this pump is because of russia?

[Artifex]

I read this news about Binance returned to Russia,
https://www.coindesk.com/business/2023/04/24/crypto-exchange-binance-is-back-in-russia-lifts-restrictions-on-russian-users-report/
i think just returning a exchange don't cause it, but pretty good news for russians

In the US, one of the largest banks, First Republic, collapsed. Other banks will collapse behind him, so that criticism of bitcoin and cryptocurrencies loses the evidence base, at a time when the banking system burns with bright lights

[bangjoe]

Does Bitcoin price movement have to be hinged on any Country or Government decisions?

"Bitcoin pumped because Russia did this"
"Bitcoin dumped because China did this"
"Bitcoin dumped because US did this"

What if the price had dumped further? I guess the post would be like "Bitcoin dumps because binance lifts restrictions on Russian users"

Some of them are weak reason in my opinion. Price movements are a result of demand and supply, which keep fluctuating over time. Sometime's we have a coincidence of Government decisions and market movements, and then people start claiming that the pump or dump is because of this and that.

I think that is one indication of an increase or movement in the price of bitcoin, we have agreed that indeed speculation affects the price of bitcoin, because it affects the electability and adoption of bitcoin itself, policies on restrictions, prohibitions, and openness to bitcoin by government authorities greatly affect the price of bitcoin that results in better bitcoin adoption or vice versa, I don't really want to say it but the reality is like that.

Yes, I totally agree that price changes in bitcoin are due to demand and supply, but there are many indications that affect demand and supply in the market, good news and bad news about bitcoin affect the behavior of people in trading activities which indirectly demand and supply bitcoin prices in the market is also affected which makes price fluctuations.

Wrong sentence, I don't think that the movement of bitcoin depends on government policies alone, but that (among others) can affect the movement of bitcoin prices.

[tjtonmoy]

This is a perfect example of how news could influence the whole crypto market. I still don't know if this is legit or fake. But still, it doesn't matter if it's real or fake. But as we can see already that the market is somewhat back to its previous position. This proves once again that this kind of trend or influence in the market is very temporary, and you will have to take a good risk management in this kind of market condition.
It is always the best decision that you don't fall for this kind of high volatile market flow. Instead, buy and hold, as this is what people say about bitcoin. It is a long term investment plan. 

[dothebeats]

People will make a big deal on a lot of things and traders will really capitalize on these same reason. The reason could be anything, but they’re making it look like it’s from this move and they’re actually doing a good job at it since there is an immediate price movement the moment the news went live. The Russians may have been in need of crypto due to the Rubles losing value over time, but most of the rich citizens in Russia have already left anyway so they couldn’t be the reason for this movement.

[drwhobox]

I read this news about Binance returned to Russia,
https://www.coindesk.com/business/2023/04/24/crypto-exchange-binance-is-back-in-russia-lifts-restrictions-on-russian-users-report/
i think just returning a exchange don't cause it, but pretty good news for russians

I don't think bitcoin pump is caused because of an exchange. Do you think that because of Binance not operating in Russia, Russians are out of bitcoin? No, they just don't use binance. They have other options to buy/sell Bitcoin.

So there is no way that for Russia the price of bitcoin goes up, it is time for bitcoin to go up.

[irhact]

The correction is over and now it's bouncing again as the continuation of this bull market. But Binance reopening the market to Russia must have contributed as well to this bounce. And then the EU having the first to have regulatory authority for crypto (MICA) must have helped the people in EU decide to invest in BTC.  $35K and a correction is expected again.

Your prediction of $35k, in which month can that price be achieved as I doubt we can achieve that in April that's almost over, we have just 3 days left. Maybe the price could retest the $30k price by the end of the month or early next month for we to have hopes of $34k been achieved next month. This month wasn't a profiting market as we got hit with corrections.

I hope next month would be profiting for traders and investors, the pump of Bitcoin that occurred wasn't as a result of binance exchange lifting their ban on Russian customers but was as a result of the market trying to bounce back from the correction it has been on since the start of the month.

[fzkto]

I read this news about Binance returned to Russia,
https://www.coindesk.com/business/2023/04/24/crypto-exchange-binance-is-back-in-russia-lifts-restrictions-on-russian-users-report/
i think just returning a exchange don't cause it, but pretty good news for russians

I don't think bitcoin pump is caused because of an exchange. Do you think that because of Binance not operating in Russia, Russians are out of bitcoin? No, they just don't use binance. They have other options to buy/sell Bitcoin.

So there is no way that for Russia the price of bitcoin goes up, it is time for bitcoin to go up.

Volatility is rising because it is the end of the month and futures expirations are coming. As you said it is time for bitcoin to go up, the bullish trend has already started, but it cannot go on without a correction. The correction is over and a new rise has started. I think there will be similar cases in May, when after correction there will be a new rally.

[Smack That Ace]

Accepting Russian cards for deposits and withdrawals doesn't sound very nice to me. Binance expressed support of the Western sanctions and of Ukraine, and now they're just quietly lifting restrictions as if everything is back to normal? Sure, not many people expected the war to be so long, but it's not over yet, and Russians still overwhelmingly support the invasion of Ukraine and the full-scale war against Ukraine. I wonder if it's something Binance managed to do or an indicator of a bigger change, like some Russian banks being quietly removed from the Western sanctions or managing to successfully bypass them, though.

That war is between two governments, not between citizens of two countries, so Binance's restriction on Russian investors won't affect the fight because the Russian government doesn't care about Binance. In contrast, recently, the US government has been putting pressure on Binance, and their restriction of Russian users will only reduce their revenue and not have any impact on the fight. Their lifting of restrictions on Russian investors may be because they are thinking about their business.

[Baofeng]

I read this news about Binance returned to Russia,
https://www.coindesk.com/business/2023/04/24/crypto-exchange-binance-is-back-in-russia-lifts-restrictions-on-russian-users-report/
i think just returning a exchange don't cause it, but pretty good news for russians

It could only be good news for the Russians though, on the other hand, there could be hard core crypto investors or some entities that will not like the move by Binance here. I mean the war is still on-going, or Binance should restrict it at least. However, on the other side of the debate, it's just business for Binance and CZ and as we all know that US is being anti-bitcoin or at least crypto, with all the lawsuits and what not against crypto exchange, sooner or later they will have to move somewhere else. Coinbase for instance has started or received their crypto licenses from Bermuda.

But with regards to the pump, I don't see it a big factor though, we've seen the market pump and then take a nosedive because of some weird news, from Arkham Intelligence. And now we are back to $29k'ish and maybe at the end of the month we can still catch that $30k train.

[Hamphser]

I read this news about Binance returned to Russia,
https://www.coindesk.com/business/2023/04/24/crypto-exchange-binance-is-back-in-russia-lifts-restrictions-on-russian-users-report/
i think just returning a exchange don't cause it, but pretty good news for russians

It could only be good news for the Russians though, on the other hand, there could be hard core crypto investors or some entities that will not like the move by Binance here. I mean the war is still on-going, or Binance should restrict it at least. However, on the other side of the debate, it's just business for Binance and CZ and as we all know that US is being anti-bitcoin or at least crypto, with all the lawsuits and what not against crypto exchange, sooner or later they will have to move somewhere else. Coinbase for instance has started or received their crypto licenses from Bermuda.

But with regards to the pump, I don't see it a big factor though, we've seen the market pump and then take a nosedive because of some weird news, from Arkham Intelligence. And now we are back to $29k'ish and maybe at the end of the month we can still catch that $30k train.

Does CZ would really be making out such decision just because he hated up US government or hating up something? No, he could be able to lift up bans or restrictions on whatsoever as he like.They might be able to make out decisions earlier but now i dont know its the right time to make out some criticisms basing up on what he had one or made out some decisions. Its true that this is business and it would be not just that
right on going into personal on where showing up some support on worldwide would be banning up that much hated or on what Russia had done in correlation with the war. Opening up the platform
for Russian citizens does really give out that benefit but same as yours on which i dont see for this to be a reason for such pump in price. There's no way  that we could be able to point up fingers into
those precise reasons on why we've been pumping.

[goaldigger]

I read this news about Binance returned to Russia,
https://www.coindesk.com/business/2023/04/24/crypto-exchange-binance-is-back-in-russia-lifts-restrictions-on-russian-users-report/
i think just returning a exchange don't cause it, but pretty good news for russians

Probably CZ is trying to avoid US now as much as possible, or they really see a big potential in Russian market. Anyway, the price of BTC pumps that much, though there’s a little correction but I guess this news affects the price somehow. If you are going to look at the price trend, it is still a bullish trend, this kind of news is just an addition to make the pump for BTC even stronger.

[ivankoh]

I read this news about Binance returned to Russia,
https://www.coindesk.com/business/2023/04/24/crypto-exchange-binance-is-back-in-russia-lifts-restrictions-on-russian-users-report/
i think just returning a exchange don't cause it, but pretty good news for russians

It could only be good news for the Russians though, on the other hand, there could be hard core crypto investors or some entities that will not like the move by Binance here. I mean the war is still on-going, or Binance should restrict it at least. However, on the other side of the debate, it's just business for Binance and CZ and as we all know that US is being anti-bitcoin or at least crypto, with all the lawsuits and what not against crypto exchange, sooner or later they will have to move somewhere else. Coinbase for instance has started or received their crypto licenses from Bermuda.

But with regards to the pump, I don't see it a big factor though, we've seen the market pump and then take a nosedive because of some weird news, from Arkham Intelligence. And now we are back to $29k'ish and maybe at the end of the month we can still catch that $30k train.

Does CZ would really be making out such decision just because he hated up US government or hating up something? No, he could be able to lift up bans or restrictions on whatsoever as he like.They might be able to make out decisions earlier but now i dont know its the right time to make out some criticisms basing up on what he had one or made out some decisions. Its true that this is business and it would be not just that
right on going into personal on where showing up some support on worldwide would be banning up that much hated or on what Russia had done in correlation with the war. Opening up the platform
for Russian citizens does really give out that benefit but same as yours on which i dont see for this to be a reason for such pump in price. There's no way  that we could be able to point up fingers into
those precise reasons on why we've been pumping.

I would have thought that Russia has increased its acceptance of bitcoin and cryptocurrencies as a means to significantly reduce the impact of sanctions. If Binance reaches such agreements with Russia, it will be an objectively good thing and give good momentum in the long term. Crypto will not be a type to create hatred, hate anyone. But I think it is not certain that Russia has pumped such information. There will be more confirmation from the market correction, I guess bitcoin has enough momentum next to go up 35-40k

[STT]

BTC is just quite bullish at present, a pullback from the year to date gains was not to be taken as a negative overall but more of a helpful rest.    If we had failed to hold the 50 day average perhaps and resolved downwards in any regular way that would be more serious.    All thats holding BTC right now is a fairly small line of resistance around 30k representing prior lows from about 1 year ago etc.

[jossiel]

Well, no one has the accurate answer why we've got the pump. And when the price corrected, we also don't have any idea why it had happened.

But we're just all having that thought that the bull run is about to happen and that's why even if some correction do happens, it will just recover completely and fastly.

We need to be cautious at these times because we might not see these prices again once the bull is in.

[fadhilz123]

I read this news about Binance returned to Russia,
https://www.coindesk.com/business/2023/04/24/crypto-exchange-binance-is-back-in-russia-lifts-restrictions-on-russian-users-report/
i think just returning a exchange don't cause it, but pretty good news for russians

News writers often take advantage of certain moments so that there are many visitors who want to read the news and then make their own claims about something that is happening. Even though it could have happened by chance because there are many events in this world that occur on the same day and each of these things does not have to be connected to one another.

Because as long as there is supply and demand for Bitcoin, pumps and price drops will always exist and occur in the market, because it is part of an economic cycle that does have unexpected movements. So there is no need to associate news with something that is currently happening because it may not necessarily be true because it still has possibilities from other elements.

[Poker Player]

Well, no one has the accurate answer why we've got the pump. And when the price corrected, we also don't have any idea why it had happened.

Well, it's not exactly like that. We can speak in terms of probabilities, since correlation does not imply causation but neither does it preclude it. In this case, it is difficult to know and a priori it does not seem that the return of Binance to Russia is determinant for the pump, but there have been other cases, such as when mining was banned in China, where there was a price drop and we can assume that with great probability it was caused by it.

[adaseb]

Maybe the tax deadline had something to do with it. I remember back in 2018, we rallied in April. And then tanked for the rest of the year, but April was a good month. Maybe it was due to the tax selling.

However the difference is that 2017 was a bull market and many made tons of capital gains. But 2022 definitely wasn’t a bullish year and most probably lost money. So it’s not exactly the same situation.

[pooya87]

For starters there has not been any "pumps" to be because of anything! There was a rise starting from early March which was partly because of the US  banks going bankrupt one by one and partly because that price was considered "undervalued" (way below bitcoin's intrinsic value) so the price had to go back up.

The recent small 5-10% drop was because of the failure to break the new resistance so the short term traders started pulling out to make a profit again before the next leg up which is what we are seeing in the past 4 days (price started rising back up again).

But of course any kind of adoption news has an effect on the price. But you should keep in mind that Binance is an altcoin exchange first and its operation in any country including Russia is not going to have a significant effect on bitcoin price. Not to mention that the market that Binance lost was filled by other exchanges so going back like this is not going to bring back their customers since they've already chosen an alternative.

[Kryptowerk]

I read this news about Binance returned to Russia,
https://www.coindesk.com/business/2023/04/24/crypto-exchange-binance-is-back-in-russia-lifts-restrictions-on-russian-users-report/
i think just returning a exchange don't cause it, but pretty good news for russians

Please avoid these kind of dumb questions in the future.
"this pump is because of russia?"

-> Any complex thing, such as Bitcoin, something that is interconnected with hundrets of markets, influenced by millions of individuals, by thousands of news, hundrets of governments and instituations, tdoes not follow any simple A -> B causality.
It's always a mesh of factors, extremely rarely can a movement be broken down to a single cause, but surely not in this case.
The last such event was probably the FTX exchange scam, but even then the real causes of the market movements were connected to lots and lots of other factors.

tldr: Just avoid any black and white or A->B thinking in a complex market situation like Bitcoin.

[gunhell16]

I read this news about Binance returned to Russia,
https://www.coindesk.com/business/2023/04/24/crypto-exchange-binance-is-back-in-russia-lifts-restrictions-on-russian-users-report/
i think just returning a exchange don't cause it, but pretty good news for russians

I'm sorry but I don't believe what you're saying about Russia dumping Bitcoin, you're wrong. One day bitcoin became very volatile for the last 24 hours.

Therefore, with this move by bitcoin, many traders were liquidated. Both long and short positions are the same, and as far as I know, before BTC's price dump happened, Crypto trading giant Jump Trading deposited 26.6M$ worth of Btc in the exchange. When these whales send large Btc, that is a sign of intention to sell. So it's possible that they really dumped, and there are also rumors that the one in Mt. Gox or the bitcoin held by the U.S Government but that's not true because they haven't sold yet.