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Note that BTC-e was below the MtGOX/Bitstamp reference most of the time. Also, except at the opening in April 2013, Bitfinex has always been
always almost identical to Bitstamp.
The BTC:CNY prices in BTC-China and OKCoin were quite close, except for a couple of weeks after OKCoin opened on 2013-06-12. However, both varied significantly relative to the MtGOX/Bitstamp reference.
Specifically, the price in China was significantly higher than normal during the ascending phases of the bubbles that peaked on 2012-06-01,
2012-10-01, 2013-04-09, 2013-11-29. The Chinese prices sharply dropped in the descending phases of those bubbles, particularly around 2013-06-01 and 2013-12-20. This behavior is consistent with the theory that those bubbles were created by the opening of markets in China, and markets outside China struggled to follow.
On the other hand, the prices at BTC-China were higher than normal also from 2011-07-01 to 2012-01, and around 2013-06-15, when the price was falling. That may indicate that those drops of the price were due to loss of demand (or increased offer) outside China, and BTC-China lagged behind.
A clear informative post with out excess speculation or seemingly an ax to grind. Worthy of someone in your position keep them coming just like that.
Thank you
