Yesterday, Nikita Bier, head of product at The price of bitcoin (BTC ($96,959.00)) quick rally of 6% from $91,846 to over $97,500 by noon today.
People noticed the immediate connection.
Extending BTC’s chart to January 9, the date X’s algorithmic punishment of CT began, further strengthened that argument.
After a strong year-to-date rally from $87,400 heading into the January 9 algo downgrade, BTC was up about 5% in value to almost $92,000.
After Bier at
The world’s largest cryptocurrency fell during the CT shadow ban, reaching $90,000 several times. Then, as mentioned above, Beer ended the ban, and BTC promptly rose 6% in a day and a half.
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No more shadow banning, plus many other factors
As nice as the statement is, correlation does not necessarily indicate causation.
During the same period, news of Donald Trump intimidating Fed Chairman Jerome Powell into cutting rates to boost asset prices, and the collapse of Iran’s currency, have sent substantial flows into safe-haven assets to hedge currency risks.
Gold is up 7% over the same period this year. The much larger market cap – $32 trillion versus $2 trillion for BTC – could explain some of BTC’s 10% rally.
Similarly, silver is up 19%, further supporting this sector-wide and indiscriminate rally of fiat currency alternatives.
Additionally, spot BTC ETF fund inflows have been particularly strong over the past two trading days, adding more than $860 million in value. Michael Saylor’s Strategy also announced a $1.2 billion purchase on Monday to help restart the rally.
Several analysts have also published bullish BTC price forecasts, and positive political news continues to fuel speculative allocations.
While the curious timing of BTC’s rally resumption neatly aligned with X’s algorithm reversal, the broader wave of currency alternatives, not to mention the influx of ETFs and political catalysts, is adding more color to the fun shadow ban argument on social media.
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