What is causing last few days' run-up?

[ggbtctalk000]

Current price 15726$, phenomenal, but I am wondering what is causing this run-up?
paypal? That is too distance past. Today is 11/5/2020.
Any intel on this?

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[Upgrade00]

The market is largely unpredictable and there is no one factor which causes a bull run, there has been lots of organic growth over the last few months (before and after the halving) which was capable of building bullish sentiment in the Bitcoin space, but without any significant effect on the market value;

• Microstrategy adopted a Bitcoin standard
• Grayscale increased their Bitcoin AUM and hold about 2.4% of total supply
• PayPal integrated Bitcoin into its platform
• A number of other public companies bought and hold Bitcoin.
So, this can be viewed as a price correction with the market value closing the gap to match sentiments of traders and holders.

Imo, Bitcoin has been undervalued for a while now and had the potential to spike up at anytime, but with no certainty on when; Guess we are there now.

[Mauser]

Current price 15726$, phenomenal, but I am wondering what is causing this run-up?
paypal? That is too distance past. Today is 11/5/2020.
Any intel on this?

I think the election of Biden as US president seems like a big driver behind the rise in financial assets. We are seeing green stocks, bonds, commodities  and of course crypto currencies. Statisticallly an election has always had a positive impact on prices.

[Fortify]

I stumbled across this video the other day, which gives a good explanation of why a lot of money is pouring into Bitcoin right now:

https://www.youtube.com/watch?v=3KkLtvxlmeg

Basically a lot of hedge funds and private investors have started buying up bitcoin as an investable asset in the last quarter. It would make sense that the move by Paypal to offer bitcoin, even if it is just kept locally within their system, has caused it to become more mainstream than ever. It allows investment and asset managers to point to a huge global company as backing the cryptocurrency when trying to justify purchasing it to clients. There is a lot of cheap money still sloshing around the world right now and people are eager to get a return any place they can, this naturally pushes up the price as people pile back into Bitcoin.

[bitbollo]

It's a good question since after paypal news it was like nothing was able to pump again the price in a short matter of time.
but probably this is just "miner effect" after the last halving. price are growing as historically we have seen after the last halvings.
more over since there are many new players in this market ( https://bitcointreasuries.org/  like company that buy directly coins) it's pretty clear there is a new setup for the whole environment/industry.

[obanqueiro]

elections for sure when we see finally the result it might change

[rollingdice]

It's hard to name a certain factor led to bull run. Bitcoin may go up due to:
COVID cases in the EU and US at record highs
No US agreement on a Stimulus
Institutional Adoption Of Bitcoin
The US election.

[obanqueiro]

It's hard to name a certain factor led to bull run. Bitcoin may go up due to:
COVID cases in the EU and US at record highs
No US agreement on a Stimulus
Institutional Adoption Of Bitcoin
The US election.

same thought so it might all ends in 3  days

[verita1]

I also think that it is due to many factors especially that large companies are buying Bitcoin and Hold. Because Bitcoin will play an important role in recovering our economy.
Michael Saylor founder of MicroStrategy (NASDAQ: $MSTR $ 425 million of Bitcoin) and he owns $ 240 million of Bitcoin.
Bitcoin is moving to another level of confidence in which better times are forecast.

https://twitter.com/michael_saylor/status/1323660519857885185?s=19

BTCitcoin and the future of crypto by Michael Saylor.
https://twitter.com/michael_saylor/status/1324033140126613506?s=19

[Sterbens]

paypal is indeed one of the indicators of the increase in btc prices, but there are still many other factors such as conditions getting better from the Covid 19 outbreak, plus the role of the government which opens wide space for bitcoin from several countries. maybe not only that. In terms of bitcoin popularity, which soared at the end of 2020. and one more thing that I would add is to show that the position of BTC cannot be shifted by Defi, who has recently tried to turn many investors from BTC to Defi

[DrG]

Probably because it looks better than other asset classes. Interest rates from home loans are the lowest in memorable history (30year APR below 2.5% is insane) and if they move up just an inch prices will come down. Despite the market dips the overall indexes are insanely high compared to where they were 4 years ago - and this is globally, not just the US.

Tesla stock went from 178 or so last year to over 2000 this year. Bitcoin could see further gains...

[shinratensei_]

The bullrun has started from the pump that came from the paypal's news and then it has been following by some big news and this time so many bitcoin hodlers are feeling good with the result of US election.
The large companies have been making the bullish trend even bigger through buy some bitcoins to be used as their portfolios.
Some parties have stated if they will never sell their bitcoin too.
That brings a lot of hope for bitcoin.

[hatshepsut93]

Most likely the institutional investors, because data from google trends shows that recently there was no spike of interest towards Bitcoin, despite the tremendous growth. This means that a small  number of people buying a large amount of coins, and we know that institutional investors are becoming more interested in Bitcoin, like for example the recent investment from Microstrategy and other companies. This is different from the past rallies, where google trends followed the price with a small delay. Time will tell if institutional adoption will be good for Bitcoin or not.

[Gozie51]

I think the election of Biden as US president seems like a big driver behind the rise in financial assets. We are seeing green stocks, bonds, commodities  and of course crypto currencies. Statisticallly an election has always had a positive impact on prices.

But the election is pulling down the value of dollar against other currency pairs. Can that be that the expectation of the new policy is making people to sell off their dollar? I hope the dollar starts to appreciate after the election to give bitcoin more strength.

[petyang12]

I think the election of Biden as US president seems like a big driver behind the rise in financial assets. We are seeing green stocks, bonds, commodities  and of course crypto currencies. Statisticallly an election has always had a positive impact on prices.

But the election is pulling down the value of dollar against other currency pairs. Can that be that the expectation of the new policy is making people to sell off their dollar? I hope the dollar starts to appreciate after the election to give bitcoin more strength.

That may be the cause for the bitcoin's price go up. Some may be because of the bettors who will buy bitcoin and try to bet who will won in election.

[gantez]

elections for sure when we see finally the result it might change

If the result come , where do you think it might change to?
This is a  risky move and people may be trapped on this like in late 2017 when some bought the late market before price went down. The price now is unstable and it is better staying out to observe the making of it all.

[tomahawk9]

• Microstrategy adopted a Bitcoin standard
• Grayscale increased their Bitcoin AUM and hold about 2.4% of total supply
• PayPal integrated Bitcoin into its platform
• A number of other public companies bought and hold Bitcoin.

You're pretty spot on here.

It's very possible that fresh capital from institutions are playing a big role in this price run, even though we found out about Microstrategy moving to btc like a month ago, and Grayscale have been in this market for quite some time now. Maybe there was a bit of a delay between that smart money entering the btc ecosystem and a rapid move upward in the btc price because of it, but regardless, it's

But I think the 'Paypal event' is the onetriggered this this tremendous surge. The big difference between this one and the smart money from institutions is that Paypal is a well-known company to the general public, it's the kind of company that the average joe trusts and if they see Paypal are jumping into the btc bandwagon, which by the way further legitimizes Bitcoin, it's very likely that they'll also want to try it out. Add in that there's been an increasing bullish sentiment since late September, and you have recipe resembling the 2017 bull run.

[cabron]

elections for sure when we see finally the result it might change

If the result come , where do you think it might change to?
This is a  risky move and people may be trapped on this like in late 2017 when some bought the late market before price went down. The price now is unstable and it is better staying out to observe the making of it all.

Change like going south.  I also have the hunch that it will go down once the election result will come up. But I think there will really have some revolt there in US whoever wins.

While election could really be the cause of runup, it could also be the cause of dropping BTC price. Just keep watching the price. The transaction fees are tanking which the next thing that could happen is that BTC holders are also going to divert to some other altcoins like ETH.

[slapper]

• PayPal integrated Bitcoin into its platform

This does not explain why the price of other altcoins goes up as well. Many assets have been followed bitcoin and some have been recorded increasing significantly. And PayPal only accepts bitcoin as an inactive asset on its platform which does not surprise me at all

From my perspective, I guess they have accumulated enough bitcoin so as to make a new appreciation. 2-year is a long period for any whales or investors to buy their coin and whole. Sources say that numerous bitcoin has been moved out of exchanges. In this case, the only clarification: HOLD. When the demand goes up but there is less supply, the certain possibility is the price will rocket

[orions.belt19]

• Microstrategy adopted a Bitcoin standard
• Grayscale increased their Bitcoin AUM and hold about 2.4% of total supply
• PayPal integrated Bitcoin into its platform
• A number of other public companies bought and hold Bitcoin.

You're pretty spot on here.

It's very possible that fresh capital from institutions are playing a big role in this price run, even though we found out about Microstrategy moving to btc like a month ago, and Grayscale have been in this market for quite some time now. Maybe there was a bit of a delay between that smart money entering the btc ecosystem and a rapid move upward in the btc price because of it, but regardless, it's

But I think the 'Paypal event' is the onetriggered this this tremendous surge. The big difference between this one and the smart money from institutions is that Paypal is a well-known company to the general public, it's the kind of company that the average joe trusts and if they see Paypal are jumping into the btc bandwagon, which by the way further legitimizes Bitcoin, it's very likely that they'll also want to try it out. Add in that there's been an increasing bullish sentiment since late September, and you have recipe resembling the 2017 bull run.

I agree that Paypal has given bitcoin some sort of 'legitimacy' for those not familiar with crypto because its trusted by many. A lot still have their doubts over BTC because its associated with the scam projects and its not even widely adopted yet. We could probably add in that this pandemic has also forced us into relying on digital functionality.

I think the increasing bullish sentiment has also contributed to other investors' FOMO, fearing that they miss out to a possible bull run just like last 2017. Seeing the price jump in this October to November might have made the others want to buy in before its too late. Many are now positive now that BTC has breached 2019's high.