Why has Bitcoin skyrocketed recently?

[Sophokles]

ETF news made a significant impact to the market. Also grayscale bitcoin conversion and blackrock ETF ticker registration makes thing exciting and people assume that this is mark that shows blackrock ETF will be approved in the future. So many takes speculative measure for this when whale sees it as an oportunity to break the resistance level which liquidate many new short position.

[1714882555]

1714882555

[carlfebz2]

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

The latest?
You could read up from these articles, might be the same headline but sentiment could really differ a bit
depending on the article. Just take a peak on reading up.

https://news.bitcoin.com/bitcoin-soars-as-blackrock-moves-closer-to-launching-spot-bitcoin-etf/
https://www.coindesk.com/markets/2023/10/25/bitcoins-rise-fuelled-by-us-investors-buying-ahead-of-potential-spot-etf-approval-matrixport/
https://www.reuters.com/technology/bitcoin-leaps-2023-high-etf-bets-2023-10-24/

As we can see then it would really be all pertaining about that ETF potential approval and this is where the community been eyeing.
Bitcoin or crypto market doesnt usually reacts with external reasons but it turns out to be completely different as of this year
on which these sentiments turns out to be significant already.

[adaseb]

I don’t think it’s the hedge funds which are buying these bitcoins to add to their etf. From what I learned they only need like $1-2 million worth to get the fund listed. And after people actually buy the shares they will buy more then from the market.

Also keep in mind that many of these could of been bought OTC without causing too much of a price difference. There are many large players that only do OTC and you got the US government even holding coins which are seized which might be sold to them.

[blckhawk]

You can't expect any inside story ever popping up about bitcoin, I am pretty sure that those who has that aren't tattletale about it if there really is an inside story. And to quell your wonder, you just have to look at the history of the bitcoin price this month to know that this is a pretty month for bitcoin combine that with the ongoing Bitcoin ETF stuff then it's not a wonder anymore, the magician's trick revealed sort of.

What is this? A skyrocket for ants?

OP probably hasn't seen bitcoin price go this high this fast, probably a total newbie.

[fuguebtc]

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.

I think the recent price increase is related to the ETF news because from what I observed people discussing ETFs daily on all social networks, the interest in ETFs is actually greater than we think. But there is nothing wrong in saying that what is happening is market movement because markets cannot fall forever, they are always moving.

We are up over 20% in the last 7 days, isn't that a huge increase? Bitcoin is correcting but it is still above $34K. And I think we won't drop to 30k$ anytime soon in the coming days.

[kotajikikox]

I do not think this is true. The price fell after this false news, so its impact now is very limited.

I think the green candles a few hour ago were influenced by the result that the Bitcoin ETF is now about to be approved.
Officially we are still waiting for approval from the SEC, but there are now indications that it might not take too long tho 

The Ishares Bitcoin ETF can already be found at https://www.dtcc.com/products/cs/exchange_traded_funds_plain_new.php under the trading symbol IBTC and the CUSIP number (security number of) 46438F101.

for How many years that we have been waiting this ETF thing seems like there is a light now? and if this is true then the next bullrun is knocking in our doorways and yes this is huge compared to other past bull.
and hoping that the approving will happen if not this year , will be in the next (2024)
though the term Sky rocket is exaggerating as we only experienced 20% or more and seems now enough to be called skyrocketing ?

[sana54210]

You could read up from these articles, might be the same headline but sentiment could really differ a bit
depending on the article. Just take a peak on reading up.

https://news.bitcoin.com/bitcoin-soars-as-blackrock-moves-closer-to-launching-spot-bitcoin-etf/
https://www.coindesk.com/markets/2023/10/25/bitcoins-rise-fuelled-by-us-investors-buying-ahead-of-potential-spot-etf-approval-matrixport/
https://www.reuters.com/technology/bitcoin-leaps-2023-high-etf-bets-2023-10-24/

As we can see then it would really be all pertaining about that ETF potential approval and this is where the community been eyeing.
Bitcoin or crypto market doesnt usually reacts with external reasons but it turns out to be completely different as of this year
on which these sentiments turns out to be significant already.

The weirdest thing is that they are not even getting accepted. I am not saying it would never be, just that there is no extra added reason why it should be accepted at this point, we could definitely see a point where it may not be all that crazy. I believe that we are going to end up with something that would benefit a ton if it really happens but it is not happening at this point.

So the question we need to ask, if the ETF didn't get approved now, why would it go up now? It should go up when the approval comes in, and it is not coming in anytime soon, not like for another month and probably even later. So, it is basically just a rumor that made the price go up this much and that's not really a good reason but as long as it is higher, I am happy, no matter what the reason is.

[ShowOff]

-

So the question we need to ask, if the ETF didn't get approved now, why would it go up now?

Some whales seem to believe that ETFs will eventually be approved, so they have seized the opportunity to buy sooner than others. Even if they don't see the ETF approved later, then the halving will probably help them get a return. It makes sense to buy now instead of waiting for an ETF to be approved or when demand for bitcoin increases due to the halving.

[Fatunad]

You could read up from these articles, might be the same headline but sentiment could really differ a bit
depending on the article. Just take a peak on reading up.

https://news.bitcoin.com/bitcoin-soars-as-blackrock-moves-closer-to-launching-spot-bitcoin-etf/
https://www.coindesk.com/markets/2023/10/25/bitcoins-rise-fuelled-by-us-investors-buying-ahead-of-potential-spot-etf-approval-matrixport/
https://www.reuters.com/technology/bitcoin-leaps-2023-high-etf-bets-2023-10-24/

As we can see then it would really be all pertaining about that ETF potential approval and this is where the community been eyeing.
Bitcoin or crypto market doesnt usually reacts with external reasons but it turns out to be completely different as of this year
on which these sentiments turns out to be significant already.

The weirdest thing is that they are not even getting accepted. I am not saying it would never be, just that there is no extra added reason why it should be accepted at this point, we could definitely see a point where it may not be all that crazy. I believe that we are going to end up with something that would benefit a ton if it really happens but it is not happening at this point.

So the question we need to ask, if the ETF didn't get approved now, why would it go up now? It should go up when the approval comes in, and it is not coming in anytime soon, not like for another month and probably even later. So, it is basically just a rumor that made the price go up this much and that's not really a good reason but as long as it is higher, I am happy, no matter what the reason is.

This what makes this market unpredictable on which even if the situation is pretty obvious but it totally goes opposite on what are the effects that its been showing.Its true that it wasnt still that been approved but turns out that the market do make out some significant jump to its price  even if its not really that still approved.How much more if its approved? We do know that sentiments could really be ended up on being positive or negative.This is why if you do see or notice that the market is really having that positive vibe or momentum then it would really be just that wise that you should really be taking advantage.

You can't expect any inside story ever popping up about bitcoin, I am pretty sure that those who has that aren't tattletale about it if there really is an inside story. And to quell your wonder, you just have to look at the history of the bitcoin price this month to know that this is a pretty month for bitcoin combine that with the ongoing Bitcoin ETF stuff then it's not a wonder anymore, the magician's trick revealed sort of.

What is this? A skyrocket for ants?

OP probably hasn't seen bitcoin price go this high this fast, probably a total newbie.

This is what im trying to say on which it turns out that if you are someone who doesnt really have that enough experience or awareness into this market then you would really be having
this kind of reaction on which you would really be shocked that the market is really that somewhat odd? You havent seen those rollercoaster like ride in the past.
We arent still something into those movements in the past or simple we arent on that exciting part. 

[serjent05]

It was stated in an article that the Bitcoin price surge is not only driven by the increased institutional and retail interest but also by technical patterns observed in the price chart. The article also stated that the cryptocurrency as a whole (not Bitcoin only) had broken out of a consolidative pattern.  Since the Bitcoin market sentiment is bullish, the crypto fear and greed index currently shows 72  indicating that the market is in greed sentiment.


source

This is one of the few reasons why Bitcoin uptrend recently.

[passwordnow]

Some whales seem to believe that ETFs will eventually be approved, so they have seized the opportunity to buy sooner than others. Even if they don't see the ETF approved later, then the halving will probably help them get a return. It makes sense to buy now instead of waiting for an ETF to be approved or when demand for bitcoin increases due to the halving.

It's two way around on this upcoming bull run. Those that are optimistic with the ETF approval, they'll have to buy before the push happens from this news and you're right that even there's no good news about the approval, the halving is approaching and that's another factor that will make the market higher and will result to a higher bitcoin's price.

So the question we need to ask, if the ETF didn't get approved now, why would it go up now? It should go up when the approval comes in, and it is not coming in anytime soon, not like for another month and probably even later. So, it is basically just a rumor that made the price go up this much and that's not really a good reason but as long as it is higher, I am happy, no matter what the reason is.

I think if there's not ETF approval, the common ground here is the basic reason for what makes bitcoin up and that's the preparation for the halving. We can say that the increase of the price was due to the manipulation and wrong news about Bitcoin which tends to be good and positive news. But without that, we can still have a good ending for this season because of how we're seeing thing like now that there is a FOMO whenever that we're so close to the halving day.