What Sent Bitcoin Flying Above $71,000? 5 Factors Behind the Surge

Bitcoin is on the run again, taking the entire market with it. Here are some of the possible reasons behind this impressive rally. It gives us great (mostly unbiased) pleasure to write such an article, especially after weeks and months and nearly a year of painful declines or lack of any actual upside movement. After all, the cryptocurrency market is used to explosive movements, but this wasn’t the case for a long time. At least not in the ‘right’ direction. Let’s quickly recap what happened in the past 24 hours: bitcoin traded at $64,400, then exploded to $70,000, then it was briefly pushed back to $68,000, then went on the offensive again, and then rocketed past $71,000 minutes ago for the first time since very early June. As Glassnode put it, this was its most impressive daily close since February, but that one followed a major retracement. What makes the current pump so spectacular is that it had “no crash to bounce off.” The last daily bitcoin:native close this large was in February, and that was just the rebound from the -14% day before it. This one had no crash to bounce off. Against its own 30d volatility it was a 5.8 sigma move – the largest to the upside since October 202...