Why has Bitcoin skyrocketed recently?

[stadus]

Why are all cryptocurrencies soaring these days? Does anyone know the inside story?

That is the movement of bitcoin and the market. Do you want the market to always be bearish? The financial market has only two directions: up and down, so you don't need to be surprised when it starts to increase after many days of decline. This is also proof that just by actively accumulating bitcoin, bitcoin will bring you sweet results. I have been accumulating since last year so far and my portfolio has had pretty good returns but I won't be in a rush to sell it all anytime soon as I believe bitcoin will take me to the next level.

Well the market can go sideways for years on end.

so there are three directions

down
sideways
up

It doesn't matter, though. We are here for the long term, and the short-term movements aren't our primary concern.

With the current state of the market, it seems like the bull run is just around the corner. They say that, according to trends, a bull run tends to occur before the halving. Could it be that this time it will appear earlier? Regardless, I think there's no need to panic if we don't intend to sell.

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[Faisal2202]

Why are all cryptocurrencies soaring these days? Does anyone know the inside story?

I was also going to see if anyone asked this question or not, although I knew the answer, when the news of lisiting approved of BTC ticker got public. I thought it might not be that much of importance but it was around 2 o clock of the night here, so I slept and when I woke up the market was up.

That me's created so much hype, that demand increased over supply and price of btc started to increase. But my bets were, btc could not go above $32k but when I saw BTC crossing $35k I was shocked. I avoided doing future trading and did some buying for holding purposes and making some profit on those. But those who took short trade are now liquidated. That is so unfortunate for them.

And generally speaking, this is just a temporary up, use of skyrocketed term would not be wise, because btc not been pumped to $50k yet. I will call it skyrocketed when it will jumped to a $50k minimum. Overall, this news of BTC ETF's ticker getting listed acted as a domino effect which started a good vibe series in the market.

Now the best practice for all of the in esters including holders and traders is to book some profit at least half of it and then re invest it in btc or whatever coin you like. It is not a financial advice, just a opinion.

[kryptqnick]

No, there was a price surge because of the fake ETF announcement, but then there was a small correction, and the 7-day impact on the price was at, like, 8%. I don't think that the current 21% can be attributed to it because the fake news was debunked some time ago, and a nearly 12% increase occurred just over the last 24 hours.
But that can still be related to ETF (just not to that particular episode with a fake approval), namely to what lombok pointed out about BlackRock's ETF being listed on DTCC and the expectation of a potential upcoming ETF approval by the SEC.

[lombok]

No, there was a price surge because of the fake ETF announcement, but then there was a small correction, and the 7-day impact on the price was at, like, 8%. I don't think that the current 21% can be attributed to it because the fake news was debunked some time ago, and a nearly 12% increase occurred just over the last 24 hours.
But that can still be related to ETF (just not to that particular episode with a fake approval), namely to what lombok pointed out about BlackRock's ETF being listed on DTCC and the expectation of a potential upcoming ETF approval by the SEC.

Due to the right momentum and BTC's ability to penetrate the resistance level in the $30K - $32K range, FOMO and ETF listing euphoria were able to bring BTC to rise even stronger to $34K - $35K. The question now is whether this momentum will continue until the end of the year? plus there are some rumors that the FED will loosen the interest rate. Or will this just be a fake out and return to the bearish phase?

Technical analysis sometimes provides a little enlightenment on BTC price movements, but when it comes to fundamentals, BTC is so cruel that even the bulls will continue to rage.

[Z390]

Have you been waiting for 10k bitcoin before you start investing? Some people are making mistakes and they don't know, they are listening to some YouTubers saying don't buy yet, we are still going lower, I am not saying its impossible but the chances are small, why not choose DCA instead of waiting? So many people will wait until it's too late.

Because covid happened in 2020 does not mean another thing will happen this time around, do not sit on a side of a coin, make sure you plan favours both side of the coin, bull or bear you should be good, why wait? DCA and forget what its happening in the market, until the bull market is finally here.

It's very unsafe to be out of Bitcoin investment right now, 2024 might not be like the past, something new might happen this time around, do not believe that what you know is what will happen, always expect the impossible some times do not fight it, just prepare for any possibilities.

[Publictalk792]

In my point of view the reason is that when the ETF fake news enter in the market and everyone look that how the market perform. And now people are thinking that if ETF news becomes in reality so the market will perform more well therefore people are buying more Bitcoin and holding and many whales are also entering in the market. So let's see how the market will perform in the coming days when the big companies will get ETF approval.

[ChiBitCTy]

It's been pretty fun watching bitcoin skyrocket at the moment.  Having been around since bitcoin was in the 100's of dollars range, going all the way to 70k, to 20k, now up around 34k, it's been one wild ride!

But as many others have already stated, it mostly has to do with the ETF news. It looks like BlackRock will be one of a handful of financial fund companies to open up their own spot bitcoin ETF's.  I'm not sure if some realize how big of news this is!

[Dunamisx]

Why are all cryptocurrencies soaring these days? Does anyone know the inside story?

Bitcoin as everyone has contributed is waging war against it's resistance to run bullish, the market is going higher and we are likely to experience more bullish than bearish for now till we moved out of the dip in the confined zone of 30,000 to anything above $32,000 upwards, there are many activities happening currently and the breaking news on bitcoin spot ETF is one of the things that took part in this fast rising experience, maybe we should for now anticipate more of bull even before the main bullrun begin.

[Emmanuelex]

The market is going wild because of the ETF news. But I don't think we have started the bull run, neither are we close to it yet. There is still more time before the main bull run will start. Although I wouldn't neglect the fact that the market will continue to make some little up trends before the right time comes for it to make the major move towards to the top.

[bayu7adi]

I think cryptocurrencies are growing because demand for them is high and the acceptance of bitcoin as a means of payment is increasing. In recent times commercial organizations have invested hundreds of billions of dollars in its pursuit of financial benefits. The higher the amount invested in bitcoin the more its value will increase so it is the right time to hold bitcoin. As its value automatically increases as more investors become involved the price of bitcoin may rise further. We are not concerned about short term growth or decline we believe bitcoin is a fundamentally powerful asset this virtual asset has significant potential in the long run.

My friends here speculate that it's the Bitcoin ETF that has triggered the recent surge in its value. As for the news surrounding the acceptance of Bitcoin as a means of payment, I believe there hasn't been any significant development on that front. Currently, people seem to be more inclined towards speculating on Bitcoin as a store of value, with perhaps less than 40% of users actually utilizing BTC for transactions.

In my opinion, this is a preparatory phase. All investors are keeping a close eye on the potential for Bitcoin to skyrocket in the near future. The announcement from the SEC holds the key to the bullish momentum at the end of this year, along with the Bitcoin halving event scheduled for the next year.

[The Cryptovator]

Yesterday, there were rumours and FOMOs about Bitcoin ETF approval, which hasn't been a valid reference yet. But Bitcoin seems to have started pumping even without confirmed ETF approval. Its all about FOMO, investors jumping to make quick money from the ETF news. Price seems to have started dumping today; hence, DTCC removed Blackrock from the list. But still, the chart is pretty strong. I hope ETF approval is near and will be approved. So if it creates a big FOMO, then likely we will see another bull run.

[boyptc]

hence, DTCC removed Blackrock from the list. But still, the chart is pretty strong. I hope ETF approval is near and will be approved. So if it creates a big FOMO, then likely we will see another bull run.

I agree, despie that DTCC removed the ticker already, the reaction of the market is incomparable when they've shown the ticker.

It's still strong and likely to go back to $34k any moment now. It had made a big FOMO and it will be larger when we see the approved Bitcoin ETF application.

BlackRock is such a big company that many do trusts and based their decision so, that's to be expected that will play a part in the next bull run.

[seoincorporation]

The price of Bitcoin continued to reach the resistance point and was unable to break it several times, but it succeeded this time because every time the price approached the resistance level, it became weaker. The way is now open to reach $38,000. the more we continue to close at levels higher than $32,000, the more possibility that we would not see $20,000- $30,000  levels soon.

we have until the end of the month. If the price continues above $32,000, we will most likely begin the beginning of the bull market.

Was a crazy bump for 24 hours, but looks like that motivates a lot of people to sell their coins, that's why now is down to $33,7k and i say down because it was up to 35 at some point, but over $30k still good.

Don't forget Bitcoin started this year at around $16k, so, people who bought there already doubled up their investment with a 100% profit. If fun how volatile cryptos are, while banks only offer 4% annually, bitcoin already gives 100% this year to their investors, so, let's call it a good year.

[serjent05]

The fake news, the fake listing, and the optimistic sentiment of the market is the reason behind the recent Bitcoin surge.  I think these actions are all manipulation, even the recent news are all about the optimistic sentiment of the Bitcoin market making an impression that Bitcoin might surge more.  This brings hype and FOMO to people making them pour money into the Bitcoin market.

The price of Bitcoin continued to reach the resistance point and was unable to break it several times, but it succeeded this time because every time the price approached the resistance level, it became weaker. The way is now open to reach $38,000. the more we continue to close at levels higher than $32,000, the more possibility that we would not see $20,000- $30,000  levels soon.

we have until the end of the month. If the price continues above $32,000, we will most likely begin the beginning of the bull market.

Was a crazy bump for 24 hours, but looks like that motivates a lot of people to sell their coins, that's why now is down to $33,7k and i say down because it was up to 35 at some point, but over $30k still good.

Aside from people taking profit, this might be the effect of the removal of the Blackrock ETF ticker from DTCC which possibly make other Bitcoin demand to be pulled out resulting to some minor correction in the market.

[BitMaxz]

Was a crazy bump for 24 hours, but looks like that motivates a lot of people to sell their coins, that's why now is down to $33,7k and i say down because it was up to 35 at some point, but over $30k still good.

Don't forget Bitcoin started this year at around $16k, so, people who bought there already doubled up their investment with a 100% profit. If fun how volatile cryptos are, while banks only offer 4% annually, bitcoin already gives 100% this year to their investors, so, let's call it a good year.

Above $30k is still a good price compared to the price that was stuck on around $26k for a few months this is always happening to Bitcoin every nearly November and December expect for the huge price increase and I think we will get a new ATH for this year(We already got a new ATH this year but I guess this is not the final ATH this year).

[Sarah Azhari]

Why are all cryptocurrencies soaring these days? Does anyone know the inside story?

This question often I heard the past few days, from my friends, forum, and beginners who just came in crypto. If i were you, I just follow in what happened today. I will definitely listen to advice from the seniors here. so you don't worry and never ask the question again in the future when the situation happens again. Because this just a game from people with a lot of money, so you don't have to go with the flow, so you don't have to sell it if you have a crypto asset. Maybe this is just the beginning to rise even higher, it could be just a trap so that you feel that the price is top, and bid your asset on the market.

[ZAINmalik75]

No, there was a price surge because of the fake ETF announcement, but then there was a small correction, and the 7-day impact on the price was at, like, 8%. I don't think that the current 21% can be attributed to it because the fake news was debunked some time ago, and a nearly 12% increase occurred just over the last 24 hours.
But that can still be related to ETF (just not to that particular episode with a fake approval), namely to what lombok pointed out about BlackRock's ETF being listed on DTCC and the expectation of a potential upcoming ETF approval by the SEC.

That's true, I hope the ETF drama will end soon because the SEC has already made many acts, that seem to manipulate the market, even if they are against decentralization. If this drama of delaying, rejecting, or approving, goes long then the expert can make some good profit while the newbies will be liquidated and might face huge losses.

And if drama comes to an end, and that ETF gets approved then BTC is going to skyrocket, and might reach $60k reaching this range, seems a little difficult, but if only the news can have that much good impact on the BTC then the actual implementation of the news will do 2x.

And one more thing, if this ETF got approved, then other ETFs might approved too, because a few weeks back, some shared the news that some big company's CEO made an announcement that, if one ETF got approved then all other ETFs would also get approved by SEC and it will bring more than 1 Trillion dollars into the market. That seems to impossible but let's see what will happen.

[LoyceMobile]

What is this? A skyrocket for ants?

[OgNasty]

There are a few things at play here. The catalyst I would say being that the Blackrock ETF listing to customers is basically an admission they know it’s going to be approved so people are buying the rumor to sell the news. Another big factor at play is the season we’re in. Since I’ve been in Bitcoin, the time around Halloween has always been incredibly bullish, so I wouldn’t be surprised to see this rally run for a couple weeks.

[savetheFORUM]

The market is going wild because of the ETF news. But I don't think we have started the bull run, neither are we close to it yet. There is still more time before the main bull run will start. Although I wouldn't neglect the fact that the market will continue to make some little up trends before the right time comes for it to make the major move towards to the top.

I don't think that news has anything to do with the current price surge because the news has gone old already and the impact that we saw because of it on Bitcoin or the market has finished already. This is more like a cyclical pump where the price finally managed to go across the resistance at $31k which Bitcoin hasn't been able to cross for the last few months and now when it finally did, it managed to at least touch $35k, so far, I had already expected this t happen.

So, I think we shouldn't connect this pump with the fake ETF news which a lot of people are saying but it isn't true. However, some might think, are we in the bull run already? I would say that might not be the case, the movement isn't looking that strong to me, it has dropped a little after touching $35k and is stable right now but it can come down a little bit again after it.