Bitcoin News

Bitcoin exchange rate rose by 40% in one day, breaking the level of $ 10,000

Published

4 years ago

October 26, 2019

On the night of October 26, the price of Bitcoin (BTC) reached $ 10,300. The growth was more than 40% per day. Then a small correction began, now the BTC rate is $ 9726.

This is the fourth largest daily price movement and the largest since May 10, 2011, said analyst Alex Krueger.

This is also the 54th largest movement when comparing the daily high and low. The last time this was observed on January 14, 2015.

If comparing against daily High vs Low:
– 54th largest daily move, largest since Jan / 14/2015.
– 88th largest two-day move, largest since Feb / 7/2018.
This is still bigger than December 2017.
> 95% of + 42% gains happened between 2009 and 2013.
– Alex Krüger (@krugermacro) October 26, 2019

According to Kruger, such a rapid growth is due exclusively to fundamental factors, namely, a statement by Chinese President Xi Jinping, in which he supported the development of the blockchain.

42% outliers don't take place due to technicals. Technicals may help (did so today IMO), but are not the driver.
– Alex Krüger (@krugermacro) October 26, 2019

Coinmetrics founder Nick Carter said closing a $ 10,000 daily candlestick would make it the third most profitable day in Bitcoin history. He recorded the latest such movements in 2010-2011.

visual way of making the same point. this is every 1d return in bitcoin's history. this is really an extraordinary event pic.twitter.com/ZFY3k1SJ8S
– nic carter (@nic__carter) October 26, 2019

Blockchain appeared on the front page of the People’s Daily Chinese newspaper, and some universities in the PRC have already promised to open courses.

12 hours after the major “Xi Pump”
1. “Blockchain” headlined on People's Daily print version today
2. Top Universities in China start “Blockchain” course offering overnight
3. Expect to see massive blockchain initiatives from local municipal soon
The ripple effect is strong pic.twitter.com/2E2Be6RHol
– Dovey Wan 🗝 🦖 (@DoveyWan) October 26, 2019

At the same time, the newspaper does not say anything about cryptocurrencies , nor about bitcoin in particular. Jinping’s blockchain announcement also affected XNET’s share growth of over 100%.

the People's Daily article is ONLY Blockchain, no Bitcoin or crypto as always
and this Chinese blockchain concept stock has pumped over 100% .. $ XNET … The power of Xi Pump 😛 pic.twitter.com/mjk1SnulXU
– Dovey Wan 🗝 🦖 (@DoveyWan) October 26, 2019

According to DataMish , short positions at $ 252.1 million were eliminated at BitMEX.

Amid rising Bakkt, a new daily record was set – 1,179 contracts were traded.