Bitcoin Is Soaring On Unprecedented Burst In Chinese Buying - page 2.

nakedbitcoins

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Quote from: dex1 on May 28, 2016, 05:36:25 PM

The reason behind sudden bitcoin price jump is enormous demand from China.
The Chinese have $30 trillions worth of deposits but they are afraid of devaluation of
their currency so they looking for ways to keep their savings secure.
source

This is actually very much true.

The Sceptical Chymist

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Quote from: franky1 on May 28, 2016, 05:44:08 PM

no, not related to china..
the first poke in the ribs was a ethereum sell off that happened yesterday and then 3 hours later bitcoin went into a buying binge..
which sparked the bitcoin speculation.

in short china didnt trigger it.. ethereum sell off did.

but its only a 10% price movement. so dont get too excited just yet

Ya think? I'm thinking it just might be a little of both. Who knows. One thing I hate about financial news is how journalists always try to pin a reason for every price move in the market, even when that reason is far-fetched.

I do think bitcoin is a much bigger market than ETH, and it would take a lot more to move bitcoin than a selloff from ETH would generate. Nevertheless, I'm happy with what's going on so far.

unamis76

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Quote from: sbtctalk on May 28, 2016, 08:03:52 PM

Is there some kind of new "investment" scheme in China that is driving up demand? In the past there was this MMM craze.

MMM didn't move the price this much, highly doubt it was something similar. I sure do hope it isn't something similar, weather all this buying has been from China or elsewhere Roll Eyes

sbtctalk

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Is there some kind of new "investment" scheme in China that is driving up demand? In the past there was this MMM craze.

Monnt

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Quote from: franky1 on May 28, 2016, 05:44:08 PM

no, not related to china..
the first poke in the ribs was a ethereum sell off that happened yesterday and then 3 hours later bitcoin went into a buying binge..
which sparked the bitcoin speculation.

in short china didnt trigger it.. ethereum sell off did.

but its only a 10% price movement. so dont get too excited just yet

10% is still quite alot. Even a small rise can trigger more buying. But that will lead to a bubble. IMO the worst thing that can happen right now is a bubble building. We don't need that during the halving.

alani123

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I don't think that zerohedge can be a reliable source for this. They've been pandering to an audience that would like to believe that a total economic collapse is just around the corner, no wonder they're bullish on bitcoin all the time. I think it's price manipulation other than anything else as we're seeing ridiculously large buy wall transactions take place, perhaps the market will follow this time instead of letting the price drop shortly after.

franky1

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no, not related to china..
the first poke in the ribs was a ethereum sell off that happened yesterday and then 3 hours later bitcoin went into a buying binge..
which sparked the bitcoin speculation.

in short china didnt trigger it.. ethereum sell off did.

but its only a 10% price movement. so dont get too excited just yet

dex1

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The reason behind sudden bitcoin price jump is enormous demand from China.
The Chinese have $30 trillions worth of deposits but they are afraid of devaluation of
their currency so they looking for ways to keep their savings secure.
source

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