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Curious that Bitcoin topped $12k for the first time in a long while yesterday. Makes me wonder who knew in advance. Being in cryptocurrencies has made me cynic

Curious that Bitcoin topped $12k for the first time in a long while yesterday. Makes me wonder who knew in advance. Being in cryptocurrencies has made me cynical.

simias 6y ago
I don't even try to make sense of bitcoin trends anymore. You might as well try to interpret shapes is clouds. Bitcoin has been in an upward trend since early September for no discernible reason (to me at least).
- AzzieElbab 6y ago
  Just like all the other assets these days
- dontcarethrow2 6y ago
  Was hanging at 10-11 and shot up (eh) after Square invested 1% (50m) of their assets. Has been a steady rise (dont know trade terms 'scuse me), I:m assuming it might stay or jump a few more k. Disclaimer: I don't trade.
- acesubido 6y ago
  > Bitcoin has been in an upward trend since early September for no discernible reason (to me at least). I think it's mainly due to purchases from institutions that believe that Bitcoin is a safe haven asset during the lockdowns. The spiel is: it's protection from currency debasement due to Central Banks everywhere printing out at low interest rates for the pandemic. - Square spread 50MUSD worth buys @ 10K USD early October [1] - Microstrategy spread 425M buys from 9-10K USD around August - September [2] [1] https://www.cnbc.com/2020/10/08/square-buys-50-million-in-bitcoin-says-cryptocurrency-aligns-with-companys-purpose.html https://www.cnbc.com/2020/10/08/square-buys-50-million-in-bi... [2] https://www.forbes.com/sites/christopherbrookins/2020/08/14/microstrategy-just-sent-green-light-to-corporate-america-on-bitcoin/#1e6b9f836bc4 https://www.forbes.com/sites/christopherbrookins/2020/08/14/...
  - shoshino 6y ago
    Also at least partially attributable to retail outflow from Bitmex because of regulatory crackdown.
- brendanw 6y ago
  It's also been the summer where DeFi 10x'd, so no surprise BTC has gone up a bit now that folks can earn interest on their BTC by providing wrapped BTC liquidity on Ethereum.
olalonde 6y ago
I guess a lot of people knew, from PayPal engineers to journalists. Your comment seems to imply that it was unethical or illegal for those people to trade on the private information but I disagree, "insider trading" does not apply to Bitcoin ethically or legally.
bufferoverflow 6y ago
It was over $12K in mid August and in September.

Curious that Bitcoin topped $12k for the first time in a long while yesterday. Makes me wonder who knew in advance. Being in cryptocurrencies has made me cynical.

simias 6y ago

I don't even try to make sense of bitcoin trends anymore. You might as well try to interpret shapes is clouds. Bitcoin has been in an upward trend since early September for no discernible reason (to me at least).

AzzieElbab 6y ago
Just like all the other assets these days
dontcarethrow2 6y ago
Was hanging at 10-11 and shot up (eh) after Square invested 1% (50m) of their assets. Has been a steady rise (dont know trade terms 'scuse me), I:m assuming it might stay or jump a few more k. Disclaimer: I don't trade.
acesubido 6y ago
> Bitcoin has been in an upward trend since early September for no discernible reason (to me at least). I think it's mainly due to purchases from institutions that believe that Bitcoin is a safe haven asset during the lockdowns. The spiel is: it's protection from currency debasement due to Central Banks everywhere printing out at low interest rates for the pandemic. - Square spread 50MUSD worth buys @ 10K USD early October [1] - Microstrategy spread 425M buys from 9-10K USD around August - September [2] [1] https://www.cnbc.com/2020/10/08/square-buys-50-million-in-bitcoin-says-cryptocurrency-aligns-with-companys-purpose.html https://www.cnbc.com/2020/10/08/square-buys-50-million-in-bi... [2] https://www.forbes.com/sites/christopherbrookins/2020/08/14/microstrategy-just-sent-green-light-to-corporate-america-on-bitcoin/#1e6b9f836bc4 https://www.forbes.com/sites/christopherbrookins/2020/08/14/...
- shoshino 6y ago
  Also at least partially attributable to retail outflow from Bitmex because of regulatory crackdown.
brendanw 6y ago
It's also been the summer where DeFi 10x'd, so no surprise BTC has gone up a bit now that folks can earn interest on their BTC by providing wrapped BTC liquidity on Ethereum.

olalonde 6y ago

I guess a lot of people knew, from PayPal engineers to journalists. Your comment seems to imply that it was unethical or illegal for those people to trade on the private information but I disagree, "insider trading" does not apply to Bitcoin ethically or legally.

bufferoverflow 6y ago

It was over $12K in mid August and in September.