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 September for no discernible reason (to me at least).
> 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]
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.
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.
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-bi...
[2] https://www.forbes.com/sites/christopherbrookins/2020/08/14/...