Everybody is looking to black friday shit campaign but in fact the BTC price will be moved by the latest announcement of ECB that is applying negative interest to retail banking.
Germany, Switzerland, Sweden, Denmark and others already start charging for your bank deposits even a -0.75% interest rate!
This will have soon a domino effect on all prices.
Corroborate that with the fact that now cash is going to be banned in all countries and you have the puzzle...
You are pushed to put your money in a bank and in the same time they charge you for that. And soon you will not be able to withdraw your money.
Remember that real interest rates are already negative on cash at banks. Inflation is 1-2% using governments own figures, so if you don't earn that on your cash you are already paying the government for banks to hold your funds.
I hope the impending explicitly negative rates will wake some people up to the implicitly negative rates they've been enduring their whole lives.
What is the benefit of negative interest? Why do they do it?
It's effectively a tax on savings that subsides debt.
When a central bank believes the economy would benefit from more spending, it lowers interest rates. This discourages saving, encourages spending - including of money you don't have (by taking on debt).
This kept the world growing well for quite some time. Whenever demand dropped, central banks would lower rates encouraging spending, and vice versa as unemployment picks up. Problem is, you hit zero percent and this usual control stops working. You now either need to go negative (and hope people don't perform bank runs), considering that on the whole taxing people of their savings (negative rates) probably isn't as encouraging for people to spend as simply paying them less money for saving (reducing positive rates), or you fiddle around with long term rates hoping to encourage spending there (QE).
This conundrum has kept this recession going on for umpteen years, but if OP is correct the ECB is considering going negative, hoping that'll bring about more spending in the economy such that more people can have jobs. I don't think it's a good solution at all, but that's the logic behind it. Discouraging saving through taxes (levied by the CB), encourage debt by subsidizing it through those same taxes.
Maybe someday humanity is going to wake up and come to a realization that our global monetary system is a sham. It's a numbers game played by the banks and government. The money is not sound. When this realization finally happens, it will be pretty ugly. I honestly hope it does not happen for another decade. I am not ready for this.