Share this article
How Real Is Bitcoin’s Rally? 8 Interpretations of Bitcoin's Massive Surge
As bitcoin retraces slightly after reaching a new 2020 high about $11,000, NLW explores what’s driving the rally and how likely it is to continue.
Updated Sep 14, 2021, 9:37 a.m. Published Jul 28, 2020, 7:00 p.m.
As bitcoin retraces slightly after reaching a new 2020 high about $11,000, NLW explores what’s driving the BTC rally and how likely it is to continue.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.
This episode is sponsored by Bitstamp and Crypto.com.
It was a beautiful Monday.
Bitcoin crashed through $10,000 and got all the way up to a new yearly high of about $11,000 before retracing slightly.
See also: Bitcoin Futures Volume Surges 186% as Price Hits $11K
As with any dramatic price action, people were quick to start giving their interpretations of why it happened.
Eight ways to understand bitcoin's massive surge
- Banks stacking due to changes in custody rules
- Money printer go brrr
- Stock to flow model
- Robinhood traders piling in
- DeFi gain recycling
- Buyers exceeding sellers
- “Perfect storm”
- Dollar crash, negative real interest rates and the search for a new reserve currency
Ultimately, NLW argues that it is this last factor driving up not only bitcoin but gold and silver.
See also: No, the Twitter Hack Wasn’t About Bitcoin
For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.
Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
SGX's Crypto Futures Draw New Liquidity, Not Diverted Cash, Exchange Boss Says
Institutions are pursuing cash-and-carry arbitrage, not outright bullish plays, Syn said.
What to know:
- SGX's bitcoin and ether perpetual futures are building liquidity incrementally, Michael Syn, president of the Singapore exchange, said.
- Institutions are pursuing cash-and-carry arbitrage, not outright bullish plays, he added.
- The exchange's regulated perpetual futures offer improved risk-management practices, avoiding the high-leverage auto-liquidations common in unregulated markets.
Top Stories
