The current BTC move is directly correlated with Visa/Mastercard and Paypal removing payment support from PornHub. On December 15th 2020 all three companies officially removed their services from the site, the only remaining payment option on PornHub was BTC/ETH. Monthly PornHub subscriptions required payment in BTC/ETH, this led to massive volume on crypto exchanges as demand skyrocketed. PornHub is one the worlds most used websites.
BTC price on Dec 15th was $19,300, within a week it had surpassed $23,000, within two weeks it had reached $28,000.
That explains everything.
TBH, it doesn't. Op isn't catching the scale of this change. $65 Billion dollars worth of BTC trades every 24 hrs. A market cap change of $300 billion over the last few weeks ... this is well beyond retail usage. This is WELL beyond the actions of one company and their retail customer base.
This is institutional investors. Companies like Micro Strategy are putting in $100B+ in USD into BTC.
The issue is there is limited supply and limited market makers. So, we have a "melt-up". Everyone is scared of selling today and having it double tomorrow.
With the volumes the institutional investors are buying, the retail investors don't have as much of an impact.
There's also a good amount of people that aren't planning on selling at all because they're just using Bitcoin to get their capital out of USD.
(post is archived)