Bitstamp and BTCe are off the charts with some of the most manic trading I've ever seen.
Just watched a 200 BTC sellwall getplaced and bought in under a minute. Arbitrage spreads are widening due to the rapid rise - $10 from Bitstamp to BTCe. I think Bitfinex is even further ahead.
Just as I'm writing this, there goes another 100 BTC wall on BTCe - vapourised.
Where is this leading ? What's going on ? Is it simply that everyone's been waiting months for a bottom and have collectively decided that this is it and there's huge short covering ?
Make no doubt about it, this was started by someone in the know of upcoming news, likely related to the ETF, and it's now turning into short-covering/bull panic-buying.
JL
That seems possible, ETF or maybe bitlicense news coming?
Or maybe it's just short covering following news of the big hedge fund trading on OKCoin. Sentiment seems to have been quite poor lately, evidence of this is that bitfinex BTC swaps have been continually high the last few weeks (lots of shorts). Adding to the volatility: 20x leveraged BTC futures started on OKCoin a week ago.
If there is new money coming into the system, this rising BTC tide should lift the premiere alts as well. A bit concerning that we don't see that in LTC or DOGE yet. I know those two coins are crap but they indicate market preference for risk in the altcoin ecosystem. Kind of hope they turn around, might foretell a further DRK rally.