Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
respawn2
on 23/07/2016, 16:35:59 UTC
price depends on actual story that is happening around bitcoin, no?


Yes and no. Yes in the sense that there may be correlation, and no in the sense that this doesn't imply causation.
Bitcoin is a speculative commodity, in the widest possible sense: it exists to be speculated, that's its raison d'etre. News of failing governments, failing economies, failing banks -- pretty much any and all societal failings -- could be, and typically are, used to bootstrap pumps.
Hence correlation.
This does not mean that the price is driven by world events (as in Greeks buying BTC because Grexit, Brits buying BTC because Brexit,
BTC / PKR
Bitcoin / Pakistani Rupee
 
73,399.00 PKR
+2,094.00 +2.94%
Pakistani rocket ship!!!
...or Pakistani buying BTC because Prexit.