The buying frenzy may have cooled off a bit, yet Bitcoin is still keeping its head above the $7,000 mark. What caused Bitcoin price to skyrocket this time around? Digging a little deeper, it appears it was not retail-driven.
Why Bitcoin Price Went Ballistic
Oftentimes when we see a Bitcoin buying frenzy, it’s fuelled by FOMO. That’s always a consideration when prices start to go parabolic. However, the general public not wishing to miss out on the next bull run doesn’t seem plausible this time around.
In fact, Google searches on Bitcoin are only just starting to pick up now–after the market went wild. This isn’t too surprising, however.
So if the public isn’t yet FOMOing into Bitcoin, what caused the massive weekend move? Let’s take a look at some of the most plausible reasons.
1. Front-Running Institutions
Is it possible that the buying frenzy was kicked off by front-running from institutional players? The news that Fidelity will offer Bitcoin trading in a few week’s time has to be more substantial than the…