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 have a very less idea why it might have been caused but according to me it might be caused due to the half yearly bank closing and the half year audits all over the world. It might also have been caused due to some sudden demands of bitcoin whereas the supply is still low thus more demand and less supply is causing the rates to increase, there can be multiple reasons why it is increasing but for me if I am in profit I dont want to know why it is increasing rather I am happy with it.