Bitcoin 10% increase in a day - why?

[Bollexz1]

According to the historical chart, September seem to always be a bad month for bitcoin as it mostly dip. I think bitcoin itself is just happy for beating another unsatisfactory month... 😂

[Leviathan.007]

I don't understand why people are searching for some big reason of any pump or dump they see in the market, surely the news published one the famous websites and the tweets made by famous people will take some effect on the market but these effects are temporary, that's the same for even the effect of bitcoin suspension in China or any other country. During the last days' price if bitcoin were falling down and it was kinda saving some potential to rise and reach higher prices later, that's what happening right now and there is nothing surprising about it.

[Nakarato]

Jerome Powell want to keep Bitcoin in the USA.
He is positive for Bitcoin.

If Bitcoin is rising, Litecoin and Litcoin Cash rising too.
More than Bitcoin Cash.

[CryptocurencyKing]

Tweets from famous people, figures that represent or mean a thing and organisations most of all have been the drive. Lately, we've got events or hear of proposed bills from the likes of Chinese and the US government that pass from FUD to the incentivising of good tweets which could easily put the market in some bullish direction.
Tweets have been the pathway for most of these information and now it's being the way towards a new form of giving back or appreciating the people by the people in a most of all, earn bitcoin move. Having it to start the month is another way to some expectations and crypto new beginning in the social media.

[KillHawk8]

it's Bitfinex printing USDT out of thin air , and pumping in $100 million in 5 minutes .

[DanWalker]

Please don't care every time bitcoin value drops to the support level and can't make the price drop below this support, it starts to go up a lot when it reaches very strong resistance and when it can't break burst the power of the Power of. Green candles or red candles outside of blue, you have hundreds of events that will affect the price and it still goes sideways, then outside of Blue will develop in both directions. A 10% increase in the last few days is not one of those unexpected conditions for me.

[jossiel]

Somehow the ban of China FUD still did a little impact.

But even it's there, we saw how the massive recovery that has happened and with those said factors, it's likely that we're going to see more of this.

it's Bitfinex printing USDT out of thin air , and pumping in $100 million in 5 minutes .

SEC should audit those frauds at Tether .

I have found no news about this, you have some valid and recent source for this?

[Kong Hey Pakboy]

Probably just another good day for the bitcoin market, but it must be special since it has coincided with the fact that there's some issues happening at that time that might make some effect to the market.

[BrianH]

or perhaps the news update. i was reading just the headline of the news, it was jerome powell who said "they will not ban crypto". i guess the investors thought they are guaranteed. maybe they really won't.

heres the link https://www.nasdaq.com/articles/federal-reserve-chair-jerome-powell%3A-u.s.-has-no-plans-to-ban-bitcoin-and-crypto-2021-09

Interesting! Seems several others agree with you. I would never have considered this major news, because it doesn't matter what the Fed Chairman says - Congress determines whether bitcoin gets banned. That is why I think delaying this damaging cryptocurrency bill is what caused the spike.

I don't understand why people are searching for some big reason of any pump or dump they see in the market, surely the news published one the famous websites and the tweets made by famous people will take some effect on the market but these effects are temporary

Why? ...because the market effects might not be temporary. If this pump is related to the cryptocurrency taxes and bans in the US infrastructure bill, then we could see a dump when it gets passed - that's why I am trying to understand it. Also, passing this could lead toward a total US ban, which could have a domino effect on the rest of the world and the value of Bitcoin long term. Was curious to see if others agreed, because I often have no clue what the majority is thinking.

[davis196]

Bitcoin has been steadily falling the last month...

Dude,you are wrong.Bitcoin price hasn't been "steadily falling" in September.It just went from 52K to 41K USD and then it stopped falling.Such 10-20% price drops are normal for a volatile asset.10% price pumps are also pretty normal for Bitcoin.To be honest,I don't care about the reason why the BTC price got pumped by 10%.
It might be the news coming from SEC,it might be the optimism across the crypto traders,due to the fact that the China FUD didn't cause a major BTC price crash and Bitcoin has a strong resistance at 40K USD.

[rikybrosh]

I personally think that there is no factors that can strongly influence bitcoin price except traders activity. good news or bad news aren't really affect bitcoin price but it's influence traders decision. I made a calculation regarding bitcoin price movement, I think atleast this month or next month is bullish market trend. Traders decision depend on many things not only the news but also their technical thing in trading such as position and etc. That's my opinion, but I am not an expert and maybe I am wrong.

[DaveF]

Why does it have to have 1 reason or any reason?
Possibly it went up a bit because of the delay of the US infrastructure bill.
And possibly it went up a bit because of what Powell said.
And possibly it went up a bit with the start of October being a time when a lot of people start to do a bit of saving.
And possibly it went up a bit because of the fact that there looks like a few BTC / crypto funds are going to be approved this month.

A few little things can easily become a big thing, and if you ONLY look for the big thing you might not see how all the little things come together.

-Dave

[24Kt]

Somehow the ban of China FUD still did a little impact.

But even it's there, we saw how the massive recovery that has happened and with those said factors, it's likely that we're going to see more of this.

it's Bitfinex printing USDT out of thin air , and pumping in $100 million in 5 minutes .

SEC should audit those frauds at Tether .

I have found no news about this, you have some valid and recent source for this?

Actually, we only felt such impact in just short period of time and then, btc started to go up. Maybe, people are not that affected with the news coming from China because there are other good news that we have been hearing just like in El Salvador, Iran or other countries that are more welcoming to crypto. Though they are not that big as China, but other developed countries are more open-minded when it comes to crypto. Consider also all those big institutions and companies that are heavily invested with bitcoin. So the trust of people can't be wiped out by China's news of banning all crypto transactions.

[Doell]

answer the title that questions why: the increase could be due to the high population of bitcoiners ,it is natural for the price to rise 10% for bitcoin because it still holds digital intellectual property rights licenses ,and it's natural that everyone would want that bitcoin was created for everyone and digital intellectual property rights will be ours if us it hold a bit of bitcoin ,so why ! That's my personal opinion has nothing to do with the news scattered don't want to speculate since there are already many above the elders answered

[michellee]

I personally think that there is no factors that can strongly influence bitcoin price except traders activity. good news or bad news aren't really affect bitcoin price but it's influence traders decision. I made a calculation regarding bitcoin price movement, I think atleast this month or next month is bullish market trend. Traders decision depend on many things not only the news but also their technical thing in trading such as position and etc. That's my opinion, but I am not an expert and maybe I am wrong.

Maybe there is a reason why the bitcoin price increases or decreases quickly, but we do not know the right reason and only speculate about the reason. If one news comes into the market and makes many traders react because of that news, that will impact the price, whether it will go up or down. The market now seems at the bullish market trend and it could still increase more than $50k or more. But we can not expect that the price will jump so high in a short time because that will not always happen, especially if there is no positive news.

[mindrust]

Bitcoin has been steadily falling the last month... Today, it popped over 10%.

What do you think changed?
*China ban banning crypto
*October?
*Delaying the damaging US Infrastructure Bill that is set to ban cryptocurrency software development, cryptocurrency mining, make sending >$10k a felony without getting recipients SS# etc and many other Bitcoin restrictions? P.S. Contact Congress.

In my opinion, this is all directly attributable to the US Infrastructure bill that has massive implications for the industry. If it passes, this will have cascading impacts worldwide as other countries adopt similar measures to the US. China officially banning Bitcoin seemed to have no directly attributable impact, because I think that was already priced in. It being October seems unlikely that it would pop like this in a day.

What is your opinion?

Because bitcoin is invincible. It doesn't give a fuck what China-men do or think. Bitcoin just don't care about such silly stuff. Now It is proven that government bans won't be enough to kill bitcoin and if fact, there is nothing enough on earth to kill bitcoin. The gene is out of the bottle and it will be impossible to put it back in.

[Mamun74]

Bitcoin is most valuable coin in crypto market right now.Bitcoin already proved that his value. Bitcoin price increase and dip, i think investor interest it is.Now bitcoin price  around $47k+.I think bitcoin price will more increase in future.I think bitcoin price will reached $70k+ this year

[Marvell1]

Bitcoin up and down is quite normal, I am not surprised by this. Bitcoin has a reputation as a volatile investment channel and the nature of the crypto market has always been hyped, many people invest in cryptocurrencies for this reason. The reason bitcoin keeps dropping in september is because of china ban (it repeats too many times) and the 10% increase in one day probably came from the assertion of Federal Reserve Chairman Jerome Powell. De does not intend to ban bitcoin and cryptocurrencies as China did.

[rozak]

Bitcoin up and down is quite normal, I am not surprised by this. Bitcoin has a reputation as a volatile investment channel and the nature of the crypto market has always been hyped, many people invest in cryptocurrencies for this reason. The reason bitcoin keeps dropping in september is because of china ban (it repeats too many times) and the 10% increase in one day probably came from the assertion of Federal Reserve Chairman Jerome Powell. De does not intend to ban bitcoin and cryptocurrencies as China did.

the crypto market is very sensitive to the news given by influential people in the world. and it makes the crypto market get positive as well as negative sentiments quickly.
Bitcoin's current movement is pretty good, most of the altcoins are also getting support to make a pump in this still risky market after the correction that occurred.

[DarkDays]

Why? More like, why not? lol

But to answer your question: while there's no way to know for sure, it's probably the case that the "ChiNa BaN" is just another redundant fad, and the fact that Jerome Powell said that the SEC has no intentions of banning bitcoin. (not like they can ban it in the first place)

Yeah I'm pretty sure that this is the main catalyst for why bitcoin has skyrocket over night essentially.  You're right, there is no way to truly ban or stop bitcoin, but if the United States ever did want to ban exchanges lets say, it would absolutely crush it. 

I think for sure SEC so far being in favour of BTC might be a contribution to this recovery.

Bitcoin's hashrate is back to and nearing ATH despite the kickdown from China which caused 50% of its mining to go. Source: https://www.trustnodes.com/2021/10/04/bitcoins-hashrate-nears-all-time-high-3

Also, at the same time the CHINA fad is finally over, just like the month of September which now seems to be giving investors hope about the future of crypto.