Bitcoin Moon! Is there news? but WHY is the price so HIGH?
Damn Son! Bitcoin just keeps going up. All the people on twitter, reddit and youtube videos have the answer to the question “why is the price going up!??!?”. As youtube coments and people joining telegram messenger channels ask “is there news?” The crypto media continues to publish article after article begging the question “is this healthy?”
It does not matter if it is healthy, his is bitcoin
The hype cycle is part of bitcoin. Pumps, Dumps and plenty of explaining by bitcoin oracles on why it pumped or dumped at the time that they said it would. While many said in 2015 that the price doesnt matter during the never ending winter of 2015 when 300$ was moon. Now everytime the price moves 50$ everyone is ready to call out why it went up or down. It went up because people support bitcoin unlimited, it went down because people support bitcoin unlimited, it went up because of evil traders, it went down because people are tired of transaction times it went down because VC, Developer, Bitcoin Oracle, Famous Person said something. The chicken are geting loud but when will they come to the roast?
What if the main thing that is fueling all this is the fact that many exchanges are having a hard time moving any fiat on and off the exchanges? This creates a demand and at some exchanges which can be viewed even more in these times as their own local market. Each exchange has always been a local market with it´s own ammount of fricition that is reflected in the spot price at the exchange. Just compare how you can get fiat on and off BTC-E vs. Bitstamp and think about the price. Some people try to say that these big spreads between exchanges is a bad thing, it is not bad or good, that is just how bitcoin is and it will not change anytime soon.
Bitfinex is not alone in the bitcoin community in confronting challenges presented by correspondent banks; other exchanges in the digital currency ecosystem are also being affected. However, we are no longer in a position where we can wait for our existing banking partners to provide viable solutions.