Thread: [Merged] Bitcoin - Part 3
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Old 29th May 2019, 04:32 AM   #50
psionl0
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Originally Posted by The_Animus View Post
8660 now. If a deal is reached with China I think it will drop hard. Otherwise the longer and uglier this trade war goes, the more it will keep creeping higher.
Bitcoin does seem to like bad news but you can't count on it to follow the news cycle.

The most recent price rises seem to have originated from a large buying spike in early April. Whether this was due to a whale pumping it or a larger number of speculators reading the economic tea leaves is hard to tell. Similarly, we don't know if this heralds a return to unbelievably high prices or if it will crash and burn long before then.

I suspect that FOMO is more likely to be driving the current trend than the trade war.
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975
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