Home / Crypto Currency / Bitcoin Price Watch: Currency Spikes by $100 Following Patrick Byrne Commentary

Bitcoin Price Watch: Currency Spikes by $100 Following Patrick Byrne Commentary

At press time, the father of cryptocurrency is trading in the $6,500 range. This is about $100 higher than where it’s stood over the past several days, and it appears we’re heading back to where we were in September and early October.

Several factors must be accounted for when examining the sudden spike. For one thing, Overstock.com CEO Patrick Byrne recently came forward to say that he sees cryptocurrency and blockchain technology as significant, and he believes both will reach mainstream status in the coming months.

BTCUSD: Bitcoin Breaks EMA50 Goes for $6700 (Support/Resistance Levels)

In a recent interview, he suggests that the modern financial system will eventually come crashing down in dramatic fashion. He says this has already happened in countries like Syria and Venezuela, and they have turned to crypto in desperation. He believes other countries will do the same:

“People turn to [crypto] when they collapse, like Venezuela or Cyprus or Syria, something like that. When people start getting into it is when their own financial systems collapse, so yes – given that I think the entire modern financial system is a big Keynesian, magic money tree Ponzi scheme, I do expect that the day will come when people turn to crypto.”

In addition, the period of offering public comments regarding several new bitcoin ETFs being examined by the Securities and Exchange Commission (SEC) has come to an end. Many people are anticipating good things, and that the SEC will be open-minded enough to finally allow an ETF to come through, or at least keep the ball rolling in its consideration process. Either way, one source alleges that the bitcoin price spike is a direct result of this anticipation.

If you’ve ever ridden a horse, you likely know that the riding experience is fully based on trust; not on how tough or domineering you can be, but on how trustful the horse is of your abilities to handle the environment. Do you panic easily? Are you afraid of being high up? Do you fear the animal is going to react negatively to your presence? All these factors affect how well you and the animal will get along, which will determine the smoothness of your riding experience.

In many ways, our relationship with bitcoin is turning out to be the same. Do we trust it? Can we allow it to run its course without pulling the reins too hard and leaving it in pain? The positivity we inflict on bitcoin and the crypto industry will determine the strength of our results. As strange as it may sound, bitcoin does appear to depend on our thoughts and demeanors, and it will continue to feed off whatever energy we produce.

Bitcoin Charts by TradingView

Images by Nick Marinoff

Read more

Check Also

Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.