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The granddaddy of cryptocurrencies, Bitcoin (BTC), is surging. For example, BTC’s coin price shot up from $30,850.46 at 10:35 AM on 23 October 2023 to $34,537.59 at 9:10 AM on 24 October 2023.
Dramatically, Bitcoin (BTC) went from $28,561.23 on 17 October 2023 to $34,464.33 at 9:05 AM on 24 October 2023. Hence, I calculate Bitcoin added $5,903.10 in Coin Price in a week. Plus, BTC gained $3,687.13 in Coin Price in a day. Predictably, Bitcoin was CoinMarketCap’s most-trending cryptocurrency on 24 October 2023.
Consequently, Bitcoin’s Market Volume grew from $555.25 billion on 17 October 2023 to $665.61 billion on 24 October 2023. Meanwhile, BTC’s 24-Hour Market Volume grew from $16.81 billion on 17 October 2023 to $52.82 billion on 24 October 2023.
They base the 24 October Coin Price on a 19.52 million BTC Circulating Supply and a 21 million BTC Maximum Supply. Bitcoin also had $708.87 billion Fully Diluted Market Cap on 24 October 2023.
So why is Bitcoin (BTC) surging? Why are people suddenly buying more Bitcoin (BTC)? Predictably, there are several reasons for Bitcoin’s surge including:
I think all the hype about World War III in the Middle East is clickbait and media hysteria. Unfortunately, many people will fall for this nonsense. Some of these people could fear high-wartime taxes, confiscation of bank accounts, inflation, and currency collapses.
History shows wars lead to high taxation and inflation. For example, the 90% income tax rate in the United States during World War II. Dramatically, Imperial Germany suffered inflation during and after World War I.
Plus, many people far they could have to flee because of war. For example, many Palestinians and Israelis fear they will have to flee their homes. Worldwide, many Jews fear an upsurge of antisemitism and many Muslims fear violence in countries such as the United States.
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