Hi, why is the bitcoin price increase or decrease seemingly attributed to economic issues of the day? A recent headline said Biden's trillion dollar package caused the price to hit 60k+. Surely bitcoin is purely based on supply and demand isn't it?
Thanks.
Because People inside crypto is also a people that spend the currency/fiat so they are all affected in what is happening outside this market.
But we see how functional Crypto is when the major crisis like Pandemic happens people turns towards this market for assurance , things that they did not see in banks.
BTC is volatile and most often been driven by fundamental news and technical. You need to get acquainted with this and follow influential that knows what they are talking about
You must have trusted this first before you will finally admit what can come in your way either losing or gaining.