2016 rally is led by India - page 2.

newIndia

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Quote from: NorrisK on December 26, 2016, 11:33:04 AM

I think a rise like this was inevitable, regardless of what countries was leading the rally.

An uptrend has been going on for ages and spikes are a normal aspect of that.

U may say that demonetization in India worked as the catalyst to this rally.

xdrpx

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The price rise is a contribution from multiple sources. India could have been one of it and also probably a large player in it owing to demonetization and the rise in Bitcoin prices few weeks ago allowing large arbitrage opportunities for sellers. Clearly there are also other contributing factors like Yuan devaluation and also china's major role where big whales suddenly buy up lots of Bitcoins due to the fall in value of Yuan.

NorrisK

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I think a rise like this was inevitable, regardless of what countries was leading the rally.

An uptrend has been going on for ages and spikes are a normal aspect of that.

coolcoinz

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Quote from: btcdevil on December 26, 2016, 09:24:00 AM

Quote from: Vaskiy on December 26, 2016, 06:10:33 AM

Quote from: newIndia on December 26, 2016, 05:52:55 AM

Reason of the spike of 2013 is generally attributed to China, as BTCC was leading the CNY price, which was followed by Mt. Gox in USD equivalent.

In 2016, because of demonetization, bitcoin was trading over 900 USD equivalent in India far before the USD exchanges reached 900 USD.

Hence, do u think, it can be concluded that India led the rally of 2016, like China led the rally of 2013?

That's unfair. China has the major role in the current years rally. India at the end of the year led to a rise due to the demonetisation that started few weeks back. India holds the strategy of around 25%, where china leads with the increased mining comparatively.

I dont agree with you let it be that China is playing major role in current year but the rally led in november have pushed the bitcoin price past $900+ is due to the Indian buying hardly in bitcoin due to demonetization, it is not that who is playing how many days but it is who is giving a great impact and i think this time India have done the major part because when the international market price of bitcoin was $730 that time in india exchange it went above $1000+ and after some time this rally interested in international market and in only 30 days the price of bitcoin went high up to $900+

What are you talking about? You don't agree with the facts or what? The price has nothing to do with a country leading the rally. You can have Bitcoin trading for 1,5K USD in Zimbabwe and it won't mean anything if it's a single transaction a day. Just some numbers for you:

The highest volume was on the 23rd of December.
Bitfinex had the volume of 24k BTC Bitstamp 17k, Coinbase 14k... This should give you a rough estimation of how much money is going through the major Western exchanges a day.
Now, let's check the East. BTC china had a volume of 4.6M (!) and Huobi 3.5M.
The smallest of the three, Okcoin had 3M, which is over 20 times more than all the other exchanges in the world combined.
Data taken from: https://data.bitcoinity.org/markets/volume/30d?c=e&t=bar

BrewMaster

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Quote from: newIndia on December 26, 2016, 05:52:55 AM

Reason of the spike of 2013 is generally attributed to China, as BTCC was leading the CNY price, which was followed by Mt. Gox in USD equivalent.

In 2016, because of demonetization, bitcoin was trading over 900 USD equivalent in India far before the USD exchanges reached 900 USD.

Hence, do u think, it can be concluded that India led the rally of 2016, like China led the rally of 2013?

i don't agree with either of these.
the 2013 rise was mostly because of Mt.Gox and its initiation was also because of MtGox. surely China was effective but the volume was telling a different story!

right now the same this is happening the volume tells a different story. it is the highest in China with 2.3 billion dollar in each of them followed by US markets with 20 million in each.
and your link above to coin.dance only shows a ~300 thousand dollar volume in India

now you tell me how much that can affect the price in this market which has nearly 150 million dollar volume each day excluding Chinese markets.

Dudeperfect

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Quote from: Shiroslullaby on December 26, 2016, 09:37:43 AM

Quote from: Dudeperfect on December 26, 2016, 09:33:56 AM

I can bet that there will be magnificent growth in bitcoin adoption in India during and since 2017.

India would probably be in the top three or four countries in the world that could make a difference in the price of Bitcoin right now.
Getting more people interested in using it as a payment system could have a huge impact. If just a few percent of the population started using Bitcoin, you are talking hundreds of thousands of new users.
That could definitely drive the price to a new ATH.

Agree with you on this one. There is first bitcoin ATM inaugurated in Delhi. Bitcoin business Zebpay reported an increase in their profits as well as the user base. RBI is doing some research on blockchain technology, a school in Karnataka started accepting bitcoin. People are ready to pay 10% more prices in India to get bitcoins.

All these signs clearly indicate the curiosity of this technology in India, plus India is emerging as a youth country (with an average age of less than 35) so collectively India will be one of the major players in bitcoin.

newIndia

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Quote from: aso118 on December 26, 2016, 09:07:30 AM

Quote from: newIndia on December 26, 2016, 05:52:55 AM

Reason of the spike of 2013 is generally attributed to China, as BTCC was leading the CNY price, which was followed by Mt. Gox in USD equivalent.

In 2016, because of demonetization, bitcoin was trading over 900 USD equivalent in India far before the USD exchanges reached 900 USD.

Hence, do u think, it can be concluded that India led the rally of 2016, like China led the rally of 2013?

India is too small to influence global markets. All we have to do is look at the volume in Indian exchanges and compare it to the global markets.
It is insignificant when compared to China.

http://www.moneycontrol.com/news/business/zebpay-looks-to-make-hay-while-bitcoin-shines_8086841.html

The bitcoin trading platform aims to cross Rs 1,000-crore trade-volume mark in FY17. "We plan to add an extra zero to the trade volumes every year," Goenka said. He admitted the target is an ambitious one, but his optimism stems from the huge opportunity bitcoins offer. "Bitcoins are still taking baby steps in India," he said. "Currently China does a trade volume of Rs 15,000-20,000 crore in a single day

To understand Indian volume, u must look at LocalBitcoins. Following link may help u in this regard...

https://coin.dance/volume/localbitcoins/INR

Shiroslullaby

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Quote from: Dudeperfect on December 26, 2016, 09:33:56 AM

I can bet that there will be magnificent growth in bitcoin adoption in India during and since 2017.

India would probably be in the top three or four countries in the world that could make a difference in the price of Bitcoin right now.
Getting more people interested in using it as a payment system could have a huge impact. If just a few percent of the population started using Bitcoin, you are talking hundreds of thousands of new users.
That could definitely drive the price to a new ATH.

Dudeperfect

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I am from India, and I recently attended a seminar in my city which was conducted by enthusiastic Bitcoin users, and I was noticing the reactions of the audience and call me bias, but everyone was feeling amazed while the speaker was talking about bitcoin. People prefer digital payments today because they don’t want to spend their cash as there is still restriction (24 hours limits) to withdraw cash from the bank account. The government has started a mega lucky draw and rewarding 15,000 winners daily to inculcate the habit of digital payments, so this would bring a massive impact and hence this is good for bitcoin. I can bet that there will be magnificent growth in bitcoin adoption in India during and since 2017.

btcdevil

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Quote from: Vaskiy on December 26, 2016, 06:10:33 AM

Quote from: newIndia on December 26, 2016, 05:52:55 AM

Reason of the spike of 2013 is generally attributed to China, as BTCC was leading the CNY price, which was followed by Mt. Gox in USD equivalent.

In 2016, because of demonetization, bitcoin was trading over 900 USD equivalent in India far before the USD exchanges reached 900 USD.

Hence, do u think, it can be concluded that India led the rally of 2016, like China led the rally of 2013?

That's unfair. China has the major role in the current years rally. India at the end of the year led to a rise due to the demonetisation that started few weeks back. India holds the strategy of around 25%, where china leads with the increased mining comparatively.

I dont agree with you let it be that China is playing major role in current year but the rally led in november have pushed the bitcoin price past $900+ is due to the Indian buying hardly in bitcoin due to demonetization, it is not that who is playing how many days but it is who is giving a great impact and i think this time India have done the major part because when the international market price of bitcoin was $730 that time in india exchange it went above $1000+ and after some time this rally interested in international market and in only 30 days the price of bitcoin went high up to $900+

aso118

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Quote from: newIndia on December 26, 2016, 05:52:55 AM

Reason of the spike of 2013 is generally attributed to China, as BTCC was leading the CNY price, which was followed by Mt. Gox in USD equivalent.

In 2016, because of demonetization, bitcoin was trading over 900 USD equivalent in India far before the USD exchanges reached 900 USD.

Hence, do u think, it can be concluded that India led the rally of 2016, like China led the rally of 2013?

India is too small to influence global markets. All we have to do is look at the volume in Indian exchanges and compare it to the global markets.
It is insignificant when compared to China.

http://www.moneycontrol.com/news/business/zebpay-looks-to-make-hay-while-bitcoin-shines_8086841.html

The bitcoin trading platform aims to cross Rs 1,000-crore trade-volume mark in FY17. "We plan to add an extra zero to the trade volumes every year," Goenka said. He admitted the target is an ambitious one, but his optimism stems from the huge opportunity bitcoins offer. "Bitcoins are still taking baby steps in India," he said. "Currently China does a trade volume of Rs 15,000-20,000 crore in a single day

iram3130

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Quote from: newIndia on December 26, 2016, 05:52:55 AM

Reason of the spike of 2013 is generally attributed to China, as BTCC was leading the CNY price, which was followed by Mt. Gox in USD equivalent.

In 2016, because of demonetization, bitcoin was trading over 900 USD equivalent in India far before the USD exchanges reached 900 USD.

Hence, do u think, it can be concluded that India led the rally of 2016, like China led the rally of 2013?

I too thought about this and felt correct. As we are seeing in the news lots of merchants and traders started using Bitcoins recently from India. So definitely a surge is possible. Even though the rate are pretty crazy there.

Sithara007

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Quote from: pereira4 on December 26, 2016, 08:16:33 AM

I think it's still china mostly but you can add in india as another country that is going to increasingly adopt bitcoin to keep moving their wealth from their collapsing economies, and once it starts rallying then people in the western world start paying more attention to it. I think we will see russia as another country that starts massively putting money into bitcoin to avoid economical collapse soon too.

Russia is an important country as far as Bitcoin is considered. In the beginning, a large portion of the Bitcoin-based businesses were being operated out of Russia and Ukraine. One of the oldest and most trustworthy exchanges (BTC-e), is being run by Russian nationals. China was a latecomer to the game, but they have also captured a large market-share. But the Indian Bitcoin sector is still in its infancy.

Kevin77

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I do no think so. The big gap in bitcoin price levels were the witness that Indian markets are highly isolated one due to their heavy restrictions. Indians were unable to buy back bitcoins from international market.

I mean to say a rally was initiated and unfortunately finished off within them.

pereira4

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I think it's still china mostly but you can add in india as another country that is going to increasingly adopt bitcoin to keep moving their wealth from their collapsing economies, and once it starts rallying then people in the western world start paying more attention to it. I think we will see russia as another country that starts massively putting money into bitcoin to avoid economical collapse soon too.

Sithara007

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I have noticed slightly higher volumes from India ever since the demonetization measure two months back. But even with this increase, the Indian volumes constitute for only a small fraction of the global Bitcoin trade. Most of the trade volume in bigger exchanges such as Bitstamp and BTC-e comes from Western nations, ex-USSR and China.

~Bitcoin~

legendary

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Quote from: newIndia on December 26, 2016, 05:52:55 AM

Hence, do u think, it can be concluded that India led the rally of 2016, like China led the rally of 2013?

It will be better to say demonetization rally was started by Indian government which indirectly trigger the bitcoin price pump within indian trading platform and slowly over other countries' local trading platform. But i don't think demonetization is the only reason behind this pump, i consider this as late halving effect.

chesatochi

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I think is one of the causes that pumps the price of bitcoin with the demonetization policies from the government of India. Also, the population has a limit to be able to possess in gold, so people are looking for another way to keep they wealth. I think we can say India contribute to the equation, but we need not forget the other factor happened in the bitcoin world in 2016.

Vaskiy

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Quote from: newIndia on December 26, 2016, 05:52:55 AM

Reason of the spike of 2013 is generally attributed to China, as BTCC was leading the CNY price, which was followed by Mt. Gox in USD equivalent.

In 2016, because of demonetization, bitcoin was trading over 900 USD equivalent in India far before the USD exchanges reached 900 USD.

Hence, do u think, it can be concluded that India led the rally of 2016, like China led the rally of 2013?

That's unfair. China has the major role in the current years rally. India at the end of the year led to a rise due to the demonetisation that started few weeks back. India holds the strategy of around 25%, where china leads with the increased mining comparatively.

calkob

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Quote from: newIndia on December 26, 2016, 05:52:55 AM

Reason of the spike of 2013 is generally attributed to China, as BTCC was leading the CNY price, which was followed by Mt. Gox in USD equivalent.

In 2016, because of demonetization, bitcoin was trading over 900 USD equivalent in India far before the USD exchanges reached 900 USD.

Hence, do u think, it can be concluded that India led the rally of 2016, like China led the rally of 2013?

I would say it was a joint effort with both India, china and Venezuela. there is probably lots of other countries out there also who are having monetary issues and where people are buying bitcoin.

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