Why The Sudden Spike In Bitcoin Price

Discussion in 'Bitcoin Investments | Discussions' started by philipj, Jul 8, 2018.

  1. philipj

    philipj GrandMaster Crypto Guardian

    Bitcoin price abruptly jumped over $6800 during trading on Saturday, representing yet another attempt to break above $7,000 during the ongoing bear cycle.

    Factors likely responsible are;

    1. Bitcoin, and cryptocurrencies more generally, have seen lots of positive news this week. South Korea – a major crypto trading market – announced that they were loosening restrictions on all manners of cryptocurrency trading across the board, including examining allowing domestic initial coin offerings (ICOs).

    2. Another major occurrence is the increasingly successful lightning network. Some reports making the rounds online have even stated that the lightning network capacity is increasing 50% every week. Additionally, 20 new stores per day are accepting Lightning payments.

    3. Other potential factors that may have impacted the price spike include so-called crypto “whales” choosing this moment to place large buy orders For Bitcoin. Since the supply of Bitcoin is finite (21,000,000 total theoretical supply of Bitcoin, with only 17,137,187 currently circulating), it stands to reason that large buy or share orders can impact the price significantly.

    Since the overall cryptocurrency market prices tend to mirror Bitcoin in terms, these large buy orders could have resulted in a temporary feedback loop, where altcoin prices rose due to the Bitcoin price spike, which in turn led to the Bitcoin price spiking even more because of the potential for a “bull run
    Adigun, SIC and Prezzy like this.
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  3. Prezzy

    Prezzy Leader Protector

  4. SIC

    SIC Active

    Probably this is THE MOMENT !?
    Prezzy likes this.
  5. Adigun

    Adigun Active

    That's a good news :D
    Prezzy likes this.
  6. Prezzy

    Prezzy Leader Protector

    We don't really know but we are positive