Multiple experts say the bitcoin April Fool's Day rumors probably had nothing to do with the rally.
div > div.group > p:first-child"> One prank in particular got some credit for boosting the price of the world's largest cryptocurrency. After bitcoin broke above $5,000 on Tuesday, its highest level of the year, some blamed trading algorithms designed to buy or sell based on news.
"It's absurd to believe this market move is the result of confusion about the Bitcoin ETF filings," said Horsley, CEO of Bitwise, which is in the process of applying for the first-ever bitcoin ETF."Though ETFs and April Fools are topical, there are lots of reasons this is an unlikely explanation." "Crypto is famous for a long history of volatility like this. It's always hard to pin down the true impetus, and often the real source is not obvious," Horsely said.Another rumor was that Berkshire Hathaway CEO Warren Buffett — one of bitcoin's most vocal critics — was diversifying into the asset class. As Founder and CEO of BKCM Brian Kelly put it,"there's no way" that's the reason.
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