What's happening to the prices right now? Bitcoin spikes above 7000 USD

in #bitcoin6 years ago (edited)

Right now the Bitcoin price increased with almost 1000 USD in the last hours. What has happened?

bitcoin pump.jpg

If you see the picture above, you can see the amazing jump in the Bitcoin prices. But, the question we all have is... what has caused this? Is this the start of the bull market?

The leading theory at the moment is that rumors are spreading that Binance will remove the USDT pairing from their exchange. If that is so, then the USDT owner now try to get rid of all their USDT, not only on Binance, but also at exchanges like Bitfinex and Bittrex. What is the result? A giant Bitcoin pump. Is this the actual truth? I do not know yet, but it might be a plausible reason.

Do you have any reason? Can we see this pump remain, meaning that the Bitcoin price will not go back again, but stay above the crucial 6800 USD price (which has been a strong resistance for a long time.

Most other coins have lost value against BTC in BTC price, but because of the major Bitcoin price pump, the Dollar value of altcoins have mostly increased as well.

I am curious to see how this will progress throughout the day. Do you have any thoughts? I would love to hear from you!

UPDATE 11:45
According to CoinMarketCap, the Bitcoin price is around 6400 USD, but on Bitfinex, Binance, and Bittrex (USDT pairings), Bitcoin is stabilizing around 6800 USD. If it can remain above this level, 6800 USD might become a nice support level.

The common answer to the pump online is: "There is a rumor Tether(USDT) will be delisted from major exchanges. As a result, BTC/USDT price is a lot higher than BTC/USD." price."

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