs period. Some say it's due to Tether and Bitfinix law issues and that some tether was printed. But I think it's due to China's president said his country would take the leading position in Bitcoin and blockchain. This was indeed a huge one considering China banned Cryptocurrencies in 2017. I believe that was the reason for the pump. You can check out the article source here: https://www.theblockcrypto.com/post/44646/xi-jinping-says-to-let-china-take-the-leading-position-in-blockchain

[krisnajsadrak]

in my opinion if there is no good news
lets keep it simple, in technically the recent surge in bitcoin price is because the price touch a strong demand zone my friend
so,the price flying really high,

[deadsilent]

China I think influenced the market as their leader proclaim an all out support for blockchain. Although it's not directly for Bitcoin. People are hopeful that China will unban all cryptocurrency Exchanges so people there will pour their money on cryptocurrency market. We all know how huge money China can bring to the market. If China unban cryptocurrency, probably Bitcoin will hit all time high again for sure.

[rodel caling]

Harder to explain what is the cause of the fast hype price of bitcoin last friday, and now bitcoin little low their price, but they mive high volatility quick and fast mobpving their price. I think the movement of the bitcoun price is because of the public demands and the eefect of the speculation trends.

[cryptoangel]

in my opinion if there is no good news
lets keep it simple, in technically the recent surge in bitcoin price is because the price touch a strong demand zone my friend
so,the price flying really high,

May be large holders are never think the good news and sell the large hype. This is one of the best moments for single day and many investors are also increase the current traffic. Majority of the peoples are said it will go back again, But it will raise instantly in crypto market. Already everyone celebrate this special moment so I am also enjoy the yesterday results.

[NathanJB]

Harder to explain what is the cause of the fast hype price of bitcoin last friday, and now bitcoin little low their price, but they mive high volatility quick and fast mobpving their price. I think the movement of the bitcoun price is because of the public demands and the eefect of the speculation trends.

It is the combination of public demand and speculation trends. But for sure the public demand which you and I mentioned is also influenced by several factors. One of which, as far as the most recent pump is concerned, must have something to do with the chinese president Xi Jinping's announcement that the country should explore and utilize the blockchain technology. It must have caused a bullish outlook among the world's Bitcoin investors and supporters.

[Karto]

probably a bull trap, not more
anyway you can try to find many explanations and even find one that everyone agree on, it still does not matter
the market is random and unpredictable.. you're trying to find explanation to randomness
just to satisfy the story you were telling to yourself..
i think better stop listening to "news" and try to look on the market as a machine

[binhvo1505]

The recent news I read is that the Chinese government is starting to take an interest in crypto businesses and they are ready to support and develop this new industry.
This is probably the main reason why the price of bitcoin and alts in China soared on October 26.