How do you explain the recent surge in Bitcoin price?

[Beparanf]

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

Not a bull trap for me, it can be a coincidence that China announces interest regarding blockchain and praises this innovation that makes more want to buy BTC and cryptocurrency, or whales take this opportunity to play the market as China known to be anti BTC then suddenly became interested. Hopefully, not a bull trap as BTC price already reach it's bracket of $7k that seems to be it's point to really start some bull.

[Javi_Anibarro]

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.

Of course, it is not him that made the pump. It does not make any sense for a president to do that, what I am talking about is the ban that might be lifted and their influence on their decision in promoting Blockchain. Many China people are using cryptocurrency secretly afraid of the government but with this positive news, they should not be worry using it openly.
the true reason for this pump is obviously profit, we are getting near to the end of the year. Based on our history, the price should start to move up but everything can happen.
I do hope this pump will last for long or trigger a bull trend.

[TelolettOm]

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.

In addition, when there is news From the Chinese news interval, there is also news that Twitter CEO are making bitcoin purchases. and in my opinion this is a support that the cryptocurrency market is still quite strategically invested. especially bitcoin at this time is very good when invested because the profits we get are also large

[Google+]

when someone asks me like this around me then I will answer this is already a natural thing when demand from bitcoin starts to rise then the price of bitcoin can be very expensive because we all know that the supply of bitocoin is only 21 million pieces of bitcoin so making bitcoin becomes very expensive because of the influence of high demand in the market.

[leea-1334]

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.

You read the wrong news my friend. Chinese President said the government should adopt blockchain technology and make sure it is ahead with innovation and development of tech. He said it before also many times, China is not unfriendly toward technology!

But blockchain is not necessarily crypto and China does not like Bitcoin in the past.

[Irvinn]

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.

You read the wrong news my friend. Chinese President said the government should adopt blockchain technology and make sure it is ahead with innovation and development of tech. He said it before also many times, China is not unfriendly toward technology!

But blockchain is not necessarily crypto and China does not like Bitcoin in the past.

You are really right, because the statements of the Chinese authorities dealt with blockchain technology and that this area of ​​science will be studied in some Chinese educational institutions.  But also in the media it is said that the prices of coins of certain Chinese companies soared in line with government statements.  I believe that nothing happens in China in a disagreement, which means that everything is coordinated and will have real consequences for the cryptocurrency market.

[Pamadar]

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.

You read the wrong news my friend. Chinese President said the government should adopt blockchain technology and make sure it is ahead with innovation and development of tech. He said it before also many times, China is not unfriendly toward technology!

But blockchain is not necessarily crypto and China does not like Bitcoin in the past.

Maybe it bring impacts since Chinese investors are good assessing the potentials, if they are really moved back into this game they can
create good numbers of people who will buy and hold bitcoin for investment purposes. Everything is just a speculative guess but it can't be
denied that due to numbers of Chinese people, if they are going to invest while waiting for whatever the president is up behind this innovations
with working with blockchain, there's impact that will take place.

[NathanJB]

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.

You read the wrong news my friend. Chinese President said the government should adopt blockchain technology and make sure it is ahead with innovation and development of tech. He said it before also many times, China is not unfriendly toward technology!

But blockchain is not necessarily crypto and China does not like Bitcoin in the past.

Maybe it bring impacts since Chinese investors are good assessing the potentials, if they are really moved back into this game they can
create good numbers of people who will buy and hold bitcoin for investment purposes. Everything is just a speculative guess but it can't be
denied that due to numbers of Chinese people, if they are going to invest while waiting for whatever the president is up behind this innovations
with working with blockchain, there's impact that will take place.

The rest of the world is much bigger than china. The rest of the world's population is much larger than china's. The rest of the world getting into Bitcoin and crypto offers much more possibilities to Bitcoin and crypto than just china alone. We need to give china its due but we must not forget that with or without china, Bitcoin will continue to find the success it is destined to achieve.

[cribusen]

So what is your theory on the latest Bitcoin bump?

First of all, you should not forget, that before the pump happened, BTC rolled back and lost 2k USD within two hours. The reason was meeting because of Libra coin and after that dump, some whales decided to pick up fallen BTC.

[DU18]

The current increase in price of BTC is one of the signs that BTC is still being targeted by investors to invest and of course this has a positive effect on the current price increase of BTC, especially now that China has officially adopted and developed the blockchain system and I think the remarks of President XI Jinping a few days ago pushed the price of BTC today, as a great leader of course his every statement will influence what is developing, as say xi Jinping who said if now the blockchain is one of the best breakthroughs to increase innovation in core technology innovation modern era now.

https://insidebitcoins.com/news/xi-jinpings-new-pro-blockchain-position-causes-bitcoin-22-jump/241538

[biddicoin]

many people believe the bitcoin surge related with china news, president Xi urges blockchain adoptions.
and the others believe it's because of ATH baakt volume.
i dont wanna ensure about the surge cause, but im so happy bitcoin death cross would be canceled. short MA can go up long MA

[enhu]

many people believe the bitcoin surge related with china news, president Xi urges blockchain adoptions.
and the others believe it's because of ATH baakt volume.
i dont wanna ensure about the surge cause, but im so happy bitcoin death cross would be canceled. short MA can go up long MA

But why does BAKKT suddenly have this amount of volume - isn't it because of Chinese president as well?

I have really no idea because the what the Chinese president had said to his people. It was very meaningful actually and you can literally see where they would be going if they develop and adopt blockchain technology in every system they have. I suppose this includes the digital Yuan currency they will be making.

[o48o]

People are buying in because of China news, but that doesn't mean China is good news then you take a closer look. People just don't understand what's the difference between a private blockchain and Bitcoin adoption. In fact i can't see anything in their statements that would benefit free decentralized currencies or Chinese altcoins. Yet this happens from time to time. When cannabis got legalized, cannabis themed coins raised in price. Markets are just insanely irrational when it comes to hype.

[qiwoman2]

Weill it looks like China is one of the contributing factors to this latest trip to the moon and everyone is talking about it, so it has had a ripple effect on the market in a most positive way, for Bitcoin and large-cap coins of course. Here is one tweet on it: https://twitter.com/Hawk_HKC/status/1188043787693522944, there are so many more now tweeting about the President of China's last positive outlook on the Blockchain and how it will have a positive impact now on 1.4 billion people, which is huge, to say the least. Once China goes big on somethign it goes big and nothing can stop it. There will hopefully be good competition and innovation because of this last stance China has taken towards the Blockchain.

[eaLiTy]

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

It looks like Brad Sherman knows how to get into news headline just by bashing BTCitcoin, no one knew who Brad Sherman was before this statement and now his name is published world wide for his statement and that is what these people want.

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?

We saw the market rallying the in the past two days and we saw the market going down and i bet no technical analysis and chart will help in understanding these volatility  . The surge is a mystery still but i still believe that it has everything to do with the future market than any other news in the market.

[TravelMug]

Weill it looks like China is one of the contributing factors to this latest trip to the moon and everyone is talking about it, so it has had a ripple effect on the market in a most positive way, for Bitcoin and large-cap coins of course. Here is one tweet on it: https://twitter.com/Hawk_HKC/status/1188043787693522944, there are so many more now tweeting about the President of China's last positive outlook on the Blockchain and how it will have a positive impact now on 1.4 billion people, which is huge, to say the least. Once China goes big on somethign it goes big and nothing can stop it. There will hopefully be good competition and innovation because of this last stance China has taken towards the Blockchain.

That China news has been put out of context, I mean they love blockchain technology so I can't understand why suddenly the price exploded because of that news. Maybe whales riding on that statement and others started to sell that news to newbies to FOMO again.

It really hard to explain what's the real causes of the spike, maybe it's the China new or not. But as you can see on the price, after the FOMO the price started to go down, and in the last couple of hours it tried to get to $9500 successful but it was not sustainable. Meaning the news has died down already.

[Genemind]

It could be news about China or the manipulation of whales. Any of these could be a reason for the price hike but since Bitcoin is volatile, these changes are also uncontrollable and it's just part of its characteristic as a digital currency. The market is quite dropping down again so the price has been really unstable because of different news and events on the mainstream.

[riso2015]

Many say this is a reaction after the Chinese government issued a policy to adopt Blockchain technology and would legalize Cryptocurrency in their countries. I believe this is the beginning for each country will also follow the steps taken by the Chinese government and of course will make the price of Bitcoin will increase dramatically.

[lancem]

CZ Binance sent an interesting Tweet block about that
https://twitter.com/cz_binance/status/1187757313559384065
https://cdn.discordapp.com/attachments/535269424496771073/638140050076598275/unknown.png

[NathanJB]

Many say this is a reaction after the Chinese government issued a policy to adopt Blockchain technology and would legalize Cryptocurrency in their countries. I believe this is the beginning for each country will also follow the steps taken by the Chinese government and of course will make the price of Bitcoin will increase dramatically.

The price increase may be a reaction but it is not only influenced by a single factor. The Bitcoin market is big enough and multi-faceted enough that a single statement coming from the president of china is enough for it to rise. And considering that the president did not specify Bitcoin, did not even mention it in his announcement. The increasing Bitcoin price is probably a mixture of rising market, a good outlook, and the coincidental statement of the president of china.