The nightly explosion of Bitcoin to almost $40,000
What happened at approximately 2 a.m. on Sunday night, 26 July, 2021?
The warning timepiece is full of surprises and you may be astonished for a few moments by the state of the crypto market in general and by bitcoín in particular, if you have just opened your application or this is your first morning reading (commendations, you have your priorities straight).
You are not dreaming: the price of Bitcoin explosed last night and suddenly and delightfully cavalcated the whole marketcap.
Is it only a temporary fever or a true business comeback?
We’re taking stock, rub your eyes.
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Bull’s Night
Even when you’re an old hand, you’ll agree to the exceptional Bitcoin type of mood swing.
And if you’re new here: welcome to cryptocurrencies’ marvelous, turbulent world!
As we described the nightly bloodbath of a bitcoin here just 5 days ago, falling below the $30 million psychological mark, we’re here to celebrate its sudden rise a few dozen hours later, until it has gone down the equally psychological $40,000 ceiling.
Prices of Bitcoin rose close to $40,000 on 26 July 2021
The cavalcade began at approximately 2 p.m. on Sunday evening, before a few late nightmen watched Bitcoin in the last few weeks in just under three hours, starting a fearsome rally of $33.500 to $39.900 on Bitfinex.
BTC trades around $38,300 when it’s written.
Lucky spectators, but divided between the emotion of experiencing one of those little momentum times when Bitcoin suddenly appears to have its own will, increasing with every browser refresh, and the concern of the more adventurous suddenly asking whether the X100 lever stuff was after all a good idea.
Finally, the audience could witness phenomens as rare as the aurora boreals in the crypto context, such as the fusion of perpetual financial resources, pushing Bitcoin’s price to close by for a short time at $50,000. (and virtually, we should point out).
The entire crypto-market has followed up, as is often the case with these kinds of wild swings (both up and down) and you should smile this morning as you have a cheery, green portfolio.
Ethereum (ETH) trades at $2,300, with up to 7 percent. The Binance Coin (BNB) has now been over $320.
Ampleforth (AMPL, for example) rises by 45% in 24 hours, and Chainlink (LINK) and Dogecoin (DOGE) rises by 13% from last night.
But there remains a question behind enthusiasm, which is the cause of the amazing rise in the overall marketplace of $120 billion.
Flash bull run of Bitcoin, Bezos syndrome?
Apart from a more technical analysis coming soon which will allow us to precisely determine what cogs were in this impressive upturn, it is hard not to link the event to the news — probably better to mention a “rumor” — according to which Amazon would prepare to accept Bitcoin before launching its own cryptocurrency in 2022 at the end of the year.
When there is only correlation, it is always dangerous to see causality.
For all of this, we will remember that the bull run that brought Bitcoin from $12,000 up to $63,000 in November 2020 was a similar news item (Paypal announced support for Bitcoin).
So, could the milliardaire founder of Amazon be responsible last week after his visit to the area for the launch of Bitcoin “to the moon” last night?
There is nothing less sure, but it is too clear not to make this hypothesis.
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