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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 S

• 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.