The Reason Bitcoin PUMPED

by birtanpublished on October 4, 2020

That went around yesterday online that a Bitcoin ETF and was approved by the SEC and Buffett had bought Bitcoin cereal I'm not joking this was on Twitter it was also online you can you can go google it what I was trying to understand yeah it was an April Fool's joke we didn't have to talk about Bitcoin for months and all of a sudden it surged 17% or 14% I in an hour I think that that it's market cap increased by 17 billion dollars in an hour so where are some of the theories out here Luke as to what profit why did Bitcoin move was it an April Fool's joke was it a random rogue trader

Fat fingering in order was it Santa Claus was it the Easter Bunny who cares what's going on everybody it is your boy crypto Bobby I hope you are having a great day great night wherever you are watching or listening in from and yeah you probably have had a pretty good day or night wherever you're watching or listening in from if you've looked at your black folio your Delta whatever it might be because the entire cryptocurrency market is up quite a bit and if you are very heavily weighted in Bitcoin you are probably very happy as well as we talked about in yesterday's a

Video q1 of 2019 was a really good quarter for crypto in general and I thought was a fantastic sign of momentum however q1 was really led by altcoins there were a lot of mid to large cap altcoins that were up 25 50 100 plus percent some of them up multiple 100% to 300% whatever it might have been and Bitcoin was up 11% or so in q1 of 2019 but guess what it's q2 and Big Daddy Bitcoin is back and of course when you have Bitcoin going from 4000 $100 or so to over $5,000 in the course of two hours you have mainstream media talking again

From the likes of Bloomberg to Yahoo to CNBC to Reuters – Joe schmo's blog doesn't really matter everybody in mainstream media is now talking about Bitcoin again which is obviously led to the question is what narrative can we pin this price action to and I want to go out and continually say this because I think this is an absolutely futile effort every time the price movement of Bitcoin happens there is not always a narrative there is not always a story that you can directly attribute to that price movement sometimes its

Bitcoin just happens it happens and it does there are thin order books it is a relatively illiquid market when you look at what it is in comparison to other financial products and the venue's nonetheless mainstream media the larger financial publications out there are doing their best to pin the movements of Bitcoin all down to finance magnates calm and an April Fool's joke an April Fool's article that they wrote entitled SEC drops the bomb approves Bitcoin ETFs Vanek and bitwise will be launching Bitcoin etf's early next month following an emergency meeting the SEC held

Saturday first of all does the SEC ever hold meetings on Saturday I don't know I don't work there but it doesn't sound like they're holding emergency meetings anytime anytime soon to approve a Bitcoin ETF obviously this is a joke and the fact that people are saying hey you know this joke came out at 7:37 on April 1st and is due to price action like 14 hours later is absolutely ridiculous and kind of offensive but that is what it is now there are a couple other options alternative theories out there that might be a little bit more credible in some respects

Whereas Reuters has come out and said that there was a 100 million dollar buy that was spread out across three different exchanges apparently somebody you know did some type of algorithmic smart order routing across US based exchanges coin based Kraken and bitstamp and that single order was about three venues or across the three venues was around 20,000 Bitcoin worth and that individual spread around about 7,000 Bitcoin per each exchange and that was what initially popped the volume and that certainly might have some level of validity part of that could have been in

That scenario I also think that number one they're worth in order books in general especially beyond the $4,200 mark I also think a lot of people got highly cocky when it came down to shorting resistance at that $4,200 range because hey this is the fifth time that bitcoins come like come up against $4,200 and obviously what do you do after time and time again you short at resistance you short that resistance you short that resistance you sure – until you get absolutely wrecked and you just crank up the leverage every single time was an absolute pleasure

Watching bit mechs rekt or scrolling through the bit mechs rekt feed this morning when I woke up seeing eight million dollar liquidations ten million dollar liquidations I believe there was around five hundred million dollars of liquidations on bit mechs in the past 24 hours or so which is pretty incredible long story short though there's never one reason why the price of Bitcoin in my opinion or cryptocurrencies really will move significantly unless there is just clear correlated market news that actually has some validity talking about an April Fool's joke

Whatever talking about potentially a trader that routed a hundred built hundred million dollar buy across three exchanges yeah that might certainly have something to do with it there's a variety of things but trying to say this is the reason that Bitcoin moved is again a futile exercise at this point in time the thing that I'm most curious about after this run is number one can Bitcoin hold above the forty two hundred dollar range can we turn that potentially from just really tough resistance into support and that gap up that we went past the forty three

Hundred dollar range what will happen with that and if we do hold that range will Bitcoin continue to lead the charge or will Bitcoin take the foot off the gas and will people redistribute some of their profits from Bitcoin into all coins where will the money flow I think that is something that I'm really interested in especially after seeing q1 of 2019 where really the way that happened was alts led the charge they really did Bitcoin was up eleven percent but you know 75 percent of the mid to large cap alts out performed a Bitcoin against the US

Dollar in q1 could that flip around in q2 because when Bitcoin does move the size of the market capitalization and the amount of money it takes to move Bitcoin is obviously substantially higher than what it takes to move a 100 million dollar altcoin or a 500 million dollar altcoin or a billion dollar all coin they're obviously different dynamics that go with that and to that point if Bitcoin moves up substantially and people are making quite a bit of money within Bitcoin are they going to take profits back into Fiat or are they going to redistribute that money

Allowing it to flow into altcoins that's kind of what I'm paying attention to right now to see how this situation ends up developing and as we can see from on chain FX nothing so far today in the past 24 hours has outperformed Bitcoin has really sucked the life in some respects out of the little altcoin rally that we had going for right now but that doesn't in my opinion necessarily mean if you have a bunch of altcoin positions that you need to capitulate out of them and throw all your money back into Bitcoin I think you want to give it a little bit of time to see how the

Situation plays out but over the past 24 hours Bitcoin being up 16% basically everything in the mid to large caps is up in the green against US dollars but in some cases is down 5 7 10 plus percent against bitcoins so you're losing Bitcoin buying power again always bringing up the age-old debate of profit USD versus profit and BTC which one matters which one doesn't one matters in a bull market one matters in a bear market and are we slowly climbing out out of this bear market now and another thing I think that's interesting too is volume begets volume we've talked about

That before price action but you're starting to see mainstream media creep back in with Bitcoin moving and starting to see my friends this morning my buddies that either through a little bit of money into crypto and like November December of 2017 January of 2018 but didn't necessarily tell them to but they threw some money and some of them work on Wall Street now texted me saying hey man I saw Bitcoin I was looking at my Bloomberg terminal and saw what happened with Bitcoin today that type of of mainstream momentum when it does come that is what's interesting

To watch as well because if Bitcoin starts to not only slowly creep up but go up in these large spurts you start to see crypto get back into the mainstream media get back into coverage and you can see while it was kind of in a joking manner from the beginning you know with with Bloomberg and with CNBC but Bloomberg's like we haven't talked about this stuff in forever you know we just don't even talk about this anymore Yahoo right we don't we don't even talk about this anymore but you know price shoots up 15% people click on this stuff they start talking about it again and then

You have mom pop and grandma buying Bitcoin at the top so before you know it I'll have to keep an eye on what the media ends up doing and how things impact that but will this cycle probably preemptive to say that it will because I don't think we're out of the woodwork yet but if we start to see some continued uptick with Bitcoin will that cycle continue to move the price of Bitcoin Walt kind of that volume to get volume and more people gains we get that and then in addition to that one of the things that tends to happen with that in my opinion is you have Bitcoin going

This run going to run going to run usually does and then people start seeing on Bloomberg and CNBC oh wow Bitcoin is going up that's impressive but I missed the boat on Bitcoin so what is this alt coin then I could put my money into that I'm gonna make you know the Bitcoin returns on because I've already missed the boat on that that's always another thing to watch as well would love to hear your thoughts on the market in the YouTube comments if you're watching on YouTube right now if you're listening on the podcast please tweet me at crypto Nurse Corps Bobby always enjoy

Hearing your thoughts there make sure to hit that thumbs up button and that like button as well and for those on the podcast I hope you're enjoying the new mic by the way those on the podcast leave a rating and a review helps to get it out to as many people as we possibly can thank you so much for your time good luck in everything as always Krypto Bobby signing out hope you have a good one pace

Related Videos

Hello the Republicans and welcome to another video of my cryptocurrency news series where I'm looking at the news that happened last week now today's 28...
What's up crypto gang welcome back to another episode if you guys are doing here we do a giveaway at the beginning of every single episode and today's w...
What's going on guys crypto jeremy here back with xrp video hope you guys have a fantastic day thank you guys so much for tuning in to another video and the...
What's up guys kevin cage here just wanted to do a quick market update on this monday so as we can see ada ada is down 11 today we noticed that it is coming...
Hello the Koopalings and welcome to another video in my cryptocurrency event overview series the aim of the series is to find any upcoming cryptocurrency events...
Ladies and gentlemen people of the internet welcome back to yet another episode of crypto over coffee hope you're doing well today and if you're new her...
Hey guys welcome back so first of all I want to start as usual by thanking everybody who's been liking subscribing and sharing my content you're helping...
Hi i'm brad garland house the ceo here at ripple it's an honor and really a privilege for us to be one of the founding members of the international asso...
Hello the cubicles and welcome to another video maker of the currency event over the series the aim of the series is to find any upcoming the currency events an...
I have to apologize to everybody because I've been promoting a company who only has their best interests at heart top salesmen best interests at heart and n...
It is Monday and you know what that means another episode of Krypto segments what's going out everybody it's your boy Krypto Bobby I hope you were havin...
What's going on everybody Alex back was another cryptocurrency video but today we're going to be talking about how to control yourself how to emotionall...
Hey guys welcome back first off I want to thank everyone who's been liking subscribing and sharing my content you guys rule and I appreciate all the constan...
Live from the USA hoping you get paid every day this stuff boasts a Bitcoin the crease though of creeped up is avoid BK and if you don't like me you must no...
Okay come down here boom that would be picture-perfect beautiful guys look at this we actually have this candle come down right on this line right here right ab...
Wow you guys are going to want to check this out guys as you may know Bitcoin has decreased a few hundred dollars as of about midnight last night we have some i...
What's going on guys crypto jeremy here back with xrp video hope you guys had a fantastic day thank you guys so much for tuning in to another video today&#3...
Hello tokens and welcome to another video nice update now today's third of June and I'm looking at news that happened from 28th of May until today I alw...
hello it's Brad Lori or blockchain Brad and today we're speaking exclusively with icon many of you know it you've known it for years and they'r...
People what's going on this an update on Tron all right so the market right now market cap is 431 billion we've got a Bitcoin dominance roughly 34 perce...