Ask HN: Why is the price of Bitcoin (and crypto in general) surging?

1 points by jc_811 3y ago ↗ HN

You’d think after all the negative news in the past 24-48 hours (serious legal action being taken against Binance and Coinbase) that the price of Bitcoin and the crypto market in general would be taking a hit (on a regulated stock exchange Coinbase is down 12% in one day for example). However, Bitcoin is up ~6% in the past 24 hours with other coins following suit.

What gives?

3 comments

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smoldesu 3y ago ↗

Hubris.

gregjor 3y ago ↗

Wash trading and whales dumping.

eigh0xohyeib6Te 3y ago ↗

My impression has been that the value leaving the SEC-declared security shitcoins is not stopping at or in some cases even transiting via fiat, but is migrating to BTC and other large cap coins that have not yet been explicitly declared a security.

Many of the security shitcoins (MATIC, FIL, numerous others) suffered a single or double tap over the last couple days without the rebound that BTC, ETH and other unnamed coins have experienced.