Connections to Grexit

Scigala claims to have found evidence as to why the price increase can only be conditionally linked to the possible Grexite:

“Greece’s growth (+124%) is ahead of Europe (+66%) and Asia (+62%). However, it should also be noted that Greece is a very small country.”

Vaultoro also said that they can hardly crypto trader influence the Bitcoin price

Other European Bitcoin exchanges, such as LocalBitcoins or Kraken, also did not report any particular incidents of increasing crypto trader numbers from Greece like reported here:

“We don’t see any significant increase in Greek user numbers deviating from normal growth,” said Max Edin of LocalBitcoins, adding, “The entire BTC/EUR trade has picked up somewhat but is still in line with the traditional trend.

Edin doubts that rising activity from Greece could in any way affect the Bitcoin price on its stock market. The volume is simply far too small:

“The volume from Greece is so small in comparison to the total volume that it cannot trigger any significant price movement.

Krakens CEO Jesse Powell confirmed this statement. He, too, could not find any significant evidence of a price increase caused by Greece:

“It is difficult to say what influence Greece had on the increased trading volume, or whether it was ultimately a matter of speculation.

Apart from these statements, there are also strong supporters of the theory that there is at least a psychological connection between the price increase and the rumours of a Grexit. The manager of the Crypto Currency Fund Timothy Enneking does not believe in chance:

“It is not 100% certain that the price movement was caused by Greece, but I would say 95%.”

Enneking believes that the current difficult situation in Greece is sending bearish signals to the market as we already know them from the Cyprus crisis.

But Powell warned against a possible misinterpretation of the rise:

“If it turns out that the price rise was purely speculative and the Greek theory does not prove true, the price will probably not be able to continue the current trend.

Long-term price change
This does not mean, however, that the recent price increase has no significant impact on traders.

Even if the Bitcoin price should fall again, the Bitcoin has probably found its firm ground. Enneking also assumes that the current price stability has contributed to the price increase:

“The price has been stable for so long that it was time for a price rise. Greece may have had an additional psychological effect.” co-founder Georg Samman says the Bitcoin price depends heavily on feelings and technical factors. The Grexit in connection with the Bitcoin price increase has once again aroused people’s interest and it remains to be seen whether this is only a short-term price increase or whether it is the beginning of a new trend:

“A typical `wait and see question`,” says Samman.