How do you explain the recent surge in Bitcoin price?

[matchi2011]

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.

A mixtures where even whales are riding with this rise, we know that there's emerging possibilities that China's stand regarding to crypto currency has been changed and they are aiming to work with blockchain system where crypto is base, there's a big chance that with this particular statement many whales who understand the potentials are now accumulating as they are expecting higher appraisal in the next following months or years.

[Ridwan Fauzi]

I just thought that bitcoin price had increased yesterday was just because facebook (Mark Zukemberg) won't be apart as company who support libra coin. A few days ago, he came at the invitation of the US senator and he was explained that he will adheres to policies issued by the US government, so the investor of bitcoin will see it as a good news.

I didn't find any information except it and even since the facebook some companies who intend to create the global currency then there are a lot of countries who take consideration to make their own currencies. At least, they  were aware that cryptocurrency is a technology which can be use by many people on this world in the future.

[Obito]

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.

How ironic of China who's totally against to bitcoin and bans it even in their mainland, be the reason of this sudden pumps. Anyway, this something new to me though and I looking forward to 2017 feels.

But I still believe that this drastic changes was made by those whales around. Nothing more to that. Well if it is not then may be we might experienced pumps in the end of the year if things in crypto go well in China.

[Reid]

As long as it is a threat to the strong countries then it will still be supported and its price surge could come up anytime.

I don't think they could just stop it.
It had also been the escape pod of different rich people to escape taxes which is saving them a lot of money instead of paying that annually.
That is just one out of many reason of why a person would buy bitcoin.
Another could be savings. Instead of saving it in a bank which interest rate are too low and you will almost die before feeling that number.

[Endikadija]

CZ Binance sent an interesting Tweet block about that
https://twitter.com/cz_binance/status/1187757313559384065

CZ was writing a good point about that but im feeling curious how people are taking it as their reason to create such a correlation to the crypto?
China is aware if blockchain is vital for that country but just try to draw my conclusion if xi will make it clear about will it be correlating with crypto or not and that will answer all of the questions around here right now.

[CarnagexD]

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.

Most of us are now talking about this because we only know that the president of China or the Chinese government is the main reason for the sudden pump of bitcoin. I have been monitoring the price of bitcoin and right now it just becomes stable at the price of 9200$ to 9300$ and I wonder if the price will keep on increasing because as you can see China is now supporting cryptocurrency and blockchain technologies. Lastly, I know there are still some reasons behind on sudden pump but I still hope for a better price at the end of this year.

[disconnectme]

It is simple just CHina pump, just imagine what will happen when the president of US tweet in support Bitcoin, then the market will go gaga. I still have my second thought about Chinese money flowing into the space like the precious times, like 2016 when they were the one pumping the market, now the CHinese economy is struggling and I don't think the cash cow s still there like before

[BartS]

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.

The most likely explanation by far, many are claiming that China announcement about the development of the blockchain technology is responsible for this.

But the days when the Chinese government could make a statement and move this market are far away, what it is happening is probably the result of the whales trying to get every single dollar and bitcoin out of small investors, if that is true you can be sure the price will crash during the next weeks.

[ePesoInitiative]

Forget the news. It is a technical correction because the whole crypto space has been oversold for two months already. We now know there are buyers in the $7,500 region for Bitcoin, maybe it will go up to $8,000 and slowly to $9,000 as we near the Bitcoin halving.

[Apened]

The recent price surge is an actual bullish move and a new start of cycle that may lead to the next bull run neither a preparation for the near halving season but now we are in a couple of weeks in correction which is very normal after this price surge. We have to wait for the next bull market to start.

[alan2here]

It is simple just CHina pump, just imagine what will happen when the president of US tweet in support Bitcoin, then the market will go gaga. I still have my second thought about Chinese money flowing into the space like the precious times, like 2016 when they were the one pumping the market, now the CHinese economy is struggling and I don't think the cash cow s still there like before

I think China is the country that uses the most crypto in this market and all manipulation activities start from here so the financial problem certainly doesn't affect them much. In my opinion, big countries are starting to support this market more and if this trend can last for a few more years, Bitcoin will definitely increase in price. Now everything just stops at predictions so it is best to be more patient during this time.

I believe that the value of Bitcoin will soon stabilize and we have the right to hope for a better future for the crypto market. I personally expect the value of Bitcoin to reach $30,000 by 2022 because that is the year when there is a lot of important news for the entire market.

[BChydro]

CZ Binance sent an interesting Tweet block about that

CZ might have made a lot of money by investing in bitcoin and he went all in investing in bitcoin selling his house and now he is running a billion dollar company, it is a dream come true for everyone who is looking up to his profits and how he made his money and i am sure there are many who trusted bitcoin and went all in in the past.

[Marckolind]

Because it get's more and more attention world wide, with millionaires, and billionaires wanting a piece of the pie, it's only natural to see these HUGE spikes in price from the millions of dollars pouring into the markets.
The Panama leakage shows that these people care a LOT about tax evasion, privacy etc. So I've got no doubt that DEX's will the the preferred means of exchange moving forward to these rich individuals.

That's why I decided to invest in projects like Blocknet, who could benefit from these rich individuals pouring BTC in to trade to whatever coins/tokens they want to hold, while still remaining anonymous.

So, why Blocknet? Look at the chart below comparing the latest DEX's and it's obvious:

[Yaunfitda]

CZ Binance sent an interesting Tweet block about that

CZ might have made a lot of money by investing in bitcoin and he went all in investing in bitcoin selling his house and now he is running a billion dollar company, it is a dream come true for everyone who is looking up to his profits and how he made his money and i am sure there are many who trusted bitcoin and went all in in the past.

Obviously, we can categorically call CZ a bitcoin maximalist, or at least a ardent supporter of it. I remember that he even de-listed BSV when there was so much drama about it specially when CSW claims that he is Satoshi.

Pump or not, bitcoin will continue it's surge specially there is block halvening next year. If we wanted to be CZ or be the next crypto millionaire, time to accumulate this year < 5 digit is still a cheap price of bitcoin.

[stadus]

Pump or not, bitcoin will continue it's surge specially there is block halvening next year.

There is no guarantee it would happen, but people are expecting about it, so it could bring hype to the market, but we need more big news that would also help make this market bullish again.

If we wanted to be CZ or be the next crypto millionaire, time to accumulate this year < 5 digit is still a cheap price of bitcoin.

Not all of us will become millionaire but we can all be successful or profitable if you do everything at the right timing.
People who accumulated at $3K+ are already sitting with a good profit now, they have an option to still hold and wait for some good news next year.

[Hippocrypto]

CZ Binance sent an interesting Tweet block about that

CZ might have made a lot of money by investing in bitcoin and he went all in investing in bitcoin selling his house and now he is running a billion dollar company, it is a dream come true for everyone who is looking up to his profits and how he made his money and i am sure there are many who trusted bitcoin and went all in in the past.

Obviously, we can categorically call CZ a bitcoin maximalist, or at least a ardent supporter of it. I remember that he even de-listed BSV when there was so much drama about it specially when CSW claims that he is Satoshi.

Pump or not, bitcoin will continue it's surge specially there is block halvening next year. If we wanted to be CZ or be the next crypto millionaire, time to accumulate this year < 5 digit is still a cheap price of bitcoin.

As long as we're active and kicking, everybody has the chance to become one of the millionaires around the world. Maybe not this time, but in the future. Every now and then surges will accumulate, so keep posted and updated with the ongoing market fluctuations, don't you dare miss it.

[marcbitcoins]

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.
 

I agree too that China has a role in influencing this sudden pump up because of their huge population in which probably lot of Chinese businessmen answered the call of their president Xi Ping that the country should "seize the opportunity" of bitcoin's blockchain technology. Hopefully this will trigger the long awaited market Bullrun and to prove of how important is the Chinese in crypto community.

[wxxyrqa]

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.
 

I agree too that China has a role in influencing this sudden pump up because of their huge population in which probably lot of Chinese businessmen answered the call of their president Xi Ping that the country should "seize the opportunity" of bitcoin's blockchain technology. Hopefully this will trigger the long awaited market Bullrun and to prove of how important is the Chinese in crypto community.

I also read a lot about this news and almost all analysts claim that it was precisely because of the statement of the Chinese government that there was a sharp jump in prices on the cryptocurrency market.  There is only one amendment that the statement said words about blockchain, and not about Bitcoin.  But nevertheless, if we take into account that we are talking about cryptocurrency, too, for the Bitcoin miners in China, which are in this country almost 60% of the total, favorable times will come.

[bitgolden]

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.

You know, someone once told me something, he said if you want to make money from cryptocurrency, you need to be able to think like the whales and that is how you can ride with them and know every of their moves, which I think what you said here is not out of context considering what first happen when bakkt was launched.

The whales took that as an opportunity to hide under the bakkt release to crash the market for their own benefit by creating fud in the market which enable them to do more of accumulation, and now comes the news of china which was actually a very good way for them to actually create fomo for profit to climb the already purchased coin, and you will see that soon, we may have another big correction when they start selling.

[Bitcoinjheta]

I really believe that market correlation is one way of bull trap. The unexplainable surge of bitcoin price are just influence by President of China which contribute the advantage of whales to manipulate the price.