One theory as to why Bitcoin’s price might be rising might relate to the upcoming of bitcoin black friday. If you haven’t heard of it, Bitcoin black friday is when a number of merchants will offer unique items for cheap prices. Black friday is on November 28th so that is when Bitcoin’s price should be at it’s peak, as a disclaimer I must say the following is just speculation.
Why does black firday have such an effect on bitcoin? Black friday promotes the spending of bitcoins. That means that people will try to buy them in order to take advantage of the participating merchant’s deals. Once the deals begin that is when the merchants will also try and convert their coins to cash, using companies like Coinbase and BitPay to convert the coins. So does that mean that on 11/28 bitcoin’s price will take a hit? Not necessarily.
Once BitPay and Coinbase receive the user’s coins they might not actually sell them either to the exchanges or to private investors. Maybe Coinbase or BitPay will decide to bet on bitcoin’s rally and hold the coins for a bit longer? We can speculate and form theories but we won’t know until black friday comes.
Have you own theories? Post them below we are glad to hear them!
Please follow us on twitter @btc_feed for the latest bitcoin related news which include bitcoin market analysis with market price prediction.
Morgan Stanley is taking a big step into digital assets space with the launch of…
Coinbase is about to undergo one of its largest structural reorganisations in some time, with…
The suspicious DSJ Exchange (DSJEX) and BG Wealth Sharing scheme, now confirmed a Ponzi operation,…
Demand from institutions is heating up again, with U.S. spot Bitcoin ETFs logging a tally…
Western Union expands its participation in the digital asset ecosystem with USDPT, a Solana native…
The cryptocurrency sector is in the spotlight again as ZachXBT has accused decentralized exchange Tokenlon…
