Why has Bitcoin suddenly jumped above $30,000? - 06/21/23

[BADecker]

Did China do something that made the Chinese people start buying? Or what?

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[OmegaStarScream]

It looks like this has something to do with the fact that more companies (big names) are applying for Bitcoin ETFs (Invesco, and Wisdom Tree)[1]. And there is also the EDX market news (new exchange backed by wall street) which we've seen yesterday[2]

[1] https://decrypt.co/145566/wisdomtree-invesco-follow-blackrock-with-spot-bitcoin-etf-applications
[2] https://cointelegraph.com/news/wall-street-giants-back-edx-markets-cryptocurrency-exchange

[jossiel]

Did China do something that made the Chinese people start buying? Or what?

Maybe it's the Americans with the help of the retail buyers due to the massive Bitcoin ETF news that came out.

Or let's say that if it's really the Chinese people that did it, maybe the words that came from Blinken had given them the confidence that it's the buying signal.

All of the ideas that had came to my mind was literally just like anybody else thinking of these Bitcoin ETF's.

[SmartGold01]

I red about this post here https://bitcointalk.org/index.php?topic=5457068.msg62437752#msg62437752 I can't really tell if it was the reason for sudden increase over 2 days to possibly hit $30k plus, on US Launching their own Cryptocurrency Exchange (Bitcoin Exchange) after several fight with other cryptocurrency exchange they decided to make their way by getting their cryptocurrency exchange. Maybe let just say, is a positive time for bitcoin price

[Faisal2202]

Did China do something that made the Chinese people start buying? Or what?

Haha. That is not going to happen because they are already benefiting from the luxury of crypto through there one nation and two system scheme, which means they are one nation which consists of China and Honk Kong (two system). and you might aware of the adoption level of Crypto in Honk Kong.

Well, market after bearing huge dumps due to SEC's actions against Binance, Coinbase went into correction and during this correction huge amount of BTC were bought by big institutes but this buying was through buying the shares of Micro Strategy. I have already shared this infor before

source

Well, after this, the dominance of BTC increased 51% which was a good sign for market and then Binance started to spread its reach towards new places such as Kazakhstan and then USA declared his own exchange idea of EDX. Which also act as a good factor.

[un_rank]

It looks like this has something to do with the fact that more companies (big names) are applying for Bitcoin ETFs (Invesco, and Wisdom Tree).

I usually overlook news about ETFs and the likes cause they are not directly related to Bitcoin, so it comes as a surprise that it could possibly be the reason that the price jumped by over 6% in the space of a few hours.

Is this a sustainable price increases or just due to excitements which can fade away after a while?

- Jay -

[The Cryptovator]

The recent surge in Bitcoin's value can be attributed to the introduction of a new US exchange called EDX, which has generated significant market interest. Additionally, recent legal developments have helped resolve the allegations against Binance, further stabilizing the cryptocurrency market. These positive events have had a notable impact on Bitcoin's price, prompting increased buying activity among investors. Consequently, the market charts have shown a significant upward trend, indicating a bullish market sentiment.

[Asiska02]

Bitcoin price have suddenly increased and on a bullish trend after US launched their own crypto exchange, EDX. This is coming after the lawsuit against binance, one of the biggest exchange in the world was accused by SEC on different offense charges. Could this have anyway related to clampdown this exchange and make theirs the new exchange in town to attract institutional investors while binance face scrutiny by the SEC? The market is showing a positive trend but not sure how long it’s going to last.

[albon]

Did China do something that made the Chinese people start buying? Or what?

I don't think so, but the applications of the new spot BTC ETF in the United States by giant investment companies to the SEC, such as BlackRock, which is a leading investment company around the world in asset management and has trillions of dollars in assets, this famous name in the world is seen by the community as a positive step for mainstream acceptance to the world of cryptocurrencies, BlackRock paved the way for other companies such as Fidelity Investments and Citadel Securities and others, and their entry into the crypto space led to the price of bitcoin jumping to above $30,000, reaching this price for the second time two months later, after the bankruptcy of FTX and after the regulatory war by the Securities and Exchange Commission on the leading exchnage platforms and after a lot of other negative news that took the price of Bitcoin previously to a low price range, the Securities and Exchange Commission and the US government can fight crypto and do everything they can, but they will not be able to stop Bitcoin.

[Fivestar4everMVP]

Did China do something that made the Chinese people start buying? Or what?

And how did you know or come to the conclusion that it is the Chinese people buying bitcoin? 

Anyways, I think the first comment already said it all, some companies, prominent names recently started applying for bitcoin ETF, and I personally believe that to be the major reason why the price of bitcoin suddenly jumped to $30,000, it is the second time in this year that bitcoin has reached the price of $30,000, the first time it did, it later dropped back down to the recent low of $25k, but this time, i am hoping it stays above the $30k mark until a major bull run comes, hopefully.

[BitDane]

Did China do something that made the Chinese people start buying? Or what?

And how did you know or come to the conclusion that it is the Chinese people buying bitcoin? 

Anyways, I think the first comment already said it all, some companies, prominent names recently started applying for bitcoin ETF, and I personally believe that to be the major reason why the price of bitcoin suddenly jumped to $30,000, it is the second time in this year that bitcoin has reached the price of $30,000, the first time it did, it later dropped back down to the recent low of $25k, but this time, i am hoping it stays above the $30k mark until a major bull run comes, hopefully.

There is even a news that states Bitcoin spikes to as much as $138k on crypto exchange Binance.US, it was a short lived though since it goes back to normal as soon as it spiked that much.  It was told to be a liquidity issue between the pair BTC against Tether.[1]

Well, it looks like the Bitcoin ETF and the US announcement of the new exchange really push the price of Bitcoin up[2], after the Binance and coindesk issue which make BTC to plummet.  Bitcoin did it again, surprising and shaming TA's on their prediction about BTC crashing further.



[1] https://www.coindesk.com/markets/2023/06/21/bitcoin-price-spikes-to-138k-on-binanceus/
[2] https://cointelegraph.com/news/bitcoin-etf-fuels-29-k-btc-price-breakout

[BlackBoss_]

Well, it looks like the Bitcoin ETF and the US announcement of the new exchange really push the price of Bitcoin up[2], after the Binance and coindesk issue which make BTC to plummet.  Bitcoin did it again, surprising and shaming TA's on their prediction about BTC crashing further.

Bitcoin ETF and EDF exchange are only news and they are not real reasons. If we consider this year is the last year of a bear market in a big market cycle from 2020 to 2023 and some early months of 2024, the market must recover and to recover strongly, it must have some big news to bounce.

Like Bitcoin Futures CBOE and CME in 2018, now we have Bitcoin Futures everywhere and Bitcoin still dropped in last two years 2022, 2023 and do Bitcoin Futures are strong enough to save Bitcoin price, they are not.

Bitcoin ETFs will be like Bitcoin Futures and they will be a new normal term a new product we use in Bitcoin market.

[tread93]

Did China do something that made the Chinese people start buying? Or what?

Its because Bitcoin doesn't follow the rules or care about anything thats happening other than being the massive stud that Bitcoin is  Honestly there are probably so many reasons why the price has gone up/gone down here or there anytime anywhere but who cares, as long as bitcoin is still working and up and running 24/7 with the fixed 21 million coins we are golden Can you imagine where we will be in 10 years time? Holy smokes!!!

[crypticj]

It all looks like a big fake-out. I don't see strong reasons for the market to grow right now. Inflation is still pretty high, interest rates are high as well and they will be rased at least 2 more times.

So I would wait for more clear signals to buy cos right now I think bitcoin might drop once again.

[Poker Player]

I suppose the news that has been cited had something to do with it, but we had been in a bear market and sideways for quite some time in a cycle that has been quite disappointing in terms of returns. At some point we had to start going up again, counting that there is less than a year to go before halving. But it has been nice this rapid rise reminiscent of good times past.

It all looks like a big fake-out. I don't see strong reasons for the market to grow right now. Inflation is still pretty high, interest rates are high as well and they will be rased at least 2 more times.

So I would wait for more clear signals to buy cos right now I think bitcoin might drop once again.

This is not only pessimistic but also short-sighted. Bitcoin is still in demand and in very limited supply. Declining supply in the long term. It is better to buy now if you are going to HODL for 10 years, a couple at least, but it seems to me that you are not thinking about that.

[kawetsriyanto]

I red about this post here https://bitcointalk.org/index.php?topic=5457068.msg62437752#msg62437752 I can't really tell if it was the reason for sudden increase over 2 days to possibly hit $30k plus, on US Launching their own Cryptocurrency Exchange (Bitcoin Exchange) after several fight with other cryptocurrency exchange they decided to make their way by getting their cryptocurrency exchange. Maybe let just say, is a positive time for bitcoin price

Yep, it is a strong reason for the current pump on Bitcoin price.
Since US wants to launch its own crypto exchange, people feel optimistic again about Bitcoin future.

Anyway, we shouldn't be so surprised by the news. We can understand that US plans to have its own crypto exchange, they can take advantage of it. I'm pretty sure that there are many big whales in US, they've bought as many as Bitcoin when SEC accused some top crypto platforms. Now, they may think it is enough for entry time, it is time to boost the value of Bitcoin by spreading positive news. Let's see if the plan for the US crypto exchange is really true or not!

[Sexylizzy2813]

Did China do something that made the Chinese people start buying? Or what?

Lolz very funny, I'm very surprised to see it get to $30k. For almost 3 weeks or there about if I'm not mistaken it hasn't gotten to this level and still raising but the question that's going through my head is, will it continue raise with out backsliding to $26-$27?
I just hope it won't go back and I don't know maybe this might be the period of it going up.
Is not that something happened that made it hit $30. After all the Chinese are on top of Bitcoin 😅.

[bittraffic]

It's BlackRock and big institutions that push the prices up. You wouldn't expect the Chinese to really buy BTC but I guess they prefer to mine them. Chinese creates their own projects, you could say copy someone else products or buy their own like the NEO.

It's very interesting though why they were not buying up at the start of June since it's the date when they open for crypto trading in Hongkong. There would be lots of theories to come up with for this such as they know something that we don't.

[NotATether]

I guess we can expect the price to stay around $30K for some time, as the SEC is not finished whamming crypto companies. The consequence of that is we'll probably get back down to the old $20-something prices.

It all looks like a big fake-out. I don't see strong reasons for the market to grow right now. Inflation is still pretty high, interest rates are high as well and they will be rased at least 2 more times.

So I would wait for more clear signals to buy cos right now I think bitcoin might drop once again.

Yes, I also agree with you that it's probably a bull trap. I mean, all this excitement will evaporate a few weeks after SEC approves/denies the ETFs anyway,

[Sayeds56]

Why has Bitcoin suddenly jumped above $30,000? - 06/21/23

During the past week, there have been several noteworthy developments, that have had significant impact on market, and led to notable shift of market sentiment from negative to positive.This series of important events including submission of ETF application by Black Dock and decision of Hong Kong government to permit establishment of crypto exchanges. These positive developments have played key role in generating a significant increase of around $4000 increase in Bitcoin price within few days.