Bitcoin $500 price gain explanation

Bitcoin suddenly rose $500 early in the morning today to over $7000 at some exchanges from $6200 and now has settled at around $6600. Some may see it as a sign of the coming bull run but this is not the case. The increase in Bitcoin price has entirely to do with people losing faith in Tether after the fall of Noble Bank of Puerto Rico. People lost faith in Tether and were selling out of Tether into Bitcoin. The subsequent drop in price after the Bull Run to $6600 probably represents people then selling out of BTC into USD. Although I do think there will be a bull run with Fidelity launching its crypto products and Bakkt launching next month as well as University endowment money flowing into the cryptocurrency space, this was most likely not the signal.

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