Re: Bitcoin Price Jumps Above $6800! What might have caused this sudden rise?
Bitcoin price abruptly jumped over $6800 (Bitfinex) during trading on Saturday, representing another attempt to break above $7,000 during the ongoing bear cycle.
There are a number of factors that could have contributed to this sudden jump. Bitcoin, and cryptocurrencies more generally, have seen a positive increase this past week.
To me I think what would have caused the price spike is the so-called crypto whales choosing this moment to place large buy orders For Bitcoin. Since the supply of Bitcoin is finite (21,000,000 total theoretical supply of Bitcoin, with only 17,137,187 currently circulating), it stands to reason that large buy or share orders can impact the price significantly.
Kindly share your view on the sudden increase.
I know a very good reason for a jump is to make a profit from investing in Bitcoin.There are a number of factors that could have contributed to this sudden jump. Bitcoin, and cryptocurrencies more generally, have seen a positive increase this past week.
To me I think what would have caused the price spike is the so-called crypto whales choosing this moment to place large buy orders For Bitcoin. Since the supply of Bitcoin is finite (21,000,000 total theoretical supply of Bitcoin, with only 17,137,187 currently circulating), it stands to reason that large buy or share orders can impact the price significantly.
Kindly share your view on the sudden increase.
Is it necessary to have some other reason
I somewhat agree with this. As I trade this month of June and first week of July, I can see how whales are so active these days. The sudden rise of Ethereum last week of June was also the same case. So let's all be careful when buying when it gets high in price.