Quite a few people are now trying to answer the question from the title of this text. It turns out that there are already a few theories about it. People are always looking for a reason. If something happens, somewhere must lie the genesis of this phenomenon. Is that the case? Analyst Tone Vays is of a different opinion. He argues that the recent rise in the Bitcoin exchange rate has no "catalyst". What we are now seeing on the cryptocurrency's chart is the result of pure speculation, as "Bitcoin is no different from other assets" in this regard. The media is looking for sensationalism Vays blames the media for looking for cheap sensationalism: "(...) a lot of the news media is always looking for something to cause big drops and big rises. I would say more than half the time they're trying to fit specific news stories into something that doesn't necessarily require news." The analyst may be right, but the cryptocurrency trading and advocacy community is definitely not listening to him. Just as the spikes in the spring of 2013 were supposedly due to the so-called "Cyprus crisis," other phenomena are now behind the mini-boom - at least that's what many want to believe. Brexit Six years ago, were people terrified that the problems from Cyprus would spread across Europe cz even the world and that's why they bought BTC? Following this logic, now the ignition of growth would have to be the new number 1 topic - Brexit! The bane of European political elites can drive demand for cryptocurrencies. It is simple - a mechanism similar to that of sanctions may work here After the possible exit of the UK from the EU there may be restrictions on international trade and fiat transfers. So maybe some groups of Brits are protecting themselves by buying digital currencies in bulk? Noooo, that's the job of the Russians! Admittedly, we don't live in the Cold War era anymore, but as you can see even today you can blame the Russians for everything. Russian economist Vladislav Ginko claims that major companies and wealthy individuals in Russia have already bought about $8.6 billion worth of Bitcoins. Why? He explained it to the Bitcoinist portal: "BTC was bought by Russian companies and wealthy Russians. There is no direct involvement of the Russian state, but some bitcoin buyers expect that sanctions [by] the US will prevent normal international transactions, so they buy bitcoins as a way to get around US restrictions." The work of computers There is another version of events. This time, behind the rate increases are... machines. Bloomberg magazine says it could be linked "to algorithmic trading, which is a method that uses automated software to detect trends and determine when to trade." In short: the algorithms decided it was already a good time to buy Bitcoin and started shopping! The Bloomberg journalist, by the way, noted that the 20 percent jump in the cryptocurrency's price may have been triggered by a $100 million transaction spread across three exchanges. The exchanges in question are Coinbase, Kraken and Luxembourg-based Bitstamp. It's hard to answer which of these hints is closest to the truth. Or maybe all of them? What is your opinion? Write on forum.bitcoin.pl or on our profile on Facebook. Tags bitcoin Bloomberg Brexit Russia Tone Vays European Union Vladislav Ginko United Kingdom
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