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[AudraMiller]

Yesterday, as many of the crypto market followers would have noticed, the price of bitcoin was able to increase by 2% in just 30 minutes. the timing of this however, seems rather convenient and there are speculations that say that this price hike could be as a result of the recent elections that are taking place in the USA at the moment.

According to an article published yesterday, there are 4 possible reasons as to the rise in the price of bitcoin yesterday, which are:
1. The election generally creates volatile markets in the US and therefore this is an expected response in the crypto market.
2. The stock market in America is in the recovery process after the pandemic and this could just be a pure coincidence that it happened at the same time as the BTC price increasing.
3. There could have been a lot of bitcoin that was being purchased in this time and the demand is what caused the price to increase.
4. There are more flows into and out of the exchange sites, which show the supply and demand of the coin.

I think that the most likely one is the 2nd option. Options three and four seem pretty similar to me, and pretty standard reasoning. What do you think?

 

[Josemendez]

As for me I believe that the factor responsible is the purchase of more Bitcoin by people in anticipation of the new price rise up to $20,000 .

 

[bitforex22]

for me it's the simple rule of economy when there is more demand for anything , its price is going to increase , and if supply is shortened as well , then as well , the interested users in bitcoin has increased as well , there are lot of new face people that are using btc for different purpose , so more cash-flow is partly responsible as well , laws easing in countries also add to support

 

[Josemendez]

for me it's the simple rule of economy when there is more demand for anything , its price is going to increase , and if supply is shortened as well , then as well , the interested users in bitcoin has increased as well , there are lot of new face people that are using btc for different purpose , so more cash-flow is partly responsible as well , laws easing in countries also add to support

Yeah. When bitcoin crossed $15,000 price value , many people envisioned it to make it to $20,000 within this year and this made then to keep storing more and more bitcoin

 

[Niftyicon]

The demand for bitcoin has really increased and seeing as busy as the network is that even the transaction fees are affected, the number of investors have increased too.

 

[Josemendez]

The demand for bitcoin has really increased and seeing as busy as the network is that even the transaction fees are affected, the number of investors have increased too.

Investors are so optimistic about the potential rise in bitcoin price up to $20,000 , thus no one wants to be left alone . this is why there is more bitcoin demand

 

[SCAMEXPOSER]

The election has gone , winners has been declared yet the price of bitcoin is going higher, this I guess may be that many Investors may not want invest in US stock market now till handing over ceremony is done for Biden's new government

 

[Brain]

As for me I believe that the factor responsible is the purchase of more Bitcoin by people in anticipation of the new price rise up to $20,000 .

You just mirrored my thought. This has been my belief which I want to think it's true. People are really anticipating this $20k mark so more bitcoin is bought and kept till then

 

[Ginatime]

You just mirrored my thought. This has been my belief which I want to think it's true. People are really anticipating this $20k mark so more bitcoin is bought and kept till then

True talk, I think that's the strategy they are using to get people to invest in Bitcoin. It's a smart move cos the more report they get from the network the more people invest in it

 

[Brain]

True talk, I think that's the strategy they are using to get people to invest in Bitcoin. It's a smart move cos the more report they get from the network the more people invest in it

Definitely, this is like an old strategy that's working just fine for the network. The more the demand the hugher the price and if course profit margin will be big too

 

[sagefave]

I think option three sounds more logical as it has been previously speculated by Bitcoin enthusiasts that with more acceptance of Bitcoin the prices are expected to soar

 

[Brain]

That's Is the truth when once more people all around the world get to invest in bitcoin,then definitely the price will go up because they will be high demand for it